COMPLIMENTARY COPY
Sil's Drive-Thru Shoutouts Photoworks by Rick
VIDEO
Sil's Drive-Thru VIDEO Shoutouts Shrimp House
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https://youtu.be/vOMV5Gye_K4
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MONROVIAWEEKLY
Since 1996
VOL. 24, NO. 31
HOW ARE SMALL BUSINESSES COPING DURING COVID-19? Supporting one another and shopping locally is imperative Terry MILLER tmiller@beaconmedianews.com
R
ecently, we have focused a lot of our editorial attention on how local restaurants are managing during the coronavirus. Cities such as Monrovia, Pasadena, Arcadia and Sierra Madre have gone out of their way to make life a little easier for those eateries shuttered for inside dining by the county by offering al fresco options which seem to be somewhat effective. This week we shift gears and see how local retail shops and other business are surviving the pandemic. To shed light on how COVID-19 is affecting small businesses, and on the likely impact of the recent stimulus bill, the National Bureau of Economic Research (NBER) conducted a survey of more than 5,800 small businesses. Several main themes emerged from the results published in April. First, mass layoffs and closures had already occurred by April. In their sample, 43% of businesses were temporarily closed, and businesses had — on average — reduced their employee counts by 40% relative to January. Second, NBER found that many small businesses are financially fragile. Researchers found that the median business had more than $10,000 in monthly expenses and three-quarters of respondents said they only had enough cash on hand to cover two months of expenses or less. At the time, most businesses planned to seek funding through the CARES Act. However, many anticipated problems with accessing the aid, and were proven right. We asked Monrovia Mayor Tom Adams SEE COPING DURING COVID19 PAGE 4
Rick Keshishi, owner of Photoworks by Rick in Monrovia, is one of scores of retail merchants who have been severely impacted by pandemic restrictions. – Photo by Terry Miller / Beacon Media News
