Did You Hear What’s Happening to Small Businesses?

The pandemic of 2020, better known as Covid-19, has taken the world by surprise. It has impacted individuals and families, transportation, education systems and furthermore, businesses.

84% of businesses said they were affected to some degree by the virus. Whether it was a decrease in sales, company wide layoffs or complete shutdowns, business was less than normal. At the beginning of the pandemic, roughly 160,000 businesses were temporarily closed. As the virus progressed, nearly 97,000 permanently shutdown. That makes up more than half of businesses closing for good. That number is on the rise with most companies still facing financial decline and bankruptcy.

New Regulations

To help companies stay in business while also keeping people safe, the government has implemented regulations. These must be followed by everyone on federal, state and local levels. As rules may vary based on the workplace, they are all enforced to maintain health and safety. The most common regulations for companies to follow are:

  • Maintain social distancing, 6 feet apart
  • Limited number of staff and consumers allowed in building at a time
  • Wear masks at all times
  • Improve building ventilation 
  • Employees must take temperature before their shift
  • Conduct daily health checks

Some companies have to split up their employees and implement a rotation schedule to meet these standards. To see more information on building regulations to maintain a healthy environment visit: https://www.osha.gov/Publications/OSHA4045.pdf

Covid-19 Government Funding

Due to the economic decline the pandemic caused, the government needed to provide businesses some form of aid to stay up and running. Click Here to see how the government has helped small businesses. They implemented loans and recovery grants to enable financial relief. The Economic Injury Disaster Loan and the Payment Protection Program helped companies get the funding they needed. These loans provided benefits such as:

  • Interest rates capped at 4% 
  • Repayment does not start for 6 months
  • Personal guarantee repayment would be waived 
  • Loans available up to $2 million 

Funding Opportunities

If these options are not available or your company does not meet the requirements, there are other opportunities. In order to learn how to find these opportunities for small businesses check out: https://blog.grantsreach.com/Power-Up-Your-Business-Through-Grants. It provides databases which have the latest available applications. Although they may not have the same low rates or aptitude as the pandemic relief, they are still a great way to get the funds needed to run your business.

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