In 2020, the coronavirus pandemic wreaked havoc on the small business landscape in the U.S., forcing businesses to adapt on a daily basis or face permanent closure. Since the beginning of the pandemic (observed as March 1, 2020), 163,735 total U.S. businesses have closed, according to a report from Yelp; this is a 23% increase from Yelp’s previous report, which was published on July 10, 2020. Many businesses have since reopened, but 60% (or nearly 98,000) have closed permanently.
This widespread devastation has trickled down to local economies, making it crucial for small businesses to obtain the funds necessary to their survival. And although there isn’t a one-size-fits-all approach to keeping a business afloat, for some small businesses, the U.S. Small Business Administration (SBA) is offering additional relief.
