With the US economy rapidly shutting down, small businesses around the nation are being threatened. They are all asking the federal government one thing: Please send money quickly or our businesses will shut down.
Small businesses operate similarly to people living paycheck to paycheck. According to a study by the JPMorgan Chase Institute, companies with less than 500 employees have less than a month of cash reserves. Smaller Main Street type businesses will only have just a few weeks worth of cash to keep them operating.
Many businesses are just grounding to a halt as steps to stop the coronavirus take effect.
Calvert Thompson, runs a massage and spa business in Herndon, Va, he explained “Today, actually, we had zero clients, we have 13 full-time W-2 employees and I’m definitely trying to figure out what I can do to help keep all of our heads above water during this.”
Thompson … Read More