The U.S. Congress had announced stimulus packages for the public who were struggling after the country limited economical operations as a result of coronavirus. However, reports suggest that the package dedicated to small businesses have already run out of money – leaving a good portion of over 20 million small businesses in America out in the rain.
Small businesses are often deemed as the backbone of America and account for 90% of all USA-based businesses. They also offer employment to a total of 135 million workers, in various capacity and contributes to an annual sale of nearly $9 trillion.
Unfortunately, America has faced one of the worst-hit from the novel pandemic. As of this writing, the country has over 712,000 diagnoses with 32,823 deaths and the numbers continue to grow.
Although the country has announced a stimulus package for the residents affected by the virus, the funds have run out. And a spokesperson from the White House indicates that it may take a couple of weeks for money to come in for the aid of small business owners.
Similar to most businesses of the world, the community of small businesses is also facing a shortfall amidst the COVID-19 pandemic. And it is expected that the middle-and-lower class citizens would significantly suffer if additional stimulus funds aren’t allocated by the American Congress.In the Infographic below, let’s take a brief look at the small businesses in the USA.
Infographic by: www.statista.com