More Than 100,000 Small Businesses Have Closed Since COVID-19 Began. Here's Why That's a Really Bad Thing

COVID-19 has been battering the U.S. economy since cases starting multiplying domestically in March. Fast forward three months, and we have a full-blown recession on our hands. But while many people are bearing the brunt of the pandemic from a financial standpoint, small businesses may be reeling the most.

It's estimated that over 100,000 small businesses have permanently closed their doors since March. That equates to 2% of small businesses gone, just like that. Among restaurants, that percentage climbs to 3%. And these are the numbers as of May.

It's too soon to tell how many local establishments will ultimately meet their demise in the course of the pandemic, but one thing's for sure: If you want to keep small businesses around in your neck of the woods, you'll need to go out of your way to support them. And here's why you should.

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Source Fool.com