How to Support Small and Local Businesses During the Coronavirus Pandemic
The novel coronavirus is set to dramatically affect business. The impact is expected to be so severe that both the Senate Committee on Small Business & Entrepreneurship and the House Committee on Small Business have held hearings to determine the best way to address the situation.
Businesses large and small have already been affected by delayed shipments and halts in product production from Chinese suppliers. Businesses that don’t rely on Chinese suppliers are still hurting as social distancing has reduced revenue by 40-70% for stores that have remained open. For those that haven’t, employees have been asked to stay home, sometimes with pay and sometimes without.
Overall, small businesses have been hit hard by the coronavirus, with 60% considering wage cuts and staffing cutbacks and 35% considering closing. What can these businesses do to survive?
Your support of small and local businesses is an essential part of their survival. You can best support your favorite small businesses by buying gift cards, shopping their websites, ordering in, and tipping more than usual. These small changes will help give your favorite small and local businesses the support they need to get through this difficult time and ultimately continue business as usual, instead of closing their doors.
If your small business is hurting, you can apply for a low-interest federal disaster relief loan from the U.S. Small Business Administration (SBA). The SBA is also continuing to offer counseling and navigational support. More information on Coronavirus (COVID-19) Disaster Relief Loans is available here.