February 8, 2021 A large share of small businesses in the District continue to feel the negative effects of COVID-19. In the first quarter, small- and medium-sized firms shed more than 15% of their employees year over year, only some of which recovered through June according to stats from ADP, a payroll processing firm. By the third quarter, the Census Bureau’s weekly Small Business Pulse Survey reported that three-quarters of small businesses nationally had felt negative impacts from the pandemic. The hardest-hit states in the District continue to be those with a high reliance on energy and tourism (such as Alaska and Hawaii) and those with more extensive COVID-19 restrictions and mandates (such as California and Washington). Unsurprisingly, the following sectors have reported the highest percentage of negative effects due to COVID-19: educational services, accommodation/ food service, health care, arts/entertainment, and other services such as spas, salons, and repair shop
Retail Giants Racked Up Big Profits in 2020 While Pandemic Ravaged Small Businesses
Retailing giants racked up huge profits in 2020, driven by a surge in online sales, while many small businesses struggled amid COVID-19 closures and shoppers leery about venturing into brick-and-mortar establishments.
Amazon’s third-quarter earnings report for this year, the most recent available, notes an operating cash flow of $55.3 billion for the 12 months prior to Sept. 30, up from $35.3 billion for the same period in 2019. Net sales were $260.5 billion for the three quarters ending Sept. 30, 2020, compared to $193.1 billion for the same period last year. Net income, a measure of profit, for the three quarters ending Sept. 30, 2020, was $14.1 billion, compared to $8.3 billion for the same period in 2019, a 70 percent increase.
Gigi s Cupcakes becomes latest small business closed due to the pandemic
The bakery s final day open was Wednesday, Dec. 30, 2020.
Posted: Dec 30, 2020 11:09 PM
Updated: Dec 31, 2020 12:01 PM
Posted By: Will Robinson-Smith
Gigi s Cupcakes in Huntsville was among the latest business casualties of the pandemic.
Several people wait in line outside of Gigi s Cupcakes on Wednesday, Dec. 30, 2020. The bakery closed permanently due to impacts from the ongoing pandemic.
News of the closure brought dozens of people to the bakery on Wednesday, including Jeffrey Dobbs, whose wife told him about it that morning. It s just a shame to see all of these businesses that are having to suffer because of the pandemic now, Dobbs said.
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