CEO of Coachella Valley Economic Partnership, Joe Wallace, shared with News Channel 3 his recent study on the economic impact our valley is facing from the coronavirus pandemic.
News Channel 3’s Dani Romero talked with local economist, Joe Wallace, about the road to recovery.
Opening a new restaurant has its own set of challenges but opening a new business during a pandemic thats another story.
“This was suppose to be open March 2020 thats when everything it so we have been on standby," said Marcy Luna, owner of Luna's Pizza Bar and Grill in Palm Desert.
For many small businesses, it hasn’t been easy.
“My husband and I say why are we doing this and why now," said Luna. "You know its just the worst time.”
With no income or relief aid for the past year, they are footing the bills.
“It's been thousands and thousands of dollars coming out of our personal account," said Luna. "Its hard and you still have mortgage payment and you still have car payments.”
Luna said the last thing they need is their liquor license, which is still pending.
A new study done by CEO of Coachella Valley Economic Partnership , Joe Wallace, estimates billions of dollars in financial losses due to the pandemic.
“Our impact through the end of 2020 was about a negative $10 billion and we're not halfway through the negative impacts from this yet," said Wallace.
Local economist Wallace explained the key to recovery is working together.
“We need these nine cities to work together as one in one big region, because a region of a city of 500,000 people has a lot more clout at the federal level and the state level,"said Wallace.
It should take us about five years.
“It's going to take a long time," said Wallace. "There are permanent losses. There will be permanent mental scars on people who have suffered.”