American small business at highest risk
Over the last few weeks, the United States of America has been suffering with the challenges of the worldwide COVID-19 outbreak. While, the coronavirus is deadly threat to health and lives of the elderly Americans, its unexpected impact on the world’s largest economy puts everyone at the biggest challenge. Although the American economy has been operating at record highs over the last numerous years, but its not sufficient to absorb the downturns of this coronavirus.
The country has come to a major shutdown with cities taking drastic moves to include the spread of disease, closing down several schools, small businesses as well as public places across the nation. As a result, every industry has been impacted, along with some such as the airline and casino markets urging for government support to remain financially stable.
And while there are discussions within the governmental authorities regarding the desirable stimulus package to keep businesses on regular assistance, the massive majority of the United States people cannot dependant on the government regulations. That is mainly applicable for small businesses and their workers. Nearly, half of all Americans operate for small businesses and unlike bigger corporations, these small-scale businesses mainly do not have higher cash reserves right now to defend a sudden stoppage in services.