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The global pandemic brought with it an economic decline steeper than any we've seen in a generation. A record number of businesses have folded under the crushing challenge. A study by Yelp found that businesses closed at a rate of 800 per day between April and September 2020. Small businesses and the restaurant, hospitality, and leisure and entertainment industries were disproportionately affected, but few economic sectors have escaped unscathed by the pandemic.

It is critical to secure your business during a crisis. In the present circumstance, as the Coronavirus proceeds with its worldwide spread and the negative impact it has on the economy, it implies reducing expenses and firmly controlling income to guarantee you have enough cash close by to survive.

Especially for college students or recent graduates, a recession like this can be hard to handle - let alone businesses being forced to shut down. The good news is that interns or individuals working at a low wage rate can still find a way to deal with the uncertainty that COVID-19 brings. In today's article, I am going to walk you through how to prepare for the next economic downturn.