Small Business
Small Businesses’ Uneven Recovery
A year into the pandemic, owners are still struggling as signs of hope emerge.
Photographer: Keith Srakocic/AP Photo
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How are the 30 million small businesses in the U.S. faring a year into the Covid-19 pandemic? Depends on who you ask. Since last April the federal government has approved more than $755 billion in Paycheck Protection Program forgivable loans. Still, hundreds of thousands of businesses have failed.
Because of safety measures to contain the spread of Covid-19, many businesses that depend on gathering people in a physical space, such as gyms, hotels, nail salons, movie theaters, and restaurants, have struggled. Meanwhile, many that don’t depend on people spending time in their space have flourished.