Many small businesses around the U.S. are on the verge of collapsing. 'This is my entire life's work,' said one Virginia business owner. 'Really in a matter of weeks, we could reach a critical point.'
Calvert Thompson in a photo before she had to close her massage and spa business this week after all her customers cancelled.Mollie Tobias Photography/Courtesy of Calvert Tompson
Karen Mills, who headed the Small Business Administration after the financial crisis, says,"We need to think about how we make sure small businesses weather this storm." "We used them very effectively in the Gulf during the BP oil spill," Mills says. She says the loans were given to shrimp boat businesses that couldn't bring in any money for a long time because of massive spill.
Given the unprecedented shutdown or slowdown in business across the country, it's likely small businesses will need help beyond what the SBA is able to do.
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