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I get that, but my point is that a recession was basically about to happen, as the article stated that our national economy has booms and busts. We were on the verge of a national bust, as the time that our national economy was “”booming” actually was prolonged(about 12 years versus the usual 7 years or so cycle of a good economy). So, it was a matter of time that some businesses were going to “fall off”, which will go beyond NY(S or C). Unfortunately, this current pandemic just served as a nail in the coffin for those on the edge and many businesses close for a range of reasons.
New York State was dying economically even when the rest of the country was booming. I know you are a diehard New York State booster and won’t ever want to say it but that is the truth. Upstate population and economy was in decline long ago. NYC was also in decline but slower, propped up by real estate and tourism revenue.
If you had walked the city last year before the virus, you would have seen lots of empty stores even in prime areas of Manhattan despite record tourism. That meant that businesses could not be sustained due to high taxes, rents and wages. It did not just occurred. It was happening even when the rest of the country was booming.
I speak from experience. Our family has had, and continues to have, a business in WNY and around NYS since the 1950's. In the beginning it was great. The economy was humming and our businesses did well. As the years went on things got progressively more difficult. Finding and retaining employees became much more challenging, pension plan issues and the flight of the middle class left us catering mostly to much less profitable insurance clients (95%+). We did our best and managed to struggle along. Some of our locations closed, with the owners just locking the door and walking away. To those who have never been in business or academicians, you have no idea what it's like.
The business I took over in April of last year was established but abandoned by the first owner because he ran out of money. The second owners only lasted 3 months before infighting broke up the partnership and they weren't making enough money. We took over a damaged business and in less than a year we turned it around. We made money 4 out of the last 5 months. Since my partner and I have other businesses and day jobs we put 99% of every dollar made back into the business. On March 1st we are talking about having a big 1 year anniversary party in April with customer appreciation specials etc...
I am in a similar situation, only my business expenses are 40k a month excluding payroll - all of my employees are furloughed now.
People that are advocating this shutdown are either unaffected - getting paid to work from home or collecting more in unemployment benefits that they used to earn while working. Meanwhile business owners are completely screwed.
I am in a similar situation, only my business expenses are 40k a month excluding payroll - all of my employees are furloughed now.
People that are advocating this shutdown are either unaffected - getting paid to work from home or collecting more in unemployment benefits that they used to earn while working. Meanwhile business owners are completely screwed.
Did you apply for the PPP forgivable loan program?
New York State was dying economically even when the rest of the country was booming. I know you are a diehard New York State booster and won’t ever want to say it but that is the truth. Upstate population and economy was in decline long ago. NYC was also in decline but slower, propped up by real estate and tourism revenue.
If you had walked the city last year before the virus, you would have seen lots of empty stores even in prime areas of Manhattan despite record tourism. That meant that businesses could not be sustained due to high taxes, rents and wages. It did not just occurred. It was happening even when the rest of the country was booming.
That is true. Storefront vacancies were surreal over a year ago. Covid though added 100k to businesses dying. Independent of other issues at play. I call that the Cuomo put the nail in the coffin of 100k business approach.
Instead of blaming Trump for letting the pandemic escalate, you chose to blame Cuomo for implementing a lockdown done in multiple states? Your anger is misplaced and irrational.
Oh yeah like people dying is less important than temporary lockdown.
Somebody needs a reality check.
I am in a similar situation, only my business expenses are 40k a month excluding payroll - all of my employees are furloughed now.
People that are advocating this shutdown are either unaffected - getting paid to work from home or collecting more in unemployment benefits that they used to earn while working. Meanwhile business owners are completely screwed.
My chick is in hospitality. She is an event planner in Manhattan. She had a couple of Hampton parties this summer that have canceled. The summer is a bit unstructured. She could get a call 2 weeks out to put together a backyard BBQ with a $35,000 budget. She always picks up 1 or 2 of those last-minute parties. She also has caterers that will ask her to run events day off. The good thing about the Hamptons is that weekends start on Thursday and end on Sunday morning. She had a busy fall. All of her events have postponed until 2021.
I don't know why you think a recession was going to happen now or anytime soon. The economy was booming. There were 4 million jobs that needed to be filled. Unemployment was around 2.9%. It was the greatest economy of our lifetime and not only was it sustaining itself, but it was also expanding. Yes, the country was likely heading towards a recession someday in the distant future.
You mean near future.
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