(FinancialHealth.net) – COVID-19 is hitting the US economy hard. While almost all industries are feeling the pain, small businesses are really suffering. It’s so bad that many owners are now saying they may have to shut their doors permanently.
The US Chamber of Commerce and MetLife asked about 500 companies with fewer than 500 employees a series of questions about the impact of COVID-19. The results of the poll are shocking.
- Forty-three percent of respondents said they have under 6 months before they have to close permanently.
- Eleven percent said they have less than a month before they cease operations.
- Twenty-eight percent won’t have to close.
- Forty percent of companies that are currently open will have to close temporarily within 2 weeks.
- Twenty-four percent have already shut down for the time being.
When Congress passed the CARES Act, they appropriated billions of dollars to help small businesses.
#DidYouKnow small businesses impacted by #COVID19 can get a loan advance of up to $10,000? The loan advance does not need to be repaid.
▶️ Apply for an Economic Injury Disaster Loan & loan advance: https://t.co/fXIWUTFkRO
▶️ More loan resources: https://t.co/yG2N17KF63#CARESAct
— SBA (@SBAgov) April 6, 2020
Many of those companies still aren’t getting the help they need. This survey should be a wake-up call for lawmakers. Without help, many of the small businesses that local communities rely on for services and jobs will have to close shop. The impact that could have on our already fragile economy is hard to imagine.
~Here’s to Your Financial Health!
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