There is no historical parallel for the economic collapse the coronavirus is inflicting on economies around the globe. In just 3 weeks, 16 million Americans have joined the rolls of the unemployed, representing more than half the jobs created after the 2008 Great Recession.
The impact of the outbreak on small businesses is particularly acute. Ninety-six percent of US small businesses report being impacted by the outbreak already with only 13% confident about their contingency plans to maintain their business. Workers in the retail, hospitality, gig economies, and restaurant industries are particularly hard hit. The National Restaurant Association expects total restaurant industry losses to exceed $225 billion and almost 60% of the jobs lost so far are those of restaurant workers.