Emergency funding for small businesses affected by the coronavirus


  • The COVID-19 pandemic is hitting small businesses particularly exhausting as prospects apply social distancing, states enact compelled closures, and occasions get canceled.
  • More than 99% of all businesses are small businesses, and pure disasters trigger 40% of small businesses to fail.
  • Here is an inventory of emergency funding assets obtainable proper now from private and non-private sources for small businesses struggling financial disruption resulting from the coronavirus.
  • Visit Business Insider’s homepage for extra tales.

The financial penalties of the coronavirus pandemic are hitting small businesses particularly exhausting as prospects apply social distancing, states enact compelled closures, and occasions get canceled.

More than 99% of all American businesses are small businesses, and so they make use of greater than half of the workforce.

According to US authorities analysis, pure disasters trigger 40% of small businesses to fail, whereas one in 4 small businesses will shut inside a 12 months of the occasion.

In addition to the instant public well being disaster, economists anticipate the COVID-19 pandemic to kick off a painful recession that would additional influence the survival of small businesses.

A $7 billion help package deal is at the moment being negotiated in Congress, and the Internal Revenue Service is deferring the tax submitting fee deadline for many filers till July 15.

Continue studying to see an inventory of emergency-funding assets obtainable proper now from private and non-private sources for small businesses struggling financial disruption resulting from the coronavirus.



Source link Businessinsider.com

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