Small Business Used to Define America’s Economy. The Pandemic Could Change That Forever.

The coronavirus pandemic is fast becoming an existential threat to America's small businesses as more than 100,000 of them have shut down forever during this crisis.

The restaurant industry has been the hardest hit. About 3 percent of all restaurant operators have gone out of business, according to the National Restaurant Association.

“We are going to see a level of bankruptcy activity that nobody in business has seen in their lifetime,” said James Hammond, chief executive of New Generation Research in an interview with The Washington Post. “This will hit everyone, but it will be harder for small businesses since they don’t have a lot of spare cash.”

Read the rest of the Post article here.