Report: 40% of all Puget Sound jobs could be impacted by coronavirus
A recently-released report from the Seattle Chamber of Commerce estimates that “very near-term” impacts from coronavirus could affect “roughly 40% of all jobs in King, Pierce, and Snohomish counties.”
Those impacts include wage reductions and temporary layoffs that have escalated as more and more restrictions on businesses have become necessary to limit the spread of the virus.
“Not all businesses will survive this challenge,” the report reads.
This comes as the state begins to institute a series of measure to mitigate the effect of coronavirus on local businesses and furloughed workers.
On Wednesday, Gov. Inslee announced a statewide moratorium on evictions for failure to pay rent for the next 30 days. He also reduced the waiting period of unemployment insurance, expanded assistance to low income families, and provided tax relief for businesses.
Additionally, Seattle Mayor Jenny Durkan issued a citywide moratorium on evictions for small businesses and nonprofits.
The hope from the Seattle Chamber of Commerce is that measures like these will continue as a part of a multi-faceted plan providing relief for businesses and their employees.
“The Puget Sound economy is experiencing an economic shock that will take many months and beyond to recover from,” its report concluded. “The economic recovery will require support from all sectors, including policy initiatives to guide resources to support workers most heavily affected.”
Its report went on to note that controlling the spread of coronavirus will be integral to stable economic recovery for the region, and that “the immediate focus of all businesses in Washington state should be to help stop the spread of the virus.”