Small businesses are the backbone of any country’s economy, including the U.S. Nearly half of the population in the U.S work or own small businesses. Karen G. Mills, a senior fellow at Harvard Business School and former administrator of the U.S. The Small Business Administration said, “Half the people who work in this country own or work for a small business. So that’s half of our jobs,”
After the markets and public places deserted due to COVID-19 impact, business owners are suffering huge losses. Their little savings are no more effective to keep with a wide range of payments to survive. According to the Harvard Business Review, franchising is bound to lose 26,500 small businesses due to coronavirus outbreak alone.
Brick and mortar businesses such as restaurants have to spend heavily on high overhead costs. They need to spend money on rent, taxes, fixtures, dept, utilities, service contracts, payroll, insurance, and other things. Many such businesses are forced to take unwanted hard steps such as laying off staff.
But, fortunately, government and private companies, individuals, and organizations have come forward to help small businesses with funds and other kinds of assistance.
Here is the key list of financial resources that small businesses can explore to beat such a crisis without affecting the business.