The Covid-19 pandemic ambushed businesses and global economies. Since the pandemic took hold in the U.S. in March 2020, job loss has been one of the most significant consequences. The U.S. has recently reached a total of 60 million unemployment claims, while loss to the US GDP is estimated to be around $7.6 trillion.
In addition, a recent survey conducted by the Federal Reserve Bank revealed that 9 million small firms in the US are at risk of closing for good in 2021 as a result of the pandemic. The International Monetary Fund estimated the total cost to the global economy from Covid-19 will ultimately top $28 trillion in lost output (the time frame was years 2020-2025).