Coronavirus: Business and Economy

 

Amid this Pandemic, workers, families, and businesses are all feeling tremendous impacts. Small businesses in specific have had some of the worst times they have seen in many years and will unfortunately continue for a while. These businesses make up about 99% of all business and employ about half of the US workforce to date. They are a huge part of our economy and its livelihood, but unfortunately often times lack the cash reserves to be able to work through long interruptions let alone continuous months. As a nation we are currently facing the worst unemployment rate many of us have seen at a staggering 14.7 percent. Hopefully with the resources which are being provided to help regrow our economy, we will start to see a decline in unemployment.

 

Industries most impacted by coronavirus:

Travel and Hospitality business are by far the two largest industries impacted by COVID-19 due to cancellations, refunds and inability to travel. Restaurants and bars are also negatively affected by this and often times challenging to adhere to CDC guidelines as well as their local guidelines and different phases that change almost weekly. Furthermore, they are most impacted by current low consumer confidence.

 

Resources for Small Businesses:

These are some of the resources available for Small businesses during these times to help aid them through the crisis.

Beginning May 26th, the U.S. Department of Agriculture through the Farm Service Agency, will be accepting all applications from agricultural producers who have suffered any losses due to this pandemic.

On the IRS coronavirus webpage, you can find updates on important small business topics and tax relief such as the Tax relief for Businesses and Tax-Exempt Entities as well as the Tax Relief and Economic Impact Payments.

The Small Business Administration (SBA) is constantly working on updates on the programs available.

Payroll Protection Program which is a loan that is designed to provide direct incentive for small businesses to keep their workers on the payroll. The Small Business Administration (SBA) will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

SBA Debt Relief aimed to provide small businesses as they overcome any challenged due to the Pandemic.

The U.S. Department of Labor announces a New Paid Sick leave as well as Expanded family and medical leave implementation.

Congress has stated that an additional $600 a week will be set aside in the Federal Stimulus Package for those that are unemployed. Here is the full Federal bill which provides emergency assistant and health care response for all those affected by the 2020 coronavirus pandemic.

Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act”

 

Safety Guidelines for Small Businesses:

 

Every business has the autonomy to implement any safely regulations they deem necessary and effective to protect themselves and others. This can include requiring all customers who enter to have PPE, limiting the number of customers for seating inside and outside as well as implementing new policies on how best to serve their clientele base.

 

The CDC is a great resource to use about federal mandates and information which help guide the reopening of businesses.

 

Each state has their own re-opening phases, for a better look into what your state has in place currently, search your states government website for current policies.

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Mr McDonough has been involved in Politics and the Entertainment Industry since 1988. He has worked inside Washington DC and with many political campaigns over the years. He hopes to make Political Awareness as force for non partisan real information and political awareness for all voters.

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