One expert estimates many small businesses have enough cash to last 45 days or fewer. “There will absolutely be businesses that will fold.'
Small businesses, like their large and publicly traded counterparts, are feeling the pinch as the coronavirus pandemic brings consumer activity to a grinding halt.
“Small-business owners are much less financially prepared than most households,” she said. The Opportunity Fund provides microloans to entrepreneurs. And, she added, “when you run out of cash, as a small business, you’re dead. ... [A]t the very least they will start not being able to pay their people, which will be devastating for people who rely on that for their income. So this is a matter of huge urgency.”In an email sent to customers, Seamless said dining in at restaurants is down as much as 75%. Wells Fargo analysts said mall traffic was down as much as 45% over the past weekend.
And on Monday, President Donald Trump said a new recommendation calls for avoiding groups of larger than 10, with many people staying home in the interest of “social distancing.”
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