IE Business Daily Business news for the Inland Empire.
The number of small businesses still operating in five of California’s major markets remains below pre-COVID 19 levels, according to a report.
San Francisco has suffered a 50.5 percent drop in the number of small businesses that have remained up and running since the pandemic hit one year ago, the highest number recorded, according to a study released Wednesday by Los Angeles-based Beacon Economics.
Los Angeles has held up the best with 34 percent fewer open small businesses, followed by San Diego (36.7 percent), the East Bay (37.2 percent), and the South Bay (40.3 percent).
The data was collected in early February. Data from Riverside and San Bernardino counties was not released.
“These latest findings underscore just how badly small businesses, and their ability to operate, have been curtailed by the pandemic and the ongoing restrictions on activity,” said Taner Osman, research manager at Beacon Economics, in the statement. “However, with several effective vaccines rolling out in earnest, and with new virus cases falling across the state and nation, the outlook for small business is much brighter for the coming year.”
The longer a business remains closed because of the pandemic, the more likely that closure will be permanent, the report noted.
