Layoffs among small businesses skyrocketed in March, climbing more than 1,000 percent over the previous month.
The disturbing new number, released Friday by Gusto data science, indicates more than 2 million small business employees lost their jobs last month as a result of the coronavirus pandemic. "This is unprecedented," says Gusto rep Daniel Steinberg. "That’s 4 percent fewer people employed in one month."
New York leads the country in small business layoffs, followed by Nebraska and New Mexico, Gusto reports.