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Businesses collapse and individuals lose homes to creditors as ravages of Covid-19 and associated lockdowns stir rising loan defaults, leading to properties advertised for auction in the first.
Small Businesses Collapse causes rising unemployment. Today, the number of small businesses in the United States is close to 31 million.
The number of people working in small businesses, which are some of the hardest-hit financial victims of economic catastrophe, is close to 60 million. In just a few months, the number has drastically reduced.
Since 2020, many of these have had to temporarily close or limit their activity. For some, this temporary closure was unfortunately made permanent. Many businesses that are still open or temporarily closed are doing whatever they can to resist the unpredictable financial tsunami heading towards them. Small businesses account for almost 45% of the GDP, and if even just a fraction of it collapses, it is a very huge problem.