Small Business Survival Amid Covid-19
On Friday, March 27, President Donald Trump signed into law a $2 trillion stimulus package.
In a single sweep of a pen, this more than doubled the nation’s budget deficit compared to 2019.
This unprecedented bipartisan intervention is an attempt to lessen the crippling effects of the COVID-19 pandemic on the U.S. economy. The package includes ~$350 billion for businesses with 500 employees or fewer. These funds will be distributed through the Small Business Administration’s lending network.
This session, which is being jointly delivered by the Sorenson Impact Center and Accelerator for America, will explore the potential impact of the COVID-19 epidemic on main street America, with a particular focus on micro and small businesses (1–19 employees). This group of businesses represents ~5.3 million employees across the U.S. and tends to have less engagement with banks and other lending providers than their larger counterparts.
Highlight the very real and pressing challenges that micro/small business owners are facing in light of the COVID-19 epidemic.
Share insights and best practices around how communities are attempting to mitigate the impact of the pandemic and prime themselves for recovery.
Explore ways market makers and intermediaries can support both access to the stimulus package and technical assistance needed to weather the storm.