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As the economy craters, small businesses are among the hardest hit.
When unemployment claims began to jump nationwide in March, layoffs among small business spiked 1,021% compared to the month before, according to exclusive data compiled by human resource provider Gusto, based on more than 100,000 small businesses nationwide.
“This is unprecedented,” said Daniel Sternberg, the head of data science at Gusto.
Overall, small businesses employ roughly 59 million people in the U.S., according to the Small Business Administration. However, few have much in the way of a financial cushion in case of emergency.
Now, half of all small businesses said they will not be able operate beyond three months without relief aid, according to a recent survey by Goldman Sachs.
“There is a…