We are now more than a year into the pandemic, and many small businesses are continuing to struggle in their efforts to remain open. Recently, the Bureau of Labor Statistics (BLS) released counts of business closures for the second quarter of last year, when most face-to-face businesses were largely shuttered.
2 In that quarter, the closure rate for establishments showed a sharp increase to 9 percent, compared with an average of about 5 percent during 2019. As part of the fiscal stimulus package passed in June last year, the Paycheck Protection Program (PPP) and other government supports helped many businesses withstand the extended period of inactivity over the spring and summer.