In response to the COVID-19 pandemic that continues to threaten local economies across the country, the U.S. Small Business Administration has increased efforts to alleviate the hardship experienced by small businesses.
Nevada Bankers Association CEO Phyllis Gurgevich issued a statement following an announcement by Nevada Gov. Steve Sisolak that he is temporarily suspending all foreclosures in the state during the coronavirus crisis.
The Small Business Administration, Las Vegas Global Economic Alliance and area chambers have teamed up to host webinars for local businesses seeking loans, grants and other federal aid to help them through the COVID-19 crisis that has shuttered or curtailed their operations.
As banks move to make arrangements with business owners and commercial property owners to delay making loan payments, economists are making dire predictions and warnings about the Las Vegas economy amid the closure of casinos and shutdown of tourism over the global COVID-19 outbreak.
With the NFL cancelling its April draft here, several Las Vegas casinos shuttering their doors temporarily, and others scaling back operations and laying off employees, economists and analysts said tourism-dependent Southern Nevada faces a rough patch over the coming weeks and months during the global COVID-19 crisis.
The senior vice president of the Retail Association of Nevada said his industry, with the exception of grocery stores, is taking a hit as people start practicing social distancing with COVID-19 and cut back on retail shopping and going out to restaurants.
The cancellations of conventions in Las Vegas due to the coronavirus and some companies urging their employees not to attend conferences is going to be felt in the Southern Nevada economy, but there may not be as great of a slowdown in tourism, according to an economist who tracks the valley’s economy.
The head of a real estate economics’ firm that tracks Las Vegas warned Monday of a potential short-term impact on home sales, commercial real estate and the economy due to the outbreak of the coronavirus that health experts said will continue to spread and has already caused a handful of deaths.
The Las Vegas economy is in a good spot, but Monday’s sharp sell off in the stock market over concerns of the spread of the coronavirus from China to Europe looms as the biggest potential threat that could change outlook by economists.