We’re going to feel the economic ripples of this for a very long time. Remember that many of these businesses are owned by small business owners. Their capital is wiped out and they will be unable or unwilling to take another rick to start another business. We need a new generation of risk-taking entrepreneurs to take the helm and the Millennial generation has proven to be risk-averse.
Elliott said the extent of damage caused by the COVID-19 pandemic is becoming clear. A recent internal survey shows a staggering 47% of Wisconsin lodging establishments could be forced to close in the next year without loan or grant assistance.
“We need help from the federal level,” said Elliott. “We need help from the state level.”
More than 50% of hotel staff in the state remain furloughed or laid off.