The Economic Impact Of Covid-19

Since the discovery and spread of COVID-19, the impacts upon businesses, schools, and our lives have been immense. In fact, it’s been a significant driver of unemployment and mental health issues such as a rise in unhappiness, depression, and feelings of alienation for many. 

For many families, the closure of schools or hybrid models of learning where a student is on campus a couple of days and at home the rest of the time, has driven many multi-income families to have to make some hard choices. Many parents are reporting a rise in stay-at-home parenting and sacrificing employment and income to monitor and care for children. 

Business Closures On The Rise

Due mainly to the many state and local health orders, businesses are once again being asked to shutter their doors and close some, if not all, of their business operations. This volatility directly affects the industries and businesses’ employees, clients, and other companies dependent on them. 

Some areas that are hit the hardest are in youth sports, education, and tutoring, Real Estate in some areas has suffered a significant hit while other areas are booming, small retail shops, hotels, and tourist attractions to name some. 

Nowhere is this impact felt more than in restaurants and foodservice. 

Restaurants On The Ropes

While restaurants are being shuttered except for delivery and take-out, the rules that make punishable on-site dining has been challenged in court. A Los Angeles County judge ruled that LA County public health had acted “arbitrarily” in forbidding outside, on-site dining. Additionally, the court ruled that LA County Public Health’s actions did not override the state’s governing order. 

The ruling stemmed from an argument that local restaurant owners had regarding that the movie industry has been allowed to continue operations and host outdoor dining for crew and staff on sets. 

Again, while the court agreed that LA County Public Health acted randomly in their ruling, the court also acknowledged that California State Public Health orders took priority over the court’s findings. 

Restaurants already operate on the slimmest of margins. In-person dining that allows for alcohol purchase is the industry’s highest profit margins, so losing on-site dining puts a massive hole in a challenging sector, to say nothing of the impact on employees who rely on tips to survive. 

For many people, months of economic uncertainty have forced them to be creative in their personal and business finances. Those factors can impact and destroy a person’s credit rating over time. 

Unemployment On The Rise

According to the Bureau of Labor Statistics, the State of California, as of December 2020, has an unemployment rate of over 8%, with not much hope in sight for correction in the short-term. As such, lost wages and revenues has taxed many people and businesses. 

All of these layoffs and business closures can lead to personal economic problems. From becoming overextended on credit cards, defaulting on student loans and mortgages, and more, the economic impact that has occurred is tremendous. 

With Congress still working on more economic relief, people who find themselves struggling to make ends meet need to find alternative income and financing sources. But with the loss of wages, many people have had to turn to credit cards and other financing sources. 

Those actions may have impacted their credit ratings due to making it difficult to secure additional loans. 

Understand that your credit rating is a score attributable to an individual’s ability and history of paying debts and loans on time. 

By analyzing past behavior, the metric predicts for a lender the level of risk a borrower may be in relation to paying any outstanding debts. 

For people interested in securing a personal loan, especially personal loans for bad credit, there are places to turn to and options available that are outside the standard lender from a bank. 

Creative Ways To Make Ends Meet During Economic Uncertainty

There are several ways to generate some income through creative revenue streams. 

While some people have turned to unemployment and pandemic unemployment assistance programs, food banks, and third-party delivery programs such as GrubHub to earn money, others have decided to be more independent. 

Another source of income for people is that they have started selling crafts through eBay and other third-party apps. Others have started selling a service to companies that need some freelance assistance. 

Meantime others are still juggling between personal loans, credit cards, and other tentative ways to make ends meet. The key is to find flexible sources and methods to earn revenue to help get through these difficult times. 

in News
Related Posts

(Video) A Plus Tree: A Steward of Urban Forest Management Across Los Angeles

June 18, 2025

June 18, 2025

For More Information, Go to Aplustree.com For More Information, Go to https://t.co/3PhU1J5wOj pic.twitter.com/1AWITi5NFw — Palisades News (@PalisadesNewsLA) June 19, 2025

(Video) See Inside Voodoo Doughnuts’ New Venice Beach Shop

June 18, 2025

June 18, 2025

The Creative Portland Franchise Has Opened Up at Windward Circle The Creative Portland Franchise Has Opened Up at Windward Circle....

Palisades Teacher Wins National Award, $5K for Supporting Students After Wildfire

June 18, 2025

June 18, 2025

A student athlete nominated him for the award, praising his ability to connect classroom lessons to real-world challenges Dave Suarez,...

Real Estate Agent Charged with Price Gouging After Palisades Fire

June 18, 2025

June 18, 2025

The charges stem from violations of California’s price gouging law, which caps price increases at 10% during a declared state...

What to Expect at This Weekend’s ‘Venice Summer Fest’ in Mar Vista

June 18, 2025

June 18, 2025

Attendees Can Expect More Than Two Dozen Bands, a Classic Car Show, Food Trucks, Vendors and More The Venice Summer...

Palisades, Pasadena Teens Raise Over $55K for Fire Relief with National Initiative

June 17, 2025

June 17, 2025

The initiative, now supported by a team of five and over 1,100 volunteer hours, has partnered with 18 nonprofits to...

July 4th Celebration to Take Place in Palisades for 78th Annual Event

June 17, 2025

June 17, 2025

The event aims to unite residents in a show of resilience and community spirit The Pacific Palisades community, undeterred by...

Second Doctor to Plead Guilty in Matthew Perry Ketamine Case, Faces Up to 40 Years

June 17, 2025

June 17, 2025

Doctor Admits to Illegally Supplying Ketamine to the Actor and His Assistant One of the physicians charged in connection with...

Multiple Injuries Reported in Windward Ave Collision: REPORT

June 17, 2025

June 17, 2025

Emergency crews closed the affected intersection to secure the area and began cleanup efforts A vehicle collision involving at least...

This Palisades Territory is Now Vacant. Now It Needs a Representative on Palisades Council

June 16, 2025

June 16, 2025

Applications require a statement detailing years lived in Palisades, positions on community issues and optional biographical details The Pacific Palisades...

Florida Congressman to Visit American Legion Palisades for Relief Fundraiser

June 16, 2025

June 16, 2025

The event aims to support the post’s relief efforts, with 100% of proceeds benefiting the cause Congressman Brian Mast, a...

Metro Releases Draft Report for Sepulveda Transit Corridor Plan

June 16, 2025

June 16, 2025

Five proposed transit alternatives could connect the San Fernando Valley and the Westside, with service forecasted to begin between 2033...

(Video) Home Front Build Maintains Original Architectural Vision For Modern Homes

June 16, 2025

June 16, 2025

For More Information, Go to homefrontbuild.com For More Information, Go to https://t.co/kip9luQwxX pic.twitter.com/sTuVgfiGkj — Palisades News (@PalisadesNewsLA) June 16, 2025

(Video Recap) “No Kings” Protest Comes to Downtown Santa Monica

June 15, 2025

June 15, 2025

Palisades Park was one of a dozen LA locations where protestors took to the streets on Saturday to challenge ICE...

Army Corps Reaches Milestone in Completing in Palisades Debris Removal

June 15, 2025

June 15, 2025

As of June 15, the effort has cleared debris from an estimated 13,579 eligible parcels The U.S. Army Corps of...