The economic impact of the coronavirus pandemic has truly reached a global scale. Several countries set up travel limits, or even bans to keep the infamous virus outside their perimeters. Government health officers, along with the hospital staff, are trying to maintain an excellent level of patient care, while preparing for the worst.
In times of trials, staying calm and optimistic can be hard. On the bright side, for business heads and entrepreneurs, staying composed under stress is part of the day’s work.
By taking bold and calculated actions now, you can set your business in a better position to remain strong and heal faster once the pandemic effects dwindle. To begin, here are some key plans and methods to help a business rally from coronavirus.
Think About Getting a Personal Loan
Usually, personal loans are a superb idea when entrepreneurs use it to support or raise their financial
One-third of small businesses are relying on personal funds to stay afloat during the coronavirus pandemic and subsequent economic lockdown, according to new findings published Thursday.
A CreditCards.com report found that 35 percent of small business decision-makers said either they or their businesses’ owners have used their own money to help the business survive the crisis. That includes 24 percent who say they or the owners used a personal credit card and 21 percent who tapped a personal savings account since March.
HALF OF US JOBS LOST TO VIRUS COULD BE GONE PERMANENTLY, POLL FINDS
Still, small businesses also turned to other resources during the virus outbreak: About 30 percent of respondents said they applied for and received loans through the taxpayer-funded $670 billion Paycheck Protection Program. If at
The Small Business Lease – Emergency Assistance Grant Program is designed to help small businesses impacted by Covid-19
Asbury Park Press
As you read this, legislation is being considered in Trenton that would impose higher health insurance costs on small businesses at the worst possible time — during a pandemic when they are struggling to stay afloat.
Despite the financial hardship, many small business owners have done all they can to keep their employees on their group health plans at a time when everyone is exceptionally concerned about the risks posed by a very contagious virus. Lawmakers pushing this bill need to know it would not only hurt already battered small businesses but their employees, who risk losing that important insurance coverage if the bill passes.
The companion bills introduced by the
JEFFERSON, Ga. — When Jennifer Fogle and her family moved from Indiana to Georgia 13 years ago, they settled in Jefferson, a small, handsome city an hour’s drive from Atlanta, because they had heard about the excellent schools. And until recently, they had little to complain about. The teachers are passionate and committed, and the facilities rival those found at some private schools.
But in recent days Fogle found herself uncharacteristically anxious, after learning that Jefferson City Schools planned to offer face-to-face instruction in the midst of a resurgent coronavirus pandemic that has seen thousands of new cases reported daily in Georgia.
As other districts around the state delayed their back-to-school days or moved
Small business owners are contending with some of the most trying economic conditions in recent memory. Suppliers are seeing their orders limited by a hobbled supply chain, shops and retailers are facing lower sales from a financially insecure client base and restaurants and bars are being forced to weigh the needs of their staff against the lower capacity imposed by socially-distanced dining areas.
But the most trying aspect of running a small business in the time of a pandemic is the reality that these conditions may continue for months on end. The U.S. and many other countries are already seeing a resurgence of infections and hospitalizations after just a few weeks of reopening measures.
Small Business Strife
The COVID-19 pandemic has put a halt to many business owners’ innate hopes for future growth. A recent article from William Dunkelberg, the Chief Economist for the National Federation of Independent Business, describes
AUSTIN, TX — Austin has the nation’s largest share of small business owners who think they won’t be able to recover from the corrosive economic effects of the coronavirus, according to a study released on Wednesday.
Researchers at LendingTree, the nation’s largest online lending marketplace, analyzed results from the U.S. Bureau of the Census Small Business Pulse Survey before calculating the percentage of small business owners in the 50 largest U.S. metros who believe economic recovery is beyond their reach.
Among the key findings:
Neighboring San Antonio ranked second, with 14.9 percent of respondents not believing their business will recover from the pandemic. Moreover, more than 62 percent of San Antonio small business owners believe it will take at least four months before business is back to normal.
At the other end of the spectrum, small business owners in some cities do see light at the end of the tunnel
(Bloomberg) — Amazon.com Inc. is touting the success of the independent merchants on its site, previewing arguments Chief Executive Officer Jeff Bezos is expected to make next week to a congressional committee.
The Amazon founder is scheduled to testify on Monday before a House of Representatives panel probing competition in tech, alongside the top executives at Apple Inc., Alphabet Inc. and Facebook Inc. It will be Bezos’s first appearance before Congress.
Small- and medium-sized U.S.-based sellers averaged more than $160,000 in product sales on Amazon in the year ended May 31, up from about $100,000 during the prior period, the company said in a report released Tuesday. These merchants sold 3.4 billion products during the period, up from 2.7 billion a year earlier.
A periodic disclosure detailing Amazon’s small-business offerings from seller support to cloud-computing software, the report didn’t offer specific explanations for U.S. merchants’ rapid sales gains. But a
HOBOKEN, NJ — U.S. Sen. Bob Menendez, Mayor Ravi Bhalla, and other officials announced on Wednesday that Hoboken small businesses can get $1.9 million in CARES Act funding, and that the city will also get $8 million for the city’s coronavirus expenses including testing, food for seniors, costs of disinfecting public buildings, and more. (Find out how to get a coronavirus test in Hoboken at the end of the story.)
Businesses affected by the crisis can apply for grants of up to $20,000 through a program administered by Hoboken and Hudson County.
Some small businesses and schools in Hoboken have already received federal PPP loans, which can be forgiven (see the list here). Others set up GoFundMe accounts for their staff at the beginning of the pandemic. But even those who’ve gotten PPP loans say they still have struggles. READ MORE: Here Are The Hoboken Businesses That Got PPP Loans.
CAMDEN COUNTY, NJ — Small businesses in Camden County will share in $20 million worth of federal grants amid the coronavirus pandemic, local officials announced Wednesday afternoon.
The county has received federal funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act to assist struggling businesses during the coronavirus pandemic. The funding is for both profit and nonprofit organizations, and priority will be given to businesses that have not received state or federal funding already.
“We know the business community, especially the foundation of our economy, small businesses, have been hurting and are in need of dire relief,” Camden County Freeholder Director Louis Cappelli Jr. said. “We need to ensure that every proprietor and principal of a small business has access to these grant funds in order to help maintain and stabilize their operations. Moving forward the grants have the potential to provide a business owner with up to
Hour after hour in the dark, Chander Shekhar’s mind raced ahead to morning.
More than three months had dragged by since the coronavirus forced him to shut down his business — a shop racked with vibrantly colored saris, on a block in New York’s Jackson Heights neighborhood once thronged with South Asian immigrant shoppers. Today, finally, merchants were allowed to reopen their doors.
But they were returning to an area where COVID-19 had killed hundreds, leaving sidewalks desolate and storefronts to gather dust. Overnight, the uncertainties of reopening had woken Shekhar nine times.
“This is an invisible enemy that nobody can see,” said Shekhar, who is anxious about the $6,000 monthly rent at his store, Shopno Fashion. “I have worked hard for this for more than 20 years, then I got my shop. It’s not easy to leave it.”
The pandemic’s toll leaves Shekhar reluctant to complain, and he knows