Plans for sweeping job cuts at local hotels led to the largest month of layoff warnings statewide since Illinois’ coronavirus-induced stay-home order began. Illinois companies disclosed plans in June to lay off or furlough 15,175 employees, according to the latest monthly WARN notice from the state’s Department of Commerce and Economic Opportunity.”
Illinois will lose the equivalent of 550,000 yearlong full-time jobs due to the pandemic, with 40% of them concentrated in trade, transportation, leisure and hospitality services and the professional sector, according to a new study from the University of Illinois. The study by the university system’s Institute of Government and Public Affairs also warned that more than $28.5 billion in income will be lost to Illinois citizens and businesses, along with $76 billion in economic output representing the value of goods and services produced due to stay-at-home and business closures.”
The coronavirus-led shutdowns of Illinois businesses came with the expected repercussions. Shutting our doors meant a steep decline in customers, sales, purchases, revenue, etc. For many, this loss in revenue meant that there was no choice but to let go of the hardworking, loyal employees that made our businesses what they were.
And now, businesses are facing several financial challenges when trying to rebuild. We now have to face skyrocketing minimum wage increases, insurance costs and new payroll requirements.”