How Businesses Were Affected In 2020

How Businesses Were Affected In 2020

Yessica Mendez, Journalist

This year has had many twists and turns from the beginning of it till now, and we can not hide the fact that affected us all in one way or another. One way that Covid-19 impacted the lives of millions of people in the US were the casualties that businesses faced, physically and economically.

Earlier in the year, the nation was split due to the death of a man named George Floyd, this led to the Black Lives Matter movement that took over social media and actual cities. In many cities all around the US, there were massive protests and boycotting, some were peaceful and others seemed to get out of hand. These protests mostly took place in bigger cities in the downtown areas, many storefronts were destroyed and others were actually looted. In Seattle there were marches that ended in mayhem, many businesses were broken into and looted, some storefronts were just ruined. This happened in other cities as well like Bellevue, Tukwila, and Tacoma. All these lootings and protests later ended up leading other stores to close and board up their doors and windows throughout different areas.

Stock Markets Drop As Global Coronavirus Spread Continues | Statistica

Now for what really harmed businesses this year, Covid-19. This virus was first found in November of 2019, it rapidly spread all over the world and each county, state, and the country took matters into their own hands. Some places like Spain, went into a full mandatory lockdown, just like other countries around the world. But the US, however, did not. Lots of people have their own reasons as to why that is, but that’s not what we’re here for, let’s talk about how businesses, small and large, were affected by the pandemic. Each state in the US seemed to take matters into their own hands as to how they are taking care of closures or social distancing laws, etc. This caused lots of businesses to close all throughout the nation, which led to the mass layoff of workers and businesses lost lots of money. The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, was not only a source of economic assistance to families and individuals but also to small businesses in need of money to keep their business alive during the tough times. As for big-name businesses, lots of bigger companies were also struck with misfortune during this year, lots of airline companies lost business since not a lot of people were flying, the Walt Disney Company lost money and had to lay off thousands of employees because they had to shut down their parks due to high-risk exposure to the virus. Other big companies also had to file bankruptcy because it was just too much that they were losing, companies like JC Penney, Chuck E. Cheese, and many others.

2020 hands down are one for the books, I think that is something we can all agree on. It was full of lots of events, some good and some bad. This was just one small look into how 2020 impacted our lives as a nation, and hopefully, it gets better soon. Make sure to safely social distance and wear a mask!

Sources

https://stacker.com/stories/4056/how-biggest-companies-america-are-impacted-covid-19?page=3

 

https://fortune.com/2020/08/04/companies-filing-bankruptcy-2020-due-to-covid-list-filed-chapter-11-coronavirus-pandemic/

 

https://www.kiro7.com/news/local/businesses-damaged-looted-during-protests-capitol-hill/4HWMBWRRUFC65OFKPP3G36GZDU/

https://www.google.com/search?q=seattle+blm+protest+looting&rlz=1CAXEGH_enUS865&source=lnms&tbm=isch&sa=X&ved=2ahUKEwjG3pnGq5ztAhUnIDQIHVCHAOcQ_AUoAnoECAYQBA&biw=1366&bih=617&safe=active&ssui=on#imgrc=UMORX4vEzO6HtM

 

https://www.google.com/search?q=stocks+affected+by+covid+in+usa&tbm=isch&ved=2ahUKEwiY2OTfr5ztAhVUIH0KHTGQCg4Q2-cCegQIABAA&oq=stocks+affected+by+covid+in+usa&gs_lcp=CgNpbWcQA1AAWABgnyFoAHAAeACAAQCIAQCSAQCYAQCqAQtnd3Mtd2l6LWltZw&sclient=img&ei=apy9X5j7ItTA9AOxoKpw&bih=617&biw=1366&rlz=1CAXEGH_enUS865&safe=active&ssui=on#imgrc=azgj1GRnviiToM&imgdii=9moff_5X_6Hp4M