COVID-19 impact on small business

https://www.mckinsey.com/industries/public-and-social-sector/our-in...


COVID has impacted greatly everywhere in the world and is one of the biggest impacting pandemic we have seen in years in the amount of lives lost or the impact on the economy. We have seen a huge increase in the unemployment rate all over the world and rapid decrease in the GDP of all the countries in the world. But as per me it had the biggest impact on the small scale business which were staying afloat due to day to day transactions and did not have the spare money to fight COVIID. This article shows us that small business which includes employees less than 100 account for 50% of the jobs in the USA yet they account 54% of the jobs most venerable during the COVID-19. In the pandemic 30 million small business jobs are vulnerable which is really a high number. Though the government took steps to tackle the situation such as stimulus payment and temporary paycheck but still it is one of the biggest issue right now as these are just temporary solutions. They Feds need to make sure that these people get back on the job as soon as possible as this will not only help the government but also the GDP to rise which is far below from previous years.

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