- June 26, 2021
- Posted by: Stratford Team
- Category: Business
Why 200,000 additional small businesses closed in 2020.
3 min read
Opinions expressed by Entrepreneur contributors are their own.
Many small businesses struggled to survive during the pandemic. Quite a few didn’t make it. According to information from the Federal Reserve, 200,000 small businesses closed in 2020 and about 130,000 of them were individual companies. Small businesses like restaurants, salons, retail stores and more were all forced to close their doors to the public in March 2020 to adhere to strict stay-at-home orders. Many thought these closures would be a few weeks, but it, unfortunately, turned into months for many businesses across the U.S. This was just the tip of the iceberg of many decisions that hurt small businesses during the pandemic.
Businesses forced to close