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Photo: Mike Kemp/In PIctures via Getty Images

A new study by economists at the University of Illinois, Harvard Business School, Harvard University and the University of Chicago projects that more than 100,000 small businesses have permanently closed since the coronavirus pandemic was declared in March, the Washington Post reports.

Why it matters: The mass devastation to small businesses comes despite efforts by the federal government to keep them afloat as large swathes of the economy have been forced to close as a result of the pandemic.

  • Congress has approved over $700 billion in relief funds for small businesses, and approximately 4.2 million have received loans from the Small Business Administration, per the Post.
  • Many small business owners have considered the Paycheck Protection Program as well, but worry about not being able to meet the staffing levels required by the law.

Details: The study projects that at least 2% of American small businesses are gone for good.

  • The damage has been especially severe for certain sectors like the restaurant industry, which has seen 3% of restaurants permanently go out of business, according to the National Restaurant Association.
  • 34% of small businesses are paying reduced rent or postponing payment, according to the Post.

Go deeper

American Express to buy Kabbage

Photo by Mario Tama/Getty Images

American Express on Monday announced an agreement to acquire online small-business lender Kabbage for an undisclosed amount.

Why it matters: Kabbage is one of the fintech companies that helped small businesses tap into the Paycheck Protection Program despite furloughing hundreds of workers at the beginning of the pandemic.

Updated 56 mins ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Transplants rebound from COVID lull
  2. Vaccines: WHO: No evidence that healthy children, teens need boosters — Kids' COVID vaccination rates are particularly low in rural America
  3. Politics: Government website for free COVID tests launches early
  4. World: Greece imposes vaccine mandate for people 60 and older
  5. Variant tracker
57 mins ago - Politics & Policy

Schumer pushes for doomed filibuster changes

Senate Majority Leader Chuck Schumer addresses reporters Tuesday. Photo: Bill Clark/CQ-Roll Call via Getty Images

Senate Majority Leader Chuck Schumer told the Democratic caucus Tuesday night he plans to propose instituting a one-time "talking" filibuster requirement, and bypassing the 60-vote threshold for major legislation, to pass the party's election reforms package via simple majority.

Why it matters: While Schumer acknowledged both votes are expected to fail — and some vulnerable Democrats up for re-election feel it will put them in a tough spot — he argued it's worth putting members on the record for historic legislation.