Due to reduced economic activity from the response to COVID-19, businesses across the Brazos Valley have reduced their staffing from 2019 levels. Over 2,700 fewer residents are employed compared to the previous year.
Many businesses have closed since the shutdown in March, and more are expected to close in the near future. World Market in College Station has signage up announcing their closing. Many experts warn that one-third of small businesses could ultimately shut down for good, and hundreds of thousands have already done just that across the nation.
A large amount of the $350 billion CARES Act was earmarked for small businesses, and of that, $243 million accidentally went to large companies instead – leading some companies to return the money over the ensuing outrage. In total, only 5 percent of small businesses received PPP loans.