Amid COVID, many businesses in precarious spot as 2020 ends The final three months of the year are usually a boom time for many small businesses thanks to holiday shopping and celebrationsNEW YORK -- The final three months of the year, usually a boom time for many small businesses thanks to holiday shopping and celebrations, looks precarious as the coronavirus maintains its grip on the economy. The coronavirus has devastated many small businesses; it’s estimated that hundreds of thousands already have closed forever. More businesses — restaurants and retailers in particular — will likely go out of business if they cannot bring in the revenue they need. “Many of our clients are small businesses who need to decrease their spending in order to stay afloat,” owner Susannah Caviness says. She’s trying to bring in new business; she’s increased her social media marketing budget by 50% and is emailing prospective clients.

Source: ABC News October 11, 2020 16:18 UTC