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FTI Consulting Inc 120.40 6.
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US Silica Inc 1.26 -61.
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Matador Resources Co 2.64 -59.
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Apergy Corp 6.66 -57.
Dave & Buster's Ent 13.27 -54.
Chart Industries Inc 24.04 -52.
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3M Co 141.68 -7.8 -22.
AmerExpCo 99.60 -8.0 -23.
Apple Inc 277.97 -3.8 -7.
Boeing 170.20 -35.1 -49.
Caterpillr 99.64 -17.9 -34.
Chevron 83.42 -12.5 -36.
Cisco Sys 37.64 -5.1 -25.
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Dow Inc 25.69 -34.1 -55.
ExxonMobil 38.12 -20.1 -47.
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IBM 107.95 -15.5 -22.
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Company Close 5D %Chg Chg %YTDJPMorgan 103.91 -3.9 -28.
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Merck & Co 76.75 -6.6 -16.
Microsoft 158.83 -1.7 -2.
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Pfizer Inc 32.71 -6.6 -18.
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FTSE 100 INDEX 5366.11 -17.The coronavirus outbreak
BY JEANNE WHALENThe District is starting to shut
down over coronavirus, and
small-business owners are wor-
ried.
Coffee shops and lunch spots
near the K Street corridor say
business is down by as much as
40 percent as office workers stay
home. Catering orders have evap-
orated as embassies and think
tanks cancel events. Fewer cus-
tomers are dropping off suits and
shirts at dry cleaners.
Raj Kapoor, owner of the Ital-
ian Gourmet Deli on L Street, says
the catering collapse means he’s
losing a third of his revenue.
“We are very worried about
being in business next week,”
Kapoor said as an employee
wrapped a sub for one lonely
customer during the Thursday
lunch hour.
Public health officials are urg-
ing Americans to help slow the
spread of the novel coronavirus
through social distancing, lead-
ing to isolation measures unseen
in recent times. Cultural and
sporting events are being can-
celed across the country, univer-
sities are shutting down, and
large office buildings are empty-
ing out so staff can work from
home. Following the lead of sev-
eral states, D.C. schools are set to
close Monday.
All of that separation is vital for
public health but terrible for
business at all levels of the econo-
my — f irst and foremost for entre-
preneurs who rely on foot traffic
and social gatherings to make
ends meet.
“We’re about to conduct a
grand experiment in the United
States. We’re going to figure out
exactly every task that’s part of
work that can be done remotely,”
said Joe Brusuelas, chief econo-
mist at RSM, an auditing and
consulting firm. “Small and medi-
um-sized firms, these are the
firms that are most likely going to
need temporary bridge financing... to survive a sharp, albeit
transitory, decline in economic
activity.”
The Small Business Adminis-
tration has said it’s ready to pro-
vide low-interest loans of up to
$2 million to small firms hurt by
the coronavirus outbreak. “These
loans may be used to pay fixed
debts, payroll, accounts payable
and other bills that can’t be paid
because of the disaster’s impact,”
the SBA said in a statement.
In a televised address Wednes-
day night, President Trump called
on Congress to devote an addi-
tional $50 billion to the SBA loan
program.
Small businesses employing
fewer than 500 people contribut-
ed about 44 percent of the coun-
try’s gross domestic product and
employed about 48 percent of the
U.S. workforce in 2014, according
to the SBA and U.S. Census Bu-
reau. Businesses with fewer than
20 workers employed 18 percent
of American workers that year.
Brusuelas estimated that the
disruption tied to social distanc-
ing will last eight to 10 weeks,
based on outbreaks in South Ko-
rea and Italy. But no one knows
for sure, and the uncertainty is
rattling entrepreneurs.
“The plan is changing by the
minute for us,” said Hugh Grant-
Chapman, a server at Mikko, a
Nordic restaurant in Dupont Cir-
cle in Washington. People were
still coming in to dine this week,
but the catering business that
contributes most of Mikko’s reve-
nue has been “destroyed,” h e said.
So many events have been can-
celed at the last minute that the
kitchen is full of prepared food no
one wants, he said. “I just saw
them throw away a whole thing of
lentils,” he said. “We’re cutting
back hours for everyone. The
catering team has nothing to do.”
A few doors down, Swift Dry
Cleaners is “struggling,” said
owner Daniel In. “If you’re not
working, you don’t need dry
cleaning,” h e said. “I don’t w ant to
Small firms h it
especially hard by
social distancing
Rise in remote work
hurts shops that rely on
foot traffic, gatheringstell my employees not to come to
work because I want them to be
able to provide for their families,”
said. “But I can’t have people
come in and do nothing,” he
added. In is considering asking
his landlord for a discount on his
rent.
At Peregrine Espresso on 14 th
Street, customer traffic is down
by a third this week, said barista
Jennifer Henry. At Leon, a nor-
mally popular lunch spot near
Farragut Square, the emptying
out of nearby office buildings
killed a promotional event T hurs-
day meant to introduce new
menu items.
“There were supposed to be 30
people here. We h ave two people,”
said marketing manager Carlen
Dickerson, motioning toward
empty tables. “A lot of the offices
around here are remote now.”
Holly Wade, director of re-
search at the National Federation
of Independent Business, or
NFIB, said the same scenes are
playing out across the country.
The problems are particularly
acute in restaurants, catering
groups and any businesses thatare “public-facing,” she said. But
NFIB a lso has heard from other
businesses reporting impact, all
across the country.
A plastics manufacturer in
Pennsylvania says a conference
its employees were supposed to
attend was canceled at the last
minute, costing the company
money and work time. The owner
of a parking lot near an airport
said business is down.
John Bailey, the owner of a
charter-bus company employing
50 people in York, Pa., said 50
groups have canceled trips in the
past week, with more sure to
follow suit in c oming weeks as
college sports, schools and uni-
versities shut down. He antici-
pates the disruption will cost his
company hundreds of thousands
of dollars.
On a conference call with
members of the Pennsylvania Bus
Association on Friday, Bailey
heard plenty of other dire stories.
A hotel owner said tour groups
were canceling into mid-May. “It’s
not just the hotel room that gets
canceled,” Bailey said in an inter-
view. Tour groups “eat in restau-rants, they go to shows, the buses
do rest stops, they are buying fuel
along the road. Things wear out
on buses and you’ve got to buy
parts,” he said. “It’s going to have
a real ripple effect on the econo-
my.”
After the Sept. 11, 2001, terror-
ist attacks, business dried up for
about three weeks, and then
things rebounded, Bailey said.
“With this one, there’s no end
date,” he said.
David Wilcox, an economist at
the Peterson Institute for Inter-
national Economics, said hourly
workers at s mall businesses could
be in for considerable pain. Their
shifts and income may be cut, but
they won’t technically be out of
work and eligible for unemploy-
ment benefits.
And without paid sick leave in
many parts of the country, some
employees will feel pressured to
show up for work even if they feel
unwell or have a loved one to care
for.
“It’s going to be a very tough
experience for the bottom half of
the job ladder,” Wilcox said.
[email protected]MelInA MArA/tHe WAsHIngtOn POstS mall-business owner Raj
Kapoor says he has lost all of
his catering business and
almost half of the walk-in
breakfast and lunch customers
at his restaurant, Italian
Gourmet Deli, in downtown
Washington.“We’re cutting back
hours for everyone. The
catering team has
nothing to do.”
Hugh Grant-Chapman, server at
Mikko in downtown WashingtonHome delivery starts your day off right. 1-800-753-POST washingtonpost.com/subscribe
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