More than half of America’s small businesses expect to close within six months because of coronavirus, shocking new study claims

Thursday, May 7, 2020
By Paul Martin

Experts warned the ‘alarming’ results mean 14million businesses could close
Just one in three small companies expect to survive beyond six months
It could mean millions more people across are plunged into unemployment
Bank of America forecasts a ‘shocking loss’ of 22million jobs nationwide in April

7 May 2020

More than half of America’s small businesses could be wiped out because of the devastation caused by coronavirus, a study has claimed.

The ‘alarming’ findings are the result of research from the Society for Human Resource Management (SHRM).

It found that around 14million businesses could shut for good, forcing millions more people into unemployment.

A massive 52% of small companies in the survey said they expect to be out of business within just six months.

Johnny C. Taylor Jr, CEO of the SHRM, said: ‘These might be the most alarming findings to date. Small business is truly the backbone of our economy.

“So, when half say they’re worried about being wiped out, let’s remember: We’re talking about roughly 14 million businesses.’

The survey also revealed that barely a third of small businesses said they expected to be able to continue operating after six months, and a further 14% are uncertain if they’ll be able to do so.

The Rest…HERE

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