Patrick Henry Maddren policymakers are struggling with the business. And the economic effects of the corona crisis and also striving hard to help businesses and the country. The American policymakers are trying to figure out the economic crisis at these troubled times. Though reviving from the crisis means economic challenges and also business obstacles. In this article, you will read about some of the tips to save businesses after the pandemic.
According to an article published on https://www.forbes.com, emergency loans are provided via the CARES Act to assist small businesses across the US. Read on to learn about these three tips to revive American businesses after the corona epidemic.
Patrick Henry Maddren talks about helping business amid the pandemic
Most of the revival steps have focused on short-term assistance like maintaining businesses for people, lessening crucial expenses. And also helping businesses with liquidity support to prevent shutdown or bankruptcy.
The common initiatives are connecting unemployed people with talent-seeking businesses. Let us explain this point with the help of a suitable example. New Jersey is the US state to build a job portal to link jobless people to small businesses. Such as grocery stores, and also even big retail outlets. Again, Ohio is offering targeted assistance to small businesses in rural areas by providing $2 million to financial institutions. Processing low-interest, long-term loans to people.
Figuring out the current trends
During the great recessive period, the base 10 percent of people experienced a huge setback in income. At least 2.5 times worse than the 10 percent of the richest in the country. Again, Hurricane Katrina had the same impact. The corona pandemic is following the same trend. Based on the findings of McKinsey, black Americans are 5 percent more vulnerable. To lose jobs, reduced hours, and also leave of absences compared to white Americans. People are losing jobs because businesses are shutting down and also, therefore, funding is essential for businesses to maintain jobs.
Patrick Henry Maddren thinks that as governments are reviving from the COVID-19 crisis, they can gear up for the additional speeding up of trends. Like shifting to online business and also digitalization of workplaces.
Focusing on long-term and adaptive solutions
Recovering from a pandemic like COVID-19 is not easy and also history shows that the government will need it. To place their plans or strategies for many years. Though each crisis is different from the other, the policymakers can consider and also implement previous strategies. In the current scenario so that businesses can revive by hiring the right talent and using suitable infrastructure and also capabilities.
Small businesses can get loans from the federal government to survive at these troubled times. This way, both the business and also the economy would be saved. People will get their paychecks and also businesses will not run short of funds after the pandemic. California, for example, has come up with a $50 million micro-lending plan for those businesses. That do not qualify for Small Business Administration (SBA) loans.
Conclusion
Though the revival of businesses in the US would be slow, practical, and strategic steps would help them survive the pandemic now as well as in the days to come.