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Small businesses all across the country have been hit pretty hard by the coronavirus pandemic.
Some small businesses were able to get special aid over the last few months with programs like the paycheck protection program (PPP).
But as you are probably aware, additional aid for small businesses has been on hold as lawmakers have struggled to pass another stimulus bill.
For this reason, we are continuing to see small businesses hit very hard.
Yelp released its latest Economic Impact Report and shed light on business closures across the U.S.
According to Yelp data, permanent closures have reached 97,966, representing 60% of closed businesses that won’t be reopening.
“Overall, Yelp’s data shows that business closures have continued to rise with a 34% increase in permanent closures since our last report in mid-July,” Justin Norman, vice president of data science at Yelp, told CNBC.
These numbers are extremely disturbing and or even more troubling because the government could be offering a solution to many of these businesses to help them stay afloat.
Over the past six months, restaurants, bars and nightlife venues have been hit the hardest.
Specifically, the types of restaurants with the highest closures include breakfast and brunch places, sandwich shops, and Mexican restaurants.
So I would consider visiting some local dining establishments in the next few weeks to try to help support local businesses in these categories.
Consider visiting restaurants that don’t cater heavily to delivery services because those are in need of the most help.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.