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Call it coronavirus role reversal. Authorities from the Centers for Disease Control and Prevention (CDC) to the governor of California have made it clear: If you're old enough to remember where you were when JFK was killed, you shouldn't venture out. But, especially for baby boomers, who still regard themselves as fit, active and youthful, that's easier said than done. And that's why their grownup children are stepping into an unfamiliar role, that of a nagging parent to their parents.
For some small companies, like restaurants and clothing boutiques, the pandemic has decimated demand. Then there are others selling products, from toilet paper to medical supplies, that are experiencing unexpected, stratospheric spikes in business.
It's a blessing and a curse.
The Paycheck Program Flexibility Act (PPPFA), it gives borrowers more time to spend their PPP money -- and, therefore, to qualify for loan forgiveness -- and, true to its name, more flexibility in using the funds. But how much do the new PPP loan rules really help small business borrowers?
In March and April, as the coronavirus spread and the supply of vital personal protective equipment (PPE) dwindled, a variety of small businesses across North America transformed themselves practically overnight. From distilleries to roofing manufacturers, these companies quickly rejiggered their operations to become PPE makers. Here's how they did it.
For small businesses with offices or facilities in multiple municipalities or states, opening up is especially difficult. With different locations on different comeback schedules, companies must contend with a confusing array of considerations affecting their operations, employees, suppliers, and customers.
In mid-March, alarmed by the devastating economic effects of the coronavirus pandemic, social-good fintech startup Propel teamed up with nonprofit GiveDirectly to pilot a program sending payments of up to $1,000 to households receiving Supplemental Nutrition Assistance Program (SNAP) benefits. Fast forward and the COVID-19 Relief Fund pilot has mushroomed into something substantially bigger with the launch of Project 100, which aims to provide $1,000 in cash directly to 100,000 families in need.
With Memorial Day on the horizon, now's the time many small companies that depend on summer business have been anticipating--and dreading--since COVID-19 lock-downs went into effect earlier this year. That's because most enterprises allowed to open by state law must grapple with just how to get their places COVID-ready--or if customers will be willing to venture back no matter what precautions they take.
Building a reliable supply chain takes time and work. And just one hitch can make the whole apparatus fall apart. So, when economies around the world shut down in March, it left most small businesses scrambling to get the material and components they needed.
For small businesses hit hard by the pandemic, negotiating a discount or more lenient terms with vendors can be the only way to stay afloat. As it happens, many landlords, suppliers, and other creditors are also scrounging around for ways to pay their own bills--so they're keenly interested in coming to a new agreement with enterprises that owe them money.
Venturing into online sales for the first time, or ramping up a small, existing e-commerce presence, is a complicated process--even more so when it needs to be done ASAP to stanch the flow of hemorrhaging profits. Still, a growing number of retailers are trying their best to turn themselves into e-commerce successes. almost overnight.
To survive in the time of COVID-19, struggling small businesses all over are looking to slash expenses. But, while the biggest cost for most is their payroll, they're reluctant to lay off employees who need that money to meet their own bills. Here are tactics companies can try to cut labor-related expenses without laying anyone off.
In 2019, after injuring himself at a college rugby match, Saumik Tiwari and his big brother Kaushik founded a startup to help people pay for medical emergencies stemming from accidents. When the pandemic hit, although the app hadn’t even officially launched, the brothers made an emergency addition.
Insights from leading asset allocators into how they form and manage top-notch staffs.
Many social enterprises target exactly those people hurt most severely by the current crisis. Here’s a round-up of emergency measures some are taking,