The U.S. Congress continues to debate a second stimulus bill in reference to the damage the coronavirus has wrought in the nation, while Americans suffer. The first bill Congress passed regarding coronavirus relief was largely designed to help small businesses in America survive the pandemic.

However, big businesses rushed to the banks first and took the lion's share of the loans that do not need to be repaid. As a result, many key small businesses in America did not receive the financial assistance needed to stay afloat and have permanently closed.

The website Yelp released a report revealing "60% of business closures due to the coronavirus pandemic are now permanent." That is bad. Very bad. The demographic the stimulus was mainly intended to help did not receive the funds, due to corporate giants usurping the money.

The damage from this conduct is very real. Some did not receive stimulus funds to stay afloat. There are many stories such as these all over America, due to large corporations taking loans meant for small businesses.

There have also been a number of cases of fraud, regarding individuals registering fake corporations and stealing millions in stimulus funds ('Love And Hip Hop Atlanta' Realty Star Arrested For Taking Over $2 Million In Coronavirus Stimulus Loan Money And Buying Jewelry With The Funds).

Some have been arrested, but nonetheless, they tied up much needed funds that small businesses required at a crucial time during the pandemic. Corporate giants grabbing the loans and fraud by individuals stealing stimulus funds, resulted in people ending up losing their businesses and employees ending up in the unemployment line.

Some people were able to obtain unemployment, which was a big help to them, but many were not, indicating the system needs to be fixed. People paid unemployment insurance for years, but when they needed it during the current pandemic, they were not able to obtain it.

Lastly, many Americans have been waiting for a second stimulus check, after being issued $1,200 once in the course of 6-months. As stated previously on the site, America is the richest nation in the world and could have done better for its citizens.

Canada, Britain and France, among other nations, gave consistent stimulus funds to tie their citizens over during this unprecedented crisis. Congress needs to do better for the American people, as many are being evicted (in defiance of an executive order the president signed) and a record number of bankruptcies are being filed. Unemployment is still soaring and many have no money to pay their bills. Congressional action is needed in the form of more stimulus money.

STORY SOURCE

Yelp data shows 60% of business closures due to the coronavirus pandemic are now permanent

Published Wed, Sep 16 20208:32 AM EDT Updated Wed, Sep 16 20203:33 PM EDT - Yelp on Wednesday released its latest Economic Impact Report, revealing business closures across the U.S. are increasing as a result of the coronavirus.

As of Aug, 31, 163,735 businesses have indicated on Yelp that they have closed, a 23% increase since mid-July. According to Yelp data, permanent closures have reached 97,966, representing 60% of closed businesses that won’t be reopening.

https://www.cnbc.com

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