We are almost five months into the coronavirus global pandemic and the outlook for our small businesses continues to remain unclear. Nationally, over 100,000 small businesses have closed permanently, and in Massachusetts just one in three small businesses report being fully open.
While many of our Cape Cod businesses cite great support from our local community and summer visitors through their patronage and words of encouragement, it is important to note that many of them are facing huge deficits due to the economic shutdown and lower profits because of the continued economic slowdown.
Retail stores across Cape Cod have reported a decrease in sales anywhere from 20-70%, a locally owned B&B notes their business is down 30-35%, a Provincetown bike rental is operating at 45% of their usual revenue, and one Hyannis restaurant has seen their revenue decline 70% from last year.
And that is in the heart of our busiest season.
We continue to be concerned for our local businesses and their well-being, recognizing as we head into the fall and winter seasons, their need for financial support will likely increase.
This is why we will continue to advocate for support at the local, state and federal levels, and will offer a second round of grant-making from the Cape Cod Resilience Fund around Labor Day.
Many generous community partners continue to help us raise money for the small business community, while we maintain our efforts to seek donations large and small, as well as explore other funding sources and partnerships to get us to our goal of $100K by Labor Day!
How can you help? Donate if you are able (even $5 makes a huge difference), purchase an item from one of our fundraising partners, and spread the word to your friends, family and network. It all adds up!