BOSTON, MA – APRIL 22: Asia Mei, owner of Moonshine 152, poses in her restaurant, which has been … [+] shut down due to COVID-19, on April 22, 2020. Her corner bar and food served the local South Boston community. (Photo by John Tlumacki/The Boston Globe via Getty Images)
Boston Globe via Getty Images
Judging by the most recent quarter results of some of the biggest companies in the world—Alphabet, Amazon, Apple, and Facebook—the American economy would appear strong and growing even amidst the coronavirus pandemic. Amazon, for one, just showed its biggest profit ever in its 26-year history.
Meanwhile, certain segments tied to the pandemic have also seen gains, including construction and home repair and remodeling, those dealing with remote work including Zoom and Microsoft, and delivery companies such as DoorDash and UberEats.
But the economy cannot be judged by those at the top or in select industries. For the vast majority of Americans, and small business owners, in particular, this past year has been an utter nightmare.
K-shaped recovery, a striking disparity between those companies and individuals who will emerge out of the pandemic-induced recession financially strong, and those who will continue to greatly suffer as a result of it. This is why, as The Wall Street Journal lays out, “stock market and household wealth near record highs, while lines stretch at food banks and applications for jobless benefits continue to grow.”
According to a LendingTree survey of almost 1,400 small business owners published at the