Business Owners Are Using Personal Savings To Avoid Bankruptcy
The coronavirus pandemic is causing business owners to panic and seek out extreme strategies to avoid the impacts of gaps in revenue. The CDC has been posting community and business guidelines to help prevent further spread of the virus. Bankruptcies are on the rise.
The CDC recommends that businesses send sick employees home who make their way into work, and encourage sick employees to stay home in the first place. Proper hygiene, including hand-washing, avoiding touching one’s face, and sneezing or coughing correctly, are all on this list of recommendations as well.
Employers are needing to spend more money to perform regular deep cleanings at their storefronts and are also experiencing a shortage of staff. This leads to an increase in the need for cross-training and perhaps hiring more staff to fill in gaps. Discouraging or preventing business travel is another practice that has been widely implemented.
Even though lists of precautions are made readily available, some businesses unfortunately are closing their doors. Some temporarily, others for good. With thousands and thousands of people avoiding what has been deemed as non-essential businesses, the owners are footing the bill. Business owners are having to tap into their personal savings and cash reserves in order to keep their business afloat and avoid bankruptcy.
While some businesses may qualify for short-term or long-term loans, it takes time to apply for and receive funding. This also leaves many business owners in debt. However, the good news is, there are affordable options with interest rates that reflect the current economic climate.
Jennis Law wants to help small, medium, and large businesses apply for the loans they need to stay afloat and in business until the coronavirus subsides. Be sure to reach out to us today for more information about how to apply.