Impact of COVID-19 on Small Businesses and a Way to Recovery
Entering into the year, the economy was on the rise. Borrowers were expecting significant liquidity from institutionalized lenders. Private money lenders were anticipated to be most active and the LTC percentages were going to rise, indicating an overall increase in risk appetite. After the worldwide spread of COVID-19 in February and the enforced self-quarantine as a measure; the financial structures were hit abruptly and harshly. This caused a partial to total shutdown of business operations for a lot of companies. Small businesses were among those first affected especially after realizing the key statistic that according to the National Bureau of Economic Research; about three-quarters of the small businesses have the cash to cover just two months of operations at most. https://www.fiercetelecom.com/telecom/centurylink-opens-small-business-focused-150-employee-call-center-louisiana To counter...