There’s no doubt, Coronavirus has spread destruction across the world and till now the pandemic is at its peak in many cities across the U.S..
No only did it create instability within the economy, but most small businesses have been greatly impacted as well.
However, the government has released the federal loan programs that have just about completed their two rounds. Despite releases funds two times, the majority of people are still looking at the government for help. According to reports, the government has been released a massive package of up to $1.9 Trillion for owners of small businesses to survive Covid-19 either through SBA asistance or through an alternative lending source such as the 75+ funders corner platform.
Emergency Aid of $50 Billion
The newly elected government of President Biden is currently dealing with the scenario, and the current situation is being debated in Congress.
The recent news revealed that emergency aid of $50 Billion has been approved by the House of Small Business Committee for small businesses. In fact, the relief package released by Biden has more support ever than before.
You may be surprised to know that only 14% of Republican small business owners have said that they appreciate how Biden is handling the pandemic as president.
Indeed, the relief funds may bring the confidence back as small business owners and help them to line-up their small business once again. In the last year, people have witnessed the index fell of the Small Business Confidence from 48 out of 100, which is 43 this year.
Furthermore, people are confident to continue operating their business for more than a year under the current conditions that fell from 67% to 55%. Five House Committees are working to handle the destruction spread by Covid-19 on small businesses.
All committees are acting on their parts of the stimulus bill; three of which are planning to move on their articles in the upcoming days. Furthermore, the aid of $50 Billion has been approved in emergency pandemic for small businesses.
Despite the pandemic, the number of small business owners are increasing and may bring modification in tax, regulatory, trade, and immigration policies in coming years. However, the possibility of a negative impact is also possible. According to reports, up to 17% of Republicans confirmed that they were expected the stimulus to have a big impact on the small businesses.
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