Small businesses are quickly shuttering nationwide. Eleven percent of all the businesses we studied were not operating as of Monday, March 16th, even before forced closures went into effect. On Tuesday, the first day of closures for most people, the number rose to 18%. By Sunday, 44% of businesses were not operating. In Las Vegas, Pittsburgh, and San Francisco, it was at 60%.
Now a week into many forced closures, the numbers are also leveling off. Monday was up, with 39% of businesses not operating, but Tuesday was back down again at 43%.
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We estimate the total impact of lost wages in the US to be over $12 billion in the first week of forced closure and distancing mandates. This number could easily reach more than $60 billion over the course of just the next month if the current trends hold.
From the article:
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