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How Coronavirus Is Impacting Small Businesses

The topic of nearly every conversation right now is centered around COVID-19, and rightfully so. The recently announced coronavirus pandemic is already changing life as we know it, and for many people, life will take an even stranger turn over the next few weeks, months and maybe even years. Things will not be the same, particularly for those who dared to venture out of the comfort of their 9-to-5 jobs and start a new business.

Small businesses, including owners and employees, are already faced with difficult, immediate choices: to stay open and take risks with the health of their staff and customers or close without support. These organizations already operate on a thin profit margin, and most new businesses aren’t even profitable yet. The choice is a difficult one, and even more demanding decisions will be on their way.

While so much remains up in the air regarding the global economy, one thing is certain: What happens next will likely be different than what came before. Here’s what we know so far about how coronavirus is impacting small businesses.

Crucial Benefits

If this global health crisis has taught the world one thing, it’s that public health is only as sound as the health of the person with the least means. As our populations become more diverse, it will become even more important to find ways to serve their health-care needs. Although Asia and Europe will both need to tackle the crisis, the United States may be hardest hit, as health care is expensive and largely employer-based. Many people seek out and remain in jobs for the benefits packages.

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