How will Corona Virus Affected Businesses stay afloat during this time? After reading through the massive Coronavirus Stimulus Aid Package, we have a few thoughts. Corona virus affected businesses have a lot more tools than first thought.
First and foremost, don’t panic, and don’t look at your 401k. Second of all, don’t let the huge number of unemployment numbers released this past week scare you. While it’s true that the largest number of unemployment before this past week was 700,000, this is due to a pandemic, not necessarily due to economics.
With that in mind, small businesses are feeling the crunch. They’ve let staff go and are tightening their belts.
To help American Citizens, the stimulus bill offers help in the form of a one-time payment of $1200 dollars for individuals, $2400 for couples, and an additional $500 per child. Unemployment benefits have been bolstered by up to $600 dollars as well.
But what about businesses? The bill provides provisions for small business loans that turn into grants if the companies don’t fire employees. This means that the nature of the American Economy can continue to soldier on.
Our suggestion is simple – if you’re a small business owner, start getting in line now. If it turns out you don’t need those funds, bow out. Let the person behind you get those much needed funds. But secure your place now before the funds dry up.
If you are forced to lay off staff due to your business not being “essential”, now would be a great time to focus in on what you were doing great at. It is now a great time to critically look at areas of improvement. Take a look at staffing.
Unemployment figures jumped to over 3 million this past week. That number is expected to increase in the next few weeks – now is a great time to look and find a candidate that fits your vision and goals for your small business. Or if you’ve got the perfect team, now is a great time, while social distancing to flatten the curve and get back to work as soon as possible, to build that team up and help foster a collective vision for where you want that small business to be in 5-10-15-20 years. Encourage buy-in and ask where they see themselves in your company.
This is an unprecedented time for millions of Americans. This will be an event that is marked in the history books. Keep a cool head and you can prepare to hit the ground running when the economy opens back up.
What do you think? Let us know on our Facebook page!