Small business owners nationwide are feeling a bit better about the economy. In fact, a growing number expect the economic fallout brought on by COVID-19 to be short-lived, the National Federation of Independent Business has reported.
International trade shows have gone virtual and the state wants to help small businesses access the resource.
Succession planning isn’t just for family businesses and large corporations. Many small business owners don’t plan for what will happen to their companies during a prolonged illness or after their deaths. Unforeseen circumstances could put their businesses at risk of shutting down.
In a typical week, you could find Management Marine Service helping the U.S. Coast Guard with nine or 10 training events at three locations. The small business may also be preparing a boat to logistically support a Department of Defense exercise or finishing up work for the Royal Canadian Air Force. And then, of course, there is general maintenance of its 12-boat fleet to do and paperwork, always paperwork.
Since the end of last year, Florida and the rest of the world have been caught up in the throes of the coronavirus scare. While health is obviously the primary concern, COVID-19 presents just one more challenge for small businesses in the state.
SBA loan programs explained
With nearly $400 billion on the line between the Economic Injury Disaster Loans and the Paycheck Protection Program, I guess it shouldn’t be a surprise that there would be fraudsters targeting small business owners during these challenging times.
Amid unprecedented fear, anxiety and uncertainty, small businesses might think it’s time to pause their marketing. Not so fast.
If you’re a Florida business owner struggling financially right now, the way so many are thanks to COVID-19, you know the future is uncertain for us all. If you’ve even toyed with the idea of applying for one of the Small Business Administration stimulus loans, I encourage you to go ahead and do so now.
Coronavirus is having a significant impact on many small businesses and no one knows how long or how hard the economy will be affected.