Posted on 08/22/2022 7:45:26 AM PDT by RomanSoldier19
Every industry is being impacted by inflated costs, but retailers seem to be getting it the worst.
Retail Dive recently reported that according to recent report findings by Alignable, a referral network for small business owners, the industry is poised to lose more than half of their companies.
Per the findings, nearly half of small business owners, including 59% of retailers, shared they’re at risk of shutting down before winter, a jump from 12% from the 35% that said the same a year ago.
It looks even more troubling for minority-owned businesses (52% could be shuttered by fall) and women-owned businesses (53%). It looks like those in certain parts of the country are more susceptible to financial struggle. Small retailers in Colorado, Michigan, Ohio, Pennsylvania, Texas, North Carolina, California, Illinois, Florida, New York, New Jersey and Georgia, are at significant risk.
(Excerpt) Read more at essence.com ...
In Los Angeles more then 40% of small business’s went out of business. 45% in San Francisco.
But be happy that the former mayor of San Francisco and current governor Gavin Newsom was able to secure PPP loans for his business given to him by people who have been financing his campaigns to various elected office. He requested and just 11 days later was given $3 million in loans and he did not have to pay it back. Just like the home he lives in. Given to him free and clear.
Many many waited months and months for loans that did not cover what they were losing and others received nothing.
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