Who did the coronavirus really impact? American workers and small business owners.
Listed most impactful to least here are the facts:
- Estimated GDP Contraction -5.2% (Trillions of dollars)
- Unemployed workers 30.3 million since March | 9.14% of population
- Estimated SMB closures 6 million
- COVID-19 Cases 1.06 Million | 0.32% of population
- COVID-19 Recovered Cases 133,000
- COVID-19 Deaths 60,000 | 0.018% of population
*Percentages are based on a US population of 328.2 million.
These numbers don’t even factor in wage cuts for existing workers
America’s largest employer (SMBs) may not be around to offer workers jobs. According to research from the JP Morgan Chase Institute, 50 percent of U.S. small businesses only have enough of a cash buffer for two weeks or less, and only 40 percent have enough for three weeks or more. According to the Chamber of Commerce there are 30.2 million small businesses operating in the United States. Let’s take JP Morgan’s best number and cut it in half to 20%, to be conservative. That results in 6 million SMBs closing their doors.
Who did the coronavirus benefit? To big to fail companies and shareholders