What’s happening in NYC--the epicenter of the coronavirus and responsible for half of all U.S. cases--is informative for other metro areas grappling with the virus and indicative of how the U.S. economy will fare through the shutdown and beyond. /1 https://www.barrons.com/articles/what-new-york-city-says-about-the-nations-economic-slog-ahead-51585941301

Small businesses power the American economy, and that is especially true in NYC. A quarter of small businesses nationwide have already shut down, and among those that haven’t, 40% say they think they will within the next two weeks. /2

In NYC, small businesses employ more than half the private workforce, and many of them have no idea where to begin trying to access the new SBA loan program that is unclear, going first-come, first-serve, and administered through banks. /3

Take Luca Di Pietro, the owner of five restaurants across New York City, who let go of 95 employees--nearly all of his staff--when restaurants were ordered on March 20 to close for regular service. /4

He’s keeping his business alive for now by delivering to hospital workers, but supplies are running short and overhead--rent--is enormous. He isn’t counting on government help. /5

The pain across NYC is broader than restaurants and bars, and it will only get worse as layoffs mount. One lesson for other U.S. cities dealing outbreaks of their own: enacting stricter lockdowns earlier may help in the longer run. /6

It not only matters from a human perspective, but also because the top 24 metro areas make up half of overall U.S. GDP. /7