The Business Update with Vivian Benishek
Monday, June, 1, 2020
Watch & Worry: Reconstruction After Burning, Looting & Vandalism of Stores
It’s a heartbreaking sight that has devastated millions across the United States. Roaring flames, shattered windows, bold graffiti, busted doors and scattered, torn merchandise. Business owners nationwide are experiencing tragic loss at the hands of unruly, violent rioters looking to spur up chaos and madness. Now, communities have come together to pick up the pieces after these long nights of rage and repair the broken businesses that went through so much in so little time.
Amidst a worldwide COVID-19 pandemic and nationwide protests sparked by the death of unarmed 46-year-old black man George Floyd, the United States has come to a breaking point as the government and its people learn to cope with the extreme challenges of these difficult times. It’s the ultimate test of resilience and survival. Major cities like Minneapolis, Washington, D.C. and New York City have become hotspots of unrest as crowds fueled by anger, revenge and frustration riot through the streets. And in the economic realm, the tragedies have been very real and frightening. It’s a nightmare. In the past week, many small businesses have been wrecked to their cores, literally, and their owners are on the verge of receiving little to no financial assistance. Insurance policies have been a critical factor involved in the reparations of ransacked and burned businesses. In fact, the Los Angeles Times reported that unlike big-box retailers like Target, Starbucks and Apple who can afford to purchase complex and high-security policies, “some local owners will end up having to cover all of the losses and repair costs on their own.”
For some small businesses, there is a sense of uncertainty regarding what the insurance will cover and law enforcement seems to be worsening the problem. Maya Santamaria, a Latina business owner in Minneapolis, was frustrated from the unresponsive behavior of the police department when she dialed 911 and claimed that more could have been done in the aftermath. Store owners are also turning to GoFundMe and other forms of charity as a means to raise money. According to USA Today, the Lake Street Council of Minneapolis received more than $1.5 million to help support the hundreds of businesses facing damage, but the council’s executive director Allison Sharkey argued that they are going to “need a lot more government and nonprofit support.” Jasmine Holland, a downtown business owner also from the same city, shared how “it’s hard to see something like this because yes, people are frustrated and the community is upset, but some people are taking out their aggression on not necessarily the right thing.”
It is hard to ignore the cries of pain and frustration coming from American citizens from all sides of the racial and socioeconomic spectrum. Despite some financial relief from insurance, it will be a difficult task for small-business owners to completely rebuild and get back on track. Now, with stay-at-home orders already hurting profits since the start of January, businesses in protesting cities must embrace the possibility of violence and destruction. Overall, the United States is currently faced with the powerful forces of racism and rampant disease, which have clearly pounded down on our beloved business owners with an unbearable force.
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