Lockdowns in response to the coronavirus pandemic have caused nearly one-third of New York and New Jersey businesses to close since January.
“It’s devastating how many restaurants have shuttered and jobs have been lost,” said Andrew Rigie of the New York City Hospitality Alliance, which represents bars and restaurants in New York City. “And with the infection rate rising and the looming threat of indoor dining closing again, many more will close unless the government provides adequate support to these small businesses.”
New York has seen 27.8% of its small businesses close in 2020, while New Jersey has lost 31.2% of its small businesses as of Nov. 16. The numbers were compiled by the Harvard-run TracktheRecovery.org, which keeps track of the economic impact of the virus and shutdowns.
New Jersey’s numbers align with the estimates of the New Jersey Business and Industry Association, which said that 28% of the state's small businesses had closed through the end of October. The numbers worried Eileen Kean, the New Jersey director of the National Federation of Independent Businesses, who said small businesses are in need of federal support.