Study: 35% Of Illinois Small Businesses Remain Closed Due To Pandemic - 1440wrok.com

Study: 35% Of Illinois Small Businesses Remain Closed Due To Pandemic - 1440wrok.com


Study: 35% Of Illinois Small Businesses Remain Closed Due To Pandemic - 1440wrok.com

Posted: 30 Mar 2021 08:52 AM PDT

No matter how you look at it, 35 percent is a huge number of small businesses that have either temporarily or permanently closed their doors because of COVID-19.

Maybe we shouldn't be surprised. After all, aren't lockdowns and business closings something that we've seen in far too much abundance over the last year? I just finished reading a piece in Fortune that pointed out that more than 110,000 eating and drinking establishments in the United States closed for business (temporarily or permanently) last year, with nearly 2.5 million jobs being wiped out from pre-pandemic levels. And that's only last year. 2021's numbers should be equally or more frightening.

A recent poll of small business owners taken by the U.S. Census' Small Business Pulse Survey (SBPS) says that about 53% of small business owners don't expect to return to pre-Covid operations for at least the next six months...assuming they do at all.

CNBC.com:

On average across the 50 largest U.S. metro areas, only 26% of small businesses have at least three months of cash readily available, which is the minimum amount generally recommended as a safety net.

Let's shift our focus back to Illinois and that 35 percent of closed small businesses. Illinois Policy Institute has a piece up at their website that breaks down some of the numbers from Opportunity Insights Economic Tracker that shows the 35 percent of closed businesses in Illinois is more than any other Midwestern state except Michigan (38.2%). Illinois' massive decline in the number of small businesses is eighth worst in the nation.

Unfortunately, it doesn't appear that help is on the way for Illinois businesses, as Governor Pritzker is continuing to pursue new taxes totaling up to nearly a billion dollars on small businesses.

IllinoisPolicy.org:

The move was decried by the Illinois Chamber of Commerce and Republicans because Pritzker is not closing unfair "loopholes" as he claimed, but rather trying to take back a deal he made early in his term for key tax incentives and deductions intended to create jobs. Pritzker is also rumored to be pursuing the cancellation a pandemic recovery tax credit for small businesses that would have taken from $500 million to $1 billion more from them as they struggle to recover.

READ MORE: See 50 remote jobs that can pay well

TailoredPay Is Simplifying the Payment Acceptance Process and Helping Online Merchants Succeed - Business Wire

Posted: 30 Mar 2021 09:18 AM PDT

MIAMI--(BUSINESS WIRE)--TailoredPay's newly revamped website aims to transform the online payments space for small businesses that are in search of an alternative payment provider.

The new website incorporates features that enable online businesses of all technical capabilities to quickly and seamlessly accept online payments. In addition to simplifying the process of payment acceptance for eCommerce merchants, TailoredPay also simplified the information available on its website, making it more understandable for both beginners and advanced merchants.

The company offers solutions to businesses in a variety of niches including health & beauty, travel, web design/development and online dating - industries that require seamless payment integration solutions.

They identified a gap in the market, created by the lengthy compliance processes and expensive integrations that merchants experience when seeking payment solutions for their business. The company aims to create a payment solution that simplifies the application and setup process, using powerful APIs to offer merchants more control over the payment experience. TailoredPay was created in response to the need for a seamless, more simplified payment experience.

About TailoredPay

TailoredPay is an online payment platform that provides cross-device payment options to online businesses wishing to accept credit and debit cards. They offer merchants the flexibility to process both one-time and recurring payments on desktop and mobile devices.

The company has been operating in the payment processing industry for more than 4 years. Their team is led by seasoned Fintech and IT-industry professionals with a wealth of international experience.

TailoredPay's mission is to refine the payment process for online merchants to offer the fastest and most seamless payment experience: "We are aware of common issues that online merchants experience, for example settlement delays and low conversion rates due to hosted checkout pages. Our reliable payment solution minimizes cart abandonment and ensures that businesses benefit from uninterrupted cash flow, consequently optimizing their profits."

Interested merchants can obtain more information at www.tailoredpay.com. The company processes new applications within 24 business hours and uses high levels of security and encryption standards to protect your data.

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