Madison Thibodeau ’21, Editor in Chief
Source: Madison Thibodeau
Small businesses across America are feeling the financial crunch from COVID-19 restrictions that have millions of people taking refuge from the virus outbreak by staying at home and avoiding unnecessary shopping trips. The pandemic has hammered small businesses across the United States – an alarming trend for an economy that is trying to rebound from the deepest, fastest recession in U.S. history.
The widespread closing of stores and businesses in the United States and around the world due to the COVID-19 is unprecedented. Stores, factories, and many other businesses have closed by policy mandate, downward demand shifts, health concerns, or other factors. Many of these closures may be permanent because of the inability of owners to pay ongoing expenses and survive the shutdown. The impact on small businesses around the world is likely to be severe.
The COVID-19 pandemic is a public health crisis, but it is also an economic crisis. Health and government officials are working together to maintain the safety, security, and health of the American people. However, small business in Chester County of Pennsylvania is facing an unprecedented economic disruption due to the COVID-19 outbreak. More owners are permanently shutting their doors after new lockdown orders, realizing that there may be no end in sight to the crisis.
For example, Harley-Davidson of Chester Springs, Pennsylvania has permanently closed in October after being open since 2013. The business released this statement on Google saying, “Harley-Davidson of Chester Springs was permanently closed on Saturday, October 3rd, 2020. We would like to thank all of our great customers for the great run we’ve had.”
Harley-Davidson has been building motorcycles since 1903. The legendary brand is an everlasting symbol of freedom and adventure, and its superior product is an iconic part of the American roadway.
According to MotorBiscuit.com, over the past few years, Harley-Davidson has been experiencing declining sales as its aging customer base loses interest in their heavyweight product. It has been a challenge for the motorcycle giant to attract the younger generation to purchase a product that is considered “cool” for old guys with tattoos. The COVID-19 pandemic has also hit the company hard, and it is seen a 30 percent decline in its stocks. The current recession is proving to impact not only their revenue but cash flow capabilities as well.
The coronavirus pandemic is putting America’s small businesses to the test of a lifetime. Millions might not survive – and many of the tens of millions of jobs they support could evaporate. The hardest thing is that we do not know when we are going to start to recover and what it will be like afterward.
