There is no shortage of news about the trials facing small businesses during the COVID-19 crisis.
In fact, a study released this week by the Society for Human Resource Management (SHRM) shows that 52 percent of small business owners surveyed said they expect to go out of business within six months due to the shutdowns meant to slow the virus’ spread.
More than half of the businesses surveyed had laid off employees during the crisis and 62 percent reported revenue losses over the past month.
“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,” stated SHRM President Johnny C. Taylor, Jr., adding, “You can’t sugarcoat that reality.”
The same goes for the reality of locally owned newspapers — a small business model often overlooked in the COVID-19 impact reports.