Local Small Businesses Are Suffering Due to Flawed COVID-19 Paycheck Protection Plan
With the first wave of stimulus checks being dished out to tax paying Americans, certainly some stress is to be relieved. Many individuals and families throughout the United States (and the world) have unfortunately been impacted financially, due to the many “shelter in place” laws that have been set. Although the arrival of the stimulus checks is indeed a direct response to the now failing economy–I cannot help but think of a larger question at hand.
What is to come once most Americans and those living in America leave their homes, and try to return back to a time that they once knew?
The Coronavirus Aid, Relief, and Economic Security (CARES) Act details a plan that would restore economic security for small businesses with the introduction of the Paycheck Protection Plan–but will it? If banks are reluctant to provide loans to small businesses due to a variety of risk factors that could still be implemented to those affected by COVID-19, what will happen to those owners and their employees. Apply this to the wondrous amount of small businesses that are home to so many of our beloved cities, and imagine the severity of the issue.
This would only naturally encourage prices to rise within our local communities, while large corporations could potentially receive a larger “payout” in the form of a larger or faster loan.
What do you all think?
By: Matt Koger