Important Considerations for Small Business Owners During COVID-19
The crisis America is facing right now is unlike any other in our recent history, and among those who are taking the biggest hit is small business owners.
While Americans power through day-by-day in quarantine, that means no one is walking through the doors of retail, restaurant, and entertainment venues, or any other small business operations. On top of the severe drop in revenue comes the added responsibility of taking care of their employees.
What is the Government Doing to Help?
It is the government’s job to be looking out for the American people, and our senators and representatives have sworn an oath to uphold the Constitution. By nature, their responsibility is to ensure domestic tranquility, promote the general welfare, and uphold the truths outlined in the Constitution.
And there is some help on the way. On March 27, 2020, the President signed into law the CARES Act, which offers $376 billion in relief for American workers and small businesses. The SBA funding is intended to offer temporary support to address severe hit small businesses have taken during the COVID-19 pandemic. Examples include:
- Paycheck Protection Program
- EIDL Loan Advance
- SBA Express Bridge Loans
- SBA Debt Relief
While these programs are helpful, there are serious caveats for some business owners. For example, many business owners may not feel comfortable borrowing a large sum of cash in such an uncertain environment, even if they greatly need the cash on hand.
Moreover, many are experiencing significant obstacles in actually applying for any kind of loan assistance, whether because the system keeps crashing or big banks are giving applicants the run-around.
Rather than panic, however, it’s important to remember that help is coming, even though it is hard to be patient during these difficult and highly uncertain times. The government must ensure domestic tranquility, and if millions of people are without work and without any way of providing for themselves, that does not create for a tranquil environment. Help will come, even if it’s not here yet.
Before you decide to throw in the towel or take any drastic measures, talk to our experienced team of defense lawyers at Jacobs Legal. We’ll help you understand your constitutional rights and make sure they are protected. Call us today today.