As an optimist, I’ve tried to remain calm and believe the government regarding small business relief efforts during the COVID-19 global pandemic. Unfortunately, my optimism is running thin. I’m getting worried that the SBA programs designed to assist small businesses, such as the Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP), are going to cause more harm than good. My predictions show a rise of bankruptcies, acquisitions and restructures in the future, all of which are not ideal for small businesses across the United States.
Small businesses are the backbone of America, which is why I’ve been so appalled at how the government has responded to save these vital US jobs. If this slow response continues and small businesses are forced to take out loans to cover debt, many companies will be forced to close their doors for good.
Hopefully the SBA will step up to the plate and design more effective disaster relief programs, but I’m worried that big businesses will once again be the big winner at the end of this. Learn more about small businesses filing for bankruptcy, survival metrics for companies and what this means for the American workforce in this video.
Time are tough, which is why we need to make time to laugh. Watch until the end of the video for a SURPRISE.
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Shout out to Valuetainment, Patrick Bet-David and Danielle DiMartino Booth for their valuable conversation:
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