One-Third of New York’s Small Businesses May Be Gone Forever

Bob Lonsberry
|

Automatic TRANSCRIPT

York. Times. Yesterday had a story saying that two-thirds. Check that one third of the small businesses in New York City are not gonNA survive covert will be gone by the end of the year in the course of one calendar year New York City will lose one third of its small businesses I've tried to look to see if anybody's done any similar analysis of upstate businesses and they haven't But if that's one part of New York state, you've gotta expect that it could be similar in this other part of New York state, the loss of one third. Of these businesses is corre thick and the one thing to understand. One thing that's that we don't often think of about small business is Small business is most commonly the way that a person significantly raises their family's financial position, right you. You can move from lower middle class, upper middle class or even higher e- through small business. Now, you can also lose everything right but you know you start out I'm a plumber I'm eight va see or I opened a restaurant and or I'm a processing paychecks or whatever like that, and if it catches you can grow and you can. You can increase your position the the the best ladder. Economically and again education is the key allows you to have a job lousy to build up but unless you're education like medical doctor or something like that, if you can be successful in a small business that's a very good way up the economic ladder when you knock that ladder out from underneath one third of the people who are on it, that's a pretty heavy hit.

Coming up next