Small business owners tapping into personal savings, 401(k)s and more amid coronavirus crisis.
Despite pledges from the government and private sector, many say they still don't know how they will possibly pull through.
An empty tapioca milk tea store is seen on Irving Street prior to the citywide shelter in place order, amid the novel coronavirus outbreak, in San Francisco.Seemingly overnight, he said his restaurant went from booming to completely empty, and with new city restrictions on businesses and social gatherings, they are now only allowed to offer take-out and delivery.
Many small businesses are already not insulated to economic hits -- only 50% last more than five years, according to the federal government's Small Business Administration, and a steep reduction in business could prove devastating. The SBA pledged late last week it would offer up to $2 million in low-interest loans to small businesses to help them weather the storm.
San Francisco announced it is deferring quarterly business taxes due April 30 for nine months until February 2021 with no interest or penalties. Moreover, it is deferring small business licenses and permit fees for three months. The city also established a"COVID-19 Small Business Resilience Fund," which will offer emergency grants of up to $10,000 for microbusinesses that can show a recent loss of revenue.
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