Small Business Challenges During COVID-19

Throughout America, restaurants, and bars, entertainment places, and all types of businesses are closed or limited to takeout and delivery only. Foot traffic is almost non-existent. Small, local, and family-owned businesses are posting social media appeals to encourage people to keep supporting them during the COVID-19 pandemic. Unfortunately, many have already closed their doors because they could not stay open or make any sales.

Most small businesses have had to reduce hours for employees or just lay them off. Thus, the incredible number of unemployment filings nationwide. Laid-off workers are mostly eligible for unemployment insurance unless they are independent contractors.

One area small businesses and workers have in common is the delay in tax filings for both federal and state. In many cases, these have been postponed until June or later, depending on the state.

Landlords are often deferring rent (mortgage payments too), so small business owners have one less, large bill to pay each month until businesses can reopen.

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