How long will this 2020 COVID-19 keep devastating our economy and especially the local businesses. Many businesses can’t afford to reopen their doors and pay employees with the low numbers of customers purchasing what the business is selling. This equation is called (business closure). When a business is structured correctly and can contain themselves financially through an economy that has collapsed, this is called a stable business within the community. When we look at businesses that are just starting out or have only been in business for about 10 years, we look at the business as being financially unstable with the economy, and this is only due to time in business and accounting profits within or up to the 10 year mark in business.
Most small businesses cannot acquire large loans from banks or financial institutions due to their own personal financial structures. Larger businesses usually have multiple partners with more capital to fund a business, this capital is usually so large that the company and structure can make it through stormy weather situations like a recession or an economic crash due to other circumstances. COVID-19 is playing a big role in society as it takes devastating blows at our economy breaking it down piece by piece, the devastation of lives lost and businesses that cannot recover from these horrid times. We will pull together as a country and as a world to surpass the crisis in front of us. Our countries must come together and unite as one in the battle against COVID-19.
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