The rough ride for small business owners nationwide continues, and a study shows New York and New Jersey are suffering right alongside.
In New York, 27.8% of small businesses remain closed; New Jersey is even worse, losing 31.2% as of Nov. 16, according to TrackTheRecovery.org, a Harvard-run database that follows the virus’ economic impact. The national average sits at approximately 29.8%, as reported by The Hill.
“It’s really bad,” Eileen Kean, New Jersey state director of the National Federation of Independent Businesses told the Newark Star-Ledger. “And without federal dollars coming into New Jersey, the Main Street stores and other establishments are not gonna make it through the winter.”
During the initial coronavirus onslaught this spring, 52.5% of New York businesses and 53.9% in New Jersey closed. With the rise in COVID-19 infections unlikely to end soon, the landscape figures to become worse before it improves.
On Nov. 21, New Jersey recorded 4,669 cases, the most in a single day. New York statistics show 3,372 people were hospitalized with the virus on Saturday, more than twice the number from three weeks ago. The Star-Ledger reported that business leaders are concerned as stimulus talks remain stalled in Washington D.C.
Many experts target major problems as benefits related to the CARES Act are expected to expire at the end of December, including expanded unemployment benefits as well as the moratorium on evictions.
New Jersey Gov. Phil Murphy told Fox News Sunday that increased restrictions were possible. “It’s on the table in terms of a shutdown,” he said. “I don’t anticipate it and I sure as heck don’t want to go that route. But, boy, federal stimulus would give us a lot more ammunition to do a lot more things right now.”