With over 30 Million unemployment claims filed, and many small businesses totally diminished due to the COVID -19 what does the future hold for small business in general? None of us have a crystal ball, but the good news is some states are ready to reopen in phases. At this juncture, I believe most business entrepreneurs agree that the cure, can’t outweigh the cause, and are ready to get back to work. Certainly, safety and safe practices are at the top of the agenda for all of us.
Many business owners are currently awaiting funding from parts of the Cares Act, the PPP program which appears to be held up in Congress for another round of funding, as the initial round seems to have has been allocated. Additionally, the (EIDL) Economic Injury Disaster Loans was also part of the initial 2 Trillion dollar roll out to assist business owners with working capital due to the economic shutdown.
Many business owners are attempting to retool while they are hanging on for dear life and still waiting for government funding. This entire economic shutdown has been a total nightmare to this nation and all nations around the globe. The government throwing more money at this softens the blow a bit, but we can’t buy our way out of this. We need to get the economic engine moving again. If your business is stuck waiting on government funding, you might consider some type of bridge capital until the cavalry arrives.
At Capital Biz Solutions we have several lenders that are lending in this environment. Most of these loan programs once qualified, close very quickly. These are extremely challenging times, something we’ve never experienced. Capital Biz Solutions is here to assist business owners with the working capital they need at the time they need it! Please feel free to email me at gene@capitalbiz.net. Or call me directly at 508 864 7758. You can also find us on the web at https://www.capitalbizsolutions.com. Please stay safe and healthy!
