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Report: 1/3 of NY businesses on brink of collapse

A recent New York Federal Reserve survey found about one-third of New York-area businesses would fold without government support.

News 12 Staff

Aug 20, 2020, 10:37 AM

Updated 1,371 days ago

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A new report finds many New York businesses are on the brink of collapse.             
A recent New York Federal Reserve survey found about one-third of New York-area businesses would fold without government support. “If this continues for a couple of more weeks, we're going to see, in my opinion, a very dramatic decline in the economy overall, much, much higher unemployment and then the whole multiplier effect will begin to kick in,” says Hofstra Economics Professor Martin Melkonian.
Congress recessed for the rest of the summer without reaching a stimulus deal.
Economists say that, without some kind of help, there will be more business closures and layoffs.
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