About one in six small businesses have closed their doors since the pandemic began and the U.S. small businesses that have remained open are getting by with less employees after having to lay off workers or freeze hiring. Black and Hispanic-owned small businesses were particularly hard hit by the economic fallout from the pandemic. What is ahead for small businesses in 2021 as they try to weather the ongoing economic uncertainty? And how does President Biden’s $1.9 trillion coronavirus relief package intend to support small business owners?
In December, Congress enacted $325 billion in small business aid that is only beginning to hit the economy, including more than $284 billion in Paycheck Protection Program funds that are largely still available. Are the small businesses most in need receiving this aid, and, if so, how are they making use of the funds? Lastly, what are some lessons learned from the challenges and economic upheaval that small businesses dealt with in 2020 and how can they be applied going forward? For instance, small businesses that were able to pivot to e-commerce and social media channels experienced an uptick in sales. How will these innovations reshape small businesses post-Covid-19?