If we don't protect small businesses during and after the pandemic, corporate America will swallow them whole

John Greim / Getty

• If our government doesn't act now to prevent it, corporate America will swallow our country's small businesses whole when the coronavirus pandemic is over.
• We saw that happen during the financial crisis. The banks that survived were the big banks, which got even bigger, and now we have less competition in the banking industry.
• The $349 billion in government aid to small businesses Congress passed last week is being given out on a first come first served basis, which favors businesses with accountants and lawyers who can advise on the process. 
• Finally, protecting small businesses means not only giving them money now, but also blocking anti-competitive mergers and acquisitions when this is over.
• This is an opinion column. The thoughts expressed are those of the author.
• Visit Business Insider's homepage for more stories.

Let me remind you what happened during the financial crisis as our banking system started swirling down the drain.

Not just small banks went bust, but also big brand names like Washington Mutual and Bear Stearns. Banks of all sizes were swallowed by even bigger banks — which got huge — and now instead of having 14,500 banks like we did in the 1980s, we now have around 5,500.

See the rest of the story at Business Insider

NOW WATCH: People are still debating the pink or grey sneaker, 2 years after it went viral. Here's the real color explained.

See Also:

• INSIDER TODAY: When will life go back to normal again?
• The CEO of a SoftBank-funded fintech told us his startup would help small businesses struggling with cash flow. But a bombshell report says the company blindsided borrowers by slashing their credit during the pandemic.
• 11 surprising ways pandemics have changed the course of human history

from Business Insider https://ift.tt/3aMFU5x