COVID-19 has enlightened most business people about what crisis management is all about. In a bid to contain the virus, movement in most cities has been restricted, and many businesses have been put on hold. Small businesses are clearly the most hit by the economic impacts of the global pandemic. Business owners have suddenly understood how unprepared they are, and the struggle to survive has become very strong.
In the midst of all these, small businesses have been receiving supports from different corners. In addition to what they can get from insurers, small businesses need all the help they can get to stay afloat and bounce back when things get to normal. At the moment, few institutions have shown true support, and here are the most notable ones:
The Federal Government
While some state and local governments have shown some level of support for citizens, the federal government has shown that it is genuinely aware of the plights of small businesses and willing to do whatever it takes to save them. Two pieces of legislature, including the CARES (coronavirus Aid, Relief, and Economic Security) Act, have been enacted to help small business owners as quickly as possible.
While the Small Business Administration is an agency of the United States Government, it deserves its place in the list of institutions that have done a lot for small businesses during the coronavirus pandemic. The agency has been working round the clock to get the available grants to the small business owners who truly need them. To a great extent, the SBA’s programs have recorded numerous successes, and they are helping to keep small businesses on their feet as the pandemic rages on.
The Federal government and its agencies wouldn’t have done so much without lenders and other strategic partners. The SBA loans are typically accessed through banks, credit unions, and lenders who partner with the agency. Some lenders have also offered short-term relieves for small businesses in the form of deferred payments and extended credit lines.
Facebook was one of the first private institutions to announce support for small businesses as the novel coronavirus and COVID-19 started having serious effects on economies around the world. The social media giant has done so much in terms of cash grants and ad credits. The management has shown that they have the interest of small businesses at heart.
There you have it! Above are some notable institutions that have supported small businesses during the coronavirus pandemic. Small business enterprises are vital to the economy. Institutions and companies that understand this are contributing in small ways to help alleviate the plight of small business owners as the COVID-19 pandemic continues to stall business activities. PCBancard has been helping in many ways too. In addition to providing the right information for clients, the company has been available for small business owners in a few other ways. Contact PCBancard via the form below to get some help.
As PCBancard, we help merchants to offset some or all of their merchant service fees without increasing the overall rates. Contact us below if you need help.