America’s Post Covid Financial Snapshot
Since the Covid pandemic started in January 2020, over 50 million American’s have filed unemployment. With only two stimulus checks the average American families finances are looking very different. Since Covid America has lost an average of 8.5 million jobs due to lockdowns of communities across the country and the food service industry still hurting with social distancing regulations.
A third of small businesses that were open in January 2020 are now closed. Those serving higher-Income neighborhoods have been hit hard due to the drop in demand for certain products and services. As a result, the majority of adults in seven states (Kansas, Montana, New Hampshire, New Mexico, North Carolina, South Dakota and Wyoming) said in December 2020 they expected to be evicted or foreclosed upon within two months. An executive order issued last week by President Joe Biden extends an existing moratorium on evictions through the end of March.
We hope that with the role out of the vaccine we can start to reopen some of our small businesses and add more jobs to the economy to get American’s back to work.
Source: CNBC