Amid all the discussion about how the pandemic is roiling Wall Street, its most acute impact is being felt on Main Streets around the country, Axios' Erica Pandey and Courtenay Brown write.
- The latest: The White House today asked Congress for a $1 trillion coronavirus relief and economic stimulus plan that would include industry-specific bailouts and payments to individual taxpayers. Go deeper.
Between the lines: Across America, it'll be some time before official economic data bears out what plenty are hearing anecdotally. The Economic Policy Institute estimates the crisis will claim 3 million jobs, including many employed by small businesses, by the summer.
- In one of the earliest signs of layoffs, state labor departments, like in Ohio and Connecticut, say that more people than usual are filing for unemployment benefits.
- New York's labor department tells Axios its unemployment hotline received 8,758 calls as of noon on Monday — a 70% increase from the 2,542 calls they received at the same time last week.
Even small businesses that are still open because they are considered "essential" are struggling.
- Small, independent grocers and drug stores are having trouble keeping their shelves stocked, just like the big chains. But unlike their bigger rivals, they don't have huge, long-established global supply chains to tap into to restock quickly.
The National Federation of Independent Business has been fielding nonstop calls from small business owners seeking advice.