How Small Businesses Have Been Hit During the COVID-19 Pandemic
Some are being forced to make the tough decision to permanently close.
As the impacts of the coronavirus pandemic continue to hit small businesses’ bottom line, some are being forced to make the tough decision to permanently close. For 22 years, Mychelle Mordente has run Ragg Mopp Vintage Clothing in Los Angeles, catering to people hunting for fun fashion and to the entertainment industry. But due to the pandemic, she can longer afford to keep the shop open.
"I could cry right now," Mordente said. "It's my life. It's my identity. It's my passion."
Mordente said the financial struggles became too much.
"We're paying $4,000 a month and your store is closed. What happens if there is another spike and then they say, 'You have to close again?' It just seemed like I didn't really have a choice."
Krimsey Jones is also shutting down her business and life’s dream, the first Cajun vegan restaurant in the world, located in Los Angeles. She says that the future is too uncertain to remain in business.
"I had to ask myself some hard questions, do I want to fight this uphill battle for the next year, year and a half?" Jones said.
Even though restaurants are now allowed to reopen, Jones said it's been a financial nightmare.
"I don't see this ending anytime soon," Jones said. "I'm already seeing it, I'm passing by coffee shops and restaurants and it's just totally empty."
Fox Business News Anchor Liz Claman said the numbers are grim. "We're talking about millions of small businesses — at least 3 million have gone under," Claman said.
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