Most Brooklyn small biz reported year-end decline, laid off workers
Brooklyn Chamber survey: Revenue is in 'free fall'
The great majority of small businesses in Brooklyn reported a coronavirus-related drop in revenue from December 2019 to December 2020, according to a survey released on Wednesday by the Brooklyn Chamber of Commerce.
As the city grapples with restarting its economy after nearly a year of shutdowns and restrictions, 80 percent of all responding businesses reported a decline in revenue during the year-to-year period, with 47 percent saying that the decline was more than half their annual revenue. In addition, a jarring 85 percent of businesses laid of employees.
Coupled with 33 percent of businesses reporting they are still behind on rent payments, the survival of a vital generator of jobs and revenue is at significant risk of slowing New York City’s recovery.