The Small-Business Die-Off Is Here

The numbers are shocking.

Data from credit-card processors suggest that roughly 30 percent of small businesses have shut down during the pandemic.

The figures look fatal for some businesses: Travel agencies are down 98 percent, photography studios 88 percent, day-care centers 75 percent, and advertising agencies 60 percent.

Simply put, the pandemic will change the American business landscape for years to come. Expect millions of mom-and-pop places to never resurface.

The Atlantic takes a look at the biggest reasons why many small businesses won't survive.