The coronavirus outbreak is already taking a huge economic toll on businesses across the Seattle region according to data from Gravity Payments, the credit card processing and financial services company.
Coronavirus Live Updates: The latest COVID-19 developments in Seattle and the world of tech
The startup is able to quickly see how businesses are doing based on daily transactions and by the end of last week found a 10 percent drop in overall business in Washington state — with a concentration in the Seattle metro area — over the last three weeks.
“It is heartbreaking and devastating,” Gravity Payments CEO Dan Price said. “Small business owners are choosing between staying alive a little longer, risking personal financial harm, taking care of employees, and continuing to be there for the community.”
Some the highest drops are in hotels (-56 percent), movie theaters (-46 percent), liquor stores (-31 percent) and restaurants (-29 percent). As schools have closed across the state, Gravity reports a 265-percent rise in childcare spending.
The figures all came before Washington Gov. Jay Inslee announced Sunday night that he was ordering the temporary closure of all restaurants, bars, and entertainment/recreational facilities statewide.
“I know there will be significant economic impacts to all our communities,” Inslee said in a tweet. “But every hour counts as we bend the curve of infection.”
The governor has previously announced measures aimed at supporting employees and business impacted by COVID-19. Seattle Mayor Jenny Durkan followed suit with an initial recovery package.
