The Future of Small Businesses

The rapidly changing climate of COVID-19 has forced many businesses in 2020 to permanently close. 

In a study done by the Fed, roughly 200,000 more businesses were forced to close their doors in 2020.

As businesses continue to struggle during the pandemic there are only so many things businesses can do to stay afloat, but there is a light at the end of the tunnel.  

In an article by the New York Times, they reported that the Small Business Administration (S.B.A), a government agency, has come up with a $28.6 billion support program for restaurants, bars, and other similar businesses. 

The S.B.A has also opened a program called the Shuttered Venue Operators Grant, which is supposed to give live-event businesses such as concerts $16 billion dollars in aid.

Government agencies such as the F.B.A provide aid for small businesses and help them recover from the losses they faced during the pandemic. 

Alongside previous programs put in place by the government like the Paycheck Protection Program (PPP), which received an additional $284 billion in funding this January. 

The PPP program comes to an end on May 31 and with $44 billion dollars remaining, according to an S.B.A spokesman in the New York Times article. 

The future of small businesses is looking promising.

With states and local governments giving an additional $14 billion dollars in funding.

It means businesses have more opportunities to stay open and make it through to the end of the pandemic. 

What are your thoughts on the new support program for businesses? Do you think it’ll change anything with the current state of the pandemic? Leave your comments below.