The coronavirus hit quick and hard, and due to missteps is going to be worse than necessary. Sam Cover of Spokane Valley talks about how this has impacted new businesses.
The coronavirus, also known as Covid-19, has been utterly devastating. Not only is it putting the most vulnerable among us at serious risk of illness and death, but it is also making a huge impact on the world economy. People being ordered in many states to stay at home and self-isolate has reduced business and caused a lot of workers to be sent home or choose to stay home, affecting smaller, especially newer, businesses the most. Sam Cover Spokane Valley talks about how this has affected them and how they may come out of this.
As Sam Cover Spokane Valley points out, when it comes down to it, a company like Walmart, Best Buy, or Amazon.com is going to come out of the pandemic not hurting too much. Sure, they are going to lose money, but they have enough in reserves to protect them from any serious harm. It’s the small businesses that have to worry the most. Having to go down for even a day can be problematic for a business, Sam Cover Spokane Valley notes, and so it comes down to a choice between ignoring the instructions from the medical experts or have to shut down due to a lack of business or an abundance of risk. Some non-essential businesses, notably the video game retail company GameStop, tried to argue their essential status in order to stay open, Sam Cover of Spokane Washington points out, which quite possibly did more damage due to bad public relations than they would have if they just didn’t stay open. GameStop wound up closing all their stores indefinitely anyway, so be careful if you plan to keep your business open during the worst of it, Sam Cover Spokane Valley recommends.
New businesses especially have had to deal with the whiplash of entering their industry only to have to shut down shortly thereafter, bringing into question whether the business will be able to stay afloat after the coronavirus threat has peaked, Sam Cover of Spokane Washington brings up. All the money they invested into the businesses, all the time they otherwise were not making money while they put money hoping to return their investment, is going to do them trouble. For many of them — for a period of time anyway — this is not going to be recouped. However, this is not necessarily a death sentence for a small business, as the recent release package appears to come with loans designed to help employers keep their employees paid and their businesses afloat during this crisis, Sam Cover from Spokane Valley mentions.