Just as the nation’s more than 30 million small business owners were getting back on their feet, Main Street is again seeing its survival threatened by Covid-19.
According to a new analysis of U.S. Census data by the Economic Innovation Group, businesses are increasingly reducing employees’ hours, reporting declining revenues and, in some sectors, laying off more workers than they’re hiring. John Lettieri, president and CEO of the Economic Innovation Group, says this suggests a relationship between vaccination rates and economic health.
“The latest findings underscore the need to dramatically improve vaccination rates and the availability of rapid testing,” he says. “Small businesses are going to continue to struggle until the public health crisis is under control—it’s that simple.”
Following the first wave of the pandemic—which resulted in an unemployment rate of 14.8%, the highest since the Great…