BY ROSE ADAMS
The vast majority of Brooklyn’s
businesses have been
hard-hit by the COVID-19 pandemic,
with 80 percent reporting
a stark decline in revenue
and 85 percent having to lay off
workers in 2020, according to a
new study.
The fi ndings, released by
the Brooklyn Chamber of Commerce,
come as the borough’s
small businesses continue to
reel from the pandemic because
of state-mandated capacity limits
and a reduction in customers,
said the Chamber’s chief
executive.
“The end of the year survey
results confi rm all that we had
been tracking all along in 2020,”
said Randy Peers, the president
of the Brooklyn Commerce
of Commerce. “Small business
revenue is in a free
fall, 85 percent of businesses let
some of their employees go, and
a third of businesses still owe
back rent.”
COURIER L 16 IFE, MARCH 5-11, 2021
Of the vast majority of businesses
that have lost revenue,
nearly 50 percent raked in less
than half of the profi ts they
usually make over the course of
2020, according to the survey.
Interestingly, women- and
minority-owned businesses
faired slightly better, with 77
percent rather that 80 percent
reporting a drop in revenue.
This year may bring renewed
hope for Brooklyn’s
eateries and entertainment
centers. Gov. Andrew Cuomo
reopened indoor dining at limited
capacity on Valentine’s Day
weekend, and indoor entertainment
centers will be allowed to
reopen in March with safety
protocols in place.
The federal Save Our Stages
Act, passed at the end of 2020,
earmarks $10 billion in aid for
independent theaters, music
venues, and cinemas — providing
a safety net for the entertainment
centers that have endured
year-long shutdowns.
Still, a majority of Brooklyn
businesses said that they
needed more grants, rent relief,
and marketing support to stay
afl oat, according to the survey.
While approximately 75 percent
of all businesses received a
loan from the Paycheck Protection
Program — a federal program
meant to help businesses
retain employees — nearly half
of respondents said they didn’t
receive any rent reductions or
concessions in the past year.
Peers said that the city and
state need to continue allowing
stores to reopen in order to save
small businesses.
“We need to urgently reopen
more of our economy and
access much more federal support
if our small businesses are
to survive in 2021,” he said.
Brooklyn businesses have reported a sharp decrease in revenue and increased
layoffs because of COVID-19. Unsplash/Anastasiia Chepinska
‘IN A FREE FALL’
Survey says 80 percent of Brooklyn
businesses saw revenue decline in 2020
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