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Impact of COVID-19 On Small Businesses – Arizona Ranks 7th in the List

Impact of Covid-19 on Arizona Businesses

Ever since, Coronavirus has taken a toll over the world. The virus has left no stone unturned to make our lifestyle difficult, and now we are in the middle of adopting this new normal. Due to all this, the most affected are the small businesses. The social distance and the lockdowns and the state closures have turned the world upside down for businessmen, and the business is facing a lot of hardships during COVID-19.

Higher authorities have been advising people to stay home, as this can take some time, whereas some companies are still open and allow their employees to work remotely. Since consumers don’t step out, small businesses are having a negative impact. The small companies now need to be very cautious and be well prepared to face the pandemic’s repercussions.

As time is passing, few regions in the U.S. have started to re-open. There is a long list of countries and states that are affected due to this pandemic. And Arizona stands on the 7th rank in this list. Arizona ranks on the 7th number in the list of U.S. states that are massively impacted due to the pandemic.

The financial institutions have been closely looking at the impact created by Coronavirus and how it is forming adverse effects on small businesses across the U.S. and the Columbia district. The rankings are done for categorizing small businesses, how many industries are impacted and pressured by the outbreak of the pandemic. Tourism is one of the sectors that are majorly affected due to this pandemic. Hawaii and Nevada have witnessed the impact quite closely due to the virus outspread and the state-closures.

Arizona has a remarkable tourism industry that includes the Grand Canyon, Sedona, and Scottsdale. The event planners, restaurants,  are hit by COVID-19, and a lot of pre-planned, matches and events are canceled due to the pandemic.

The least affected small businesses are from the District of Columbia and Massachusetts. Texas is ranked 39th and Florida on 16th and New York on the 30th. And New York has been the epicenter of the Coronavirus cases and deaths in the United States. Approximately till now, 16.8 million unemployment claims have been recorded. On the lies of the same, the previous records state that there were 22.7M jobs brought into existence since the Great Economic Depression.

Arizona has recorded 238,748 unemployment claims than last year, whereas California has been having 2.1M claims added after the pandemic declaration.    

Now we are left to cover five stages to come out of this crisis and embrace the new normal and combat the battle with Coronavirus. The five steps are Return, Resilience, Resolve, Reimagination, and Reform. We have to overcome these stages to win the battle against Coronavirus and find the path towards the new normal.

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