Small businesses face hardships due to coronavirus
Small businesses in downtown Naperville have a hard time keeping business.
Whether it be the president of the United States or the neighbors dog, everyone is currently being affected by the Covid-19 pandemic. What started as a mere virus, comparable to the common cold, has turned into the toughest economic lapse of the new decade. Unfortunately, small businesses have found it especially hard to stay afloat amidst the recent closures of all non-essential businesses.
As many as 38% of business owners, according to a National Small Business association survey, are not confident about their future in terms of financing their company. This could be for a number of reasons, but the most glaring is the difficulty of saving money within small organizations. For many of these business owners, they are living paycheck to paycheck off their small customer base.
This financial burden can be heartbreaking. According to small business owner Amy Bass in her interview with Forbes writer Kerry Hannon, “I am still stunned and feel like I am in some bad horror movie.”
Unfortunately for Bass and many other business owners like her, this is not the kind of horror movie that ends when the television turns off. The struggle of financial burden can be staggering at this time. Although the health and safety of all citizens should be the main priority, it is still harrowing to see the effects such shutdowns can ensue.
Thankfully for many of these businesses, relief comes to a small extent. The government has released legislation that ensures low interest loans for small businesses that can be paid upwards to 30 years. Additionally, the stimulus checks as provided by the government offer some relief for those struggling to pay basic necessities such as employee wages and rent. All business owners can do is hope that it is enough to keep their company afloat until things begin opening up again.
So although the future is still incredibly unclear, there is still hope for the struggling professionals of America. All they can do is continue planning and keep working to maintain the American dream, in more ways than one.
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darkstripe • May 15, 2020 at 11:14 am
“or the neighbors dog” even in quarantine metea media manages to make obvious spelling mistakes. glad some things will always stay the same
Mr Flow • May 12, 2020 at 8:32 am
Can small businesses easily access these stimulus packages? It’s possible that since they aren’t large, they don’t have a strong connection to relief providers.