The international health pandemic brought about by COVID-19, more commonly known as the coronavirus, has created fear and uncertainty not only as to the health and well-being of the general public, but the stability of the U.S. economy.

While it’s difficult to forecast with certainty the number of retailers and other businesses that will shut their doors due to COVID-19, it will clearly have a significant effect on consumer spending, with the related negative repercussions in particular on small businesses. Reportedly, more than 170,000 small businesses in the United States closed during the recession years of 2008-2010. Between 2005 and 2017, only about 20% of small businesses survived more than 1 year and only 33% survived up to 10 years.

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