The past two years have seen the Texas government grow increasingly strict regarding COVID-19 restrictions. And these increasing government restrictions in Texas have resulted in substantial changes to many industries. Overall analysis focusing on businesses in Texas goes a long way to explaining how COVID-19 has changed these industries for the worse.
However, the government has come up with various programs like PPP and ERC to help businesses affected by COVID and resulting restrictions. If you are an employer who has retained your employees on the payroll through these difficult times, then you might qualify for Employee Retention Credit or ERC program implemented by the federal government under the CARES Act. You can check your eligibility and Get help filing for ERC from an ERC specialist.
This article now will cover which industries in particular COVID-19 has affected the most.
The restaurant industry has been hit the hardest by COVID-19 and its strict regulations. Not only has the regulatory environment gotten worse over the years, but other factors like higher minimum wage, increased rent, higher prices of food, and gas price hikes also affected the restaurant industry. Some restaurants had to shut down resulting in layoffs.
Gyms, fitness centers, and other health clubs have also been affected by COVID-19 which has forced these establishments to adjust their services and increase prices. Some of these businesses have been forced to add a new service fee to recover the cost of operating under stricter regulations.
- Hospitals and Medical Clinics
The healthcare sector has also suffered the repercussions of COVID-19 and government regulations in Texas that resulted in several layoffs over the years. Hospitals and medical centers in Texas have been forced to lay off many employees due to the regulatory environment.
- Transportation Services
Transportation services have also been hit hard by COVID-19 in Texas and worldwide. The transportation industry has not only incurred losses but had to lay off many employees as a consequence.
- Retail stores
Retail stores in Texas have also been affected by COVID-19, with some retail businesses closing down due to financial losses due to the high cost of operating. Due to the higher minimum wage and increased regulatory environment, many retailers are having a hard time staying open.
- Schools and Universities
Schools, universities, and other educational institutions have also been affected by COVID-19. More students have been forced to go to school online due to the increased regulatory environment.