Small businesses with fewer than 500 employees account for 48% of American jobs and 43.5% of GDP, and they are facing an existential threat in the wake of the coronavirus crisis. To understand the economic impacts on small business, the authors surveyed roughly 5,800 companies nationwide. They found these companies to be cash-strapped, with many having shut down or laid off workers, and uncertain about whether federal assistance will work for them.
It will be years before we fully understand the economic impact of the coronavirus, but one thing is painfully clear right now: Small businesses across the country are facing an existential threat. Businesses with fewer than 500 employees account for 48% of American jobs and 43.5% of GDP . Yet while these smaller firms are an essential part of the U.S. economy, they're often financially fragile, with little cash on hand or resources to buffer even a minor financial shock.
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New York Business Leaders Outline Recovery Effort to Combat COVID-19 Downturn - Eater NY
Business leaders are calling on local elected officials to intervene to help with the recovery effort
Restaurant and real estate trade groups are banding together for the first time in response to the COVID-19 crisis to call on Gov. Andrew Cuomo, Mayor Bill de Blasio, and other elected officials to implement a recovery plan for small businesses in New York
These groups have identified four key areas that they say will aid the recovery efforts, namely insurance for businesses, the payment protection program, sales tax, and rent and mortgages. Here are more specifics on each of these categories:
Texas governor wants to 'slowly' reopen business.
Texas Gov. Greg Abbott plans to sign an executive order this week to reopen parts of the state's coronavirus-ravaged economy, but President Donald Trump says the decision is his to make.
Before Abbott made his announcement Monday, Trump said on Twitter that the authority to "open up the states" rests with him and the federal government, not with the governors.
Trump added, however, that "the Administration and I are working closely with the Governors, and this will continue."
Texas Gov. Greg Abbott announces $50 million small business initiative
The news comes ahead of an announcement expected from Abbott later this week related to a plan for reopening Texas businesses.
"What this capital will do (is) provide these companies the resources they need to keep employees on the payroll for the remaining few weeks or so until businesses can begin that process of opening back up," Abbott said.
More: Coronavirus in Texas: Abbott says order coming soon related to plan for reopening businesses
Quite a lot has been going on:
Deirdre Bolton Moving To ABC News From Fox Business Network – Deadline
Deirdre Bolton , who previously worked at Fox Business Network and Fox News Channel, is moving to ABC News where she will join the team covering COVID-19’s economic impact.
Bolton covered business, finance and the economy at Fox Business Network and Fox News Channel. For three years, she anchored her own show, Risk & Reward with Deirdre Bolton.
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Prior to FBN and FNC, Bolton was an anchor on Bloomberg TV’s Money Moves with Deirdre Bolton, and served as a CBS News contributor.
Why You'll Never Have A Better Chance To Change Your Business Than During COVID-19
Throughout my career, one of my favourite questions to ask clients or when stuck is 'What would it look like if you started over?'. Not only is the question an excellent stop-start questioning exercise, but the question also thinks about the optimal solution with hindsight attached. The question forces people to abandon the issues of old and the sunk-cost fallacies that often come with them to strive for something greater.
You are unlikely ever to have a better time to fix/change/reimagine your business than right now. The rugs have all been pulled...the chips are in the air...the clock has been reset. Where you go now is up to you. How you reemerge is a choice. You could fight for the business you had - there is safety in that place - but what if you used this terrible event as a galvanising force to fix all the issues your business had/s? What if you didn't strive for business as usual?
Mathis Brothers reopens as 'essential' business - KESQ
The Mathis Brothers in Indio has officially reopened as an essential business. The company originally closed in accordance with the county order back in March. On Monday, it finally opened its doors back up to customers but with a few changes. The company set up a screening center outside for customers and employees. It consisted of having people answer three questions, and get their temperature checked before entering into the store.
COVID-19 has forced the closure of thousands of businesses nationwide. Each state and county has its own guidelines on who can remain open, but there is still some confusion regarding businesses like furniture stores.
Big Business Pledged Gentler Capitalism. It's Not Happening in a Pandemic. - The New York Times
Last August, the chief executives of 181 of America's largest corporations signed a document pledging their commitment to run their companies for the benefit of workers and communities, and not just for shareholders.
Some pundits celebrated the statement from the Business Roundtable as a historical milestone, the moment when corporate executives demonstrated sensitivity to public anger over economic inequality. But others dismissed the document as a canny public relations move: So long as executive pay remained tied to stock prices, shareholder interest would remain supreme.
Happening on Twitter
Small businesses are facing unprecedented struggles, and banks and policymakers must step up to help them. https://t.co/lCF9eDeMd3 HarvardBiz (from Boston, MA) Mon Apr 13 20:31:53 +0000 2020
@ewarren also talks about how austerity is not going to be the way forward...but an investment in infrastructure,… https://t.co/qKaqL0tbbk yuhline (from New York, NY) Mon Apr 06 20:34:00 +0000 2020
The ones who have always moved you forward, need help in moving past these times. Contribute to the Uber Care Drive… https://t.co/TF0uGvmEsA Uber_India (from India) Thu Apr 09 11:10:10 +0000 2020
No achievement is ever too small or great for those who pave the way forward. You better go Ahead Melissa! (You b… https://t.co/9fZ7Rq71VN ActuallyRafa (from New York City) Tue Apr 07 01:58:21 +0000 2020
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