Small business help available
Published 6:55 am Wednesday, March 25, 2020
As the positive number of COVID-19 cases continue to mount, frustrations of those having to report to work build.
Our local, state and federal leaders are doing the best they can dealing with something no one thought we would ever experience. You can argue all day that this has been possible for years and we’re unprepared and that funding may have been cut in different areas that would be of use no. However, as the old saying goes, you can’t cry over spilled milk.
We have been dealt the hand and now we must play it as it is.
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We have received many questions asking why businesses are not closing. The answer may not be what you want to hear, however, it is simple. Economics.
Most — if not all — of our readers need their jobs and some could not afford a long term shutdown. Your employer is likely similar, as they need to stay open in order to stay in business.
For that reason and we assume that reason, they remain open. It is likely not an easy decision, but one that must be made.
Small businesses typically do not have the luxury the airline or automobile industry does in asking for a bailout from the federal government.
Gov. Kay Ivey, however, announced that small businesses across the state negatively impacted by the health criss are eligible for assistance under the U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL) program.
The program will help qualified businesses and non-profit organizations recover from economic losses tied to the abrupt downturn triggered by the COVID-19 disease.
“Small businesses represent the backbone of Alabama’s economy, and many of them need immediate help in these trying times,” Governor Ivey said. “My team has worked closely with the SBA in recent days to make this economic assistance possible. We’re all grateful to President Trump and the SBA for responding rapidly to the problems faced by small businesses in Alabama.”
SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for an eligible small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
These low-interest loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. While this might not be acceptable to some, it is something that should be applauded and should be taken advantage of.
Our small businesses are the lifeblood of our community. In the meantime, we need to support them as much as possible, but even in these times, they need more help than we can give them.
So while they remain open for business, support them.
Thank you to all the food establishments that have been working tirelessly to keep us fed and providing some sense of normalcy during these trying times.
We will get back to normal, and when we are, we look forward to walking back inside small businesses to enjoy a bite to eat or shopping.