UPDATED 9:47 AM PT – Tuesday, February 9, 2021
With millions of small businesses on the brink of permanently closing, experts believe bankruptcy risks are higher than ever. A recent study by the Federal Reserve found more than 9 million businesses fear shuttering for good in 2021.
Meanwhile, 2021 credit survey by federal banks revealed government mandates as well as health codes have devastated business demands, client traffic and supply chains.
Despite 30 percent of small businesses closing in 2020, the government has failed to provide them sufficient aid. Many business owners said they have found themselves between a rock and a hard place.
“We said you know what, we have 50 people employed by us right now…I can’t do this to my employees, I can’t do this to my family,” said Mark Rokos, owner of Eagle Diner. “We can’t live like this anymore, we have to go ahead and open the doors and see what the repercussions are.”
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— SBA (@SBAgov) February 2, 2021
The restaurant owner echoed others in saying, “it’s either stay open or go live on the street.”