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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.

D.C.'s building boom grinds to a halt

Illustration: Brendan Lynch/Axios

The decades-long building boom that remade Washington D.C. is screeching to a halt, undone by broader construction trends and the legacy of the post-pandemic workplace.

Why it matters: Dizzying construction has reshaped the city, reinvigorated downtown and created bustling new communities. 

Facebook fights for its image

Illustration: Annelise Capossela/Axios

Facebook is ditching apologies and taking a more combative stance against its critics as it faces a new barrage of negative coverage and leaked internal reports.

Driving the news: As part of the new posture, Facebook started testing placing positive messages about itself in users' News Feeds last month, according to a New York Times story Tuesday.