header image

[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather


 
Calendar
Today in
S.C.V. History
February 27
1950 - Ex-Mrs. William S. Hart appears in court to challenge will that leaves Hart Park & Mansion to the public [story]
Winifred Westover


With the COVID-19 pandemic’s first wave of economic pain washing over the stock markets and flooding Wall Street with uncertainty, small business owners are worried the next tsunami is headed toward Main Street.

Mom-and-pop operations are scrambling to adapt to directives barring large gatherings and “nonessential businesses” issued by concerned governors in states like California, New York and Illinois, and a new survey estimates 76% of the country’s small businesses have already been harmed by the growing pandemic.

According to the National Federation of Independent Business, 54% of members hurt by the pandemic have registered slower sales, 23% encountered supply chain problems and 68% are now “very concerned” about the ongoing financial impact on their business.

Monday’s results are a stunning escalation from a survey taken 10 days ago, where less than a quarter of the federation’s small businesses reported adverse impacts related to the coronavirus.

“The vast majority of small businesses are now impacted by the Covid-19 outbreak and owners are taking the threat to their business seriously,” the federation warned. “Many owners have already sought out financial help and more are planning to do so in the near future. The outbreak will leave few, if any, owners unscathed.”

While slower sales are plaguing businesses still in operation, hordes of brick and mortar stores have been forced to close altogether.

Last week, California Governor Gavin Newsom ordered nearly 40 million residents to “stay at home” except as needed to maintain sectors classified by the state as “essential.” The decision forced places such as niche boutiques, specialty stores, bars and fitness centers to close their doors immediately.

Making matters worse for small business owners anxiously looking forward to re-opening, Newsom’s order is open-ended with no solid deadline.

“We will be very transparent with you and forthright in the next days and weeks on where we believe we are,” said Newsom.

The governors of New York, Illinois, Connecticut, Oregon, Michigan, New Jersey, Louisiana and Ohio have since issued similar shelter-in-place orders, and others are expected to join as the pandemic continues to spread in the U.S.

COVID-19, the new strain of coronavirus responsible for a global pandemic, has now affected more than 343,000 worldwide with 16,000 confirmed cases throughout the entire United States, according to data compiled by Johns Hopkins University. Data shows nearly 15,000 have died globally from the virus, including more than 470 deaths in the United States.

The temporary shuttering of such a wide array of industries is leading to blanket lay-offs and causing financial analysts to predict dire economic scenarios: Goldman Sachs expects the economy to shrink 2.5% by June, while Deutsche Bank and JPMorgan are warning of accompanying job losses of up to 7.5 million.

Experts at the Economic Policy Institute say the “coronavirus shock” shoving the country toward a recession will cause job losses in every state, with a disproportionate impact on states with economies heavily reliant on food, hospitality and brick-and-mortar retail such as Florida, Hawaii and Nevada. The institute says states should look to mitigate job losses by increasing unemployment framework and bolstering other social support programs.

“Stopping a recession at this point is likely impossible, but actions such as these can soften the blow and help many whose lives are already being upended,” the institute noted in a recent analysis.

The federation, which has more than 300,000 members, collected responses from 700 employers with 1 to 360 employees for its survey. It found 30% of respondents were planning to talk financial planning with their banks soon and that 13% had already done so.

While congress continues sparring over an economic relief package, the federation says it will continue pressing for help at the local level.

“Small business recovery will be the pathway to America’s recovery. National Federation Independent Business will continue to lead efforts to inform and engage mom-and-pop owners about developing stories and resources to help them get back on their feet,” said John Kabateck, the federation’s California state director.

— By Nick Cahill, CNS

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
Michael Hoffeman Foundation will host the Walk 4 MHF event, 9 a.m. Saturday, April 5 at Central Park, 27150 Bouquet Canyon Road, Santa Clarita, CA 91350.
April 5: Michael Hoffman Foundation Hosts Walk 4 MHF Event
Mobile Studio USA has announced the return of SCV BandsCast at The MAIN, with Cosmic Ocean as the headlining act, 7 p.m. Thursday, April 3.
April 3: Mobile Studio USA Presents SCV BandsCast at The MAIN
The playgrounds at West Creek Park and Duane R. Harte Park will be closed for maintenance beginning Monday, March 3 through Friday, March 7.
West Creek Park, Duane R. Harte Park Playgrounds Temporarily Closed For Maintenance
The Canyon Theatre Guild will host "Symphony of Colors 2", an art exhibition showing the works of Santa Clarita Artists Association impressionist artist Zony Gordon, March 22- April 26.
April 5: Zony Gordon Art Exhibition Reception at Canyon Theatre Guild
Austin Young and Ty Beck each had two home runs to lead The Master's University baseball team to a 9-7 win over Providence Christian College Tuesday, Feb. 25 at Lou Herwaldt Stadium.
Mustangs Power Past Providence
Join the Santa Clarita Artists Association on Monday, March 10, 6:30-8:30 p.m. at Barnes and Noble in Valencia for the SCAA monthly meeting and guest demonstrator.
March 10: SCAA Features Oil Demo by Thomas Van Stein
The Santa Clarita Valley Water Agency will hold its regular board meeting on Tuesday, March 4 starting at 6 p.m.
March 4: SCV Water Regular Board Meeting
1950 - Ex-Mrs. William S. Hart appears in court to challenge will that leaves Hart Park & Mansion to the public [story]
Winifred Westover
The Citizens for Chiquita Canyon Closure have reported that Waste Connections will end its relief/relocation assistance program for victims of the noxious gases emitting from the Chiquita Canyon Landfill in the Santa Clarita Valley
Chiquita Canyon Landfill Owners End Relief Program for Community
California Institute of the Arts has announced the establishment of the D.R.E.A.M.S. (Digital Research Entertainment Arts Media Storytelling) Initiative supported by a gift from Tom Dolan and the Dolan Family Foundation.
CalArts Launches D.R.E.A.M.S. Initiative
Mission Opera has annouced its upcoming performance of Carl Orff’s Carmina Burana, scheduled for Saturday, March 1 at 7:30 p.m. at the Canyon High School Performing Arts Center.
March 1:  Iconic Opera Carmina Burana Comes to Santa Clarita
Los Angeles County gratefully acknowledges $8 million in wildfire relief grants from FireAid, which will be used to support direct assistance to impacted residents, workers and small businesses.
Los Angeles County Wildfire Relief Funds Receive a Multimillion Dollar Boost from FireAid
Due to extreme demand, the Canyon Theatre Guild is extending the run of West Side Story for one more weekend. Last two performances will be Saturday March 1st at 8pm and Sunday March 2. at 2 p.m. 
“West Side Story” at the Canyon Theatre Guild Held Over to March 2
In response to advocacy from Assemblywoman Pilar Schiavo’s office, yesterday California Insurance Commissioner Ricardo Lara expanded the mandatory one-year moratorium on homeowners insurance non-renewals and cancellations to include residents impacted by the Hughes Fire.
Assemblywoman Pilar Schiavo Requests Insurance Protections for Hughes Fire Survivors
In conjunction with National Career and Technical Education Month, Senator Valladares announced the introduction of SB 612, the High School Career & Technical Education Bill which expands CTE courses for high school students across California.
Senator Suzette Valladares Introduces Bill to Expand Career Technical Education for California High School Students
The Los Angeles County Department of Public Health has been notified of one case of measles in a non-Los Angeles County resident who traveled to Los Angeles International airport while infectious.
Public Health Confirms Measles Case in Los Angeles County
California State University, Northridge’s Spring 2025 Cinematheque series is focusing on movies by Spanish and Mexican filmmaker Luìs Buñuel, known for leading the movement in surrealism in cinema.
Feb. 23: CSUN’s Cinematheque to Present ‘Sacred and Profane:’ The Surreal Cinema of Luis Buñuel
 The Los Angeles County Regional Park and Open Space District  is delivering exactly what voters asked for—more parks, more green space, more climate resilience, and more access to nature for the communities that need it most.
Santa Clarita Receives $1.4m in Grants for Parks and Open Spaces
1923 - U.S. release of Charles Chaplin film "The Pilgrim," partially shot at Saugus Train Station & Newhall First Presbyterian Church [watch]
The Pilgrim
The Tavern Brawlers present "A Couple of Blaguards," the springboard for Frank McCourt’s Pulitzer Prize-winning memoir “Angela’s Ashes.” Perormances on stage at The MAIN in Old Town Newhall, March 14-23.
March 14-23: ‘A Couple of Blaguards’ at The MAIN
California Department of Education State Superintendent Tony Thurmond recently convened leaders in school nutrition, sustainability and organic farming to continue, “Mission Possible: Go Organic,” his initiative to increase organic food in school meals.
Thurmond Leads Statewide Effort to Increase Organic Food in School Meals
Wolf Creek Restaurant and Brewing Co. is hosting an all-day fundraiser on Thursday, Feb. 27, for Carousel Ranch’s 10th Annual “Carousel Wishes & Valentine Kisses” campaign.
Feb. 27: Wolf Creek Restaurant Fundraiser for Carousel Ranch
The Los Angeles County Board of Supervisors has unveiled its official 2025 group photograph, highlighting Chair Kathryn Barger alongside her colleagues.
Supes Release Official 2025 Group Portrait
California Credit Union Foundation encourages Santa Clarita Valley teachers who have an innovative class project idea to apply for a credit union grant through its spring Teacher Grant program.
California Credit Union Foundation to Fund Innovative Teacher Projects
SCVNews.com