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The Ways to Protect Small Businesses from the Negative Effects of Coronavirus
Coronavirus is an extremely contagious disease which has recently been declared pandemic. As a result, there are regulations imposing limitations on travel as well as sale and use of specified products, temporary restriction on the operation of institution, workplaces and bans on gathering and public events. The virus brings a host of legal issues for business. Most small business like cafes, pubs, convenient sores etc are facing the worst time with events being cancelled and limitation on public gathering.
A few solutions can be considered in order to help the business facing these harsh times.
Most of the business have a hard time paying their staff as they have shortage of customers. Policies like help from the governmental aid for minimum wage coverage, where the government can help pay 20%-30% of the salaries depending on the size of the business. This can turn out to be a bit controversial due to increased number of stores. In Italy, has extended tax deadlines for companies and broadened the wage supplementation fund to provide income support to laid off workers.
Small and medium-size can be allowed to defer certain payments and to provide lower rents and interest on loans. It can lead to companies having some resources to face current challenges like sick employee payments, rents etc. The government can sanction funds for the different categories of the business, analyzing which needs much desire help. Interest free loans are also a good option.
For those laid off, unemployment insurance could be temporarily enhanced, by extending its duration, increasing benefits, or relaxing eligibility. Where paid sick and family leave is not among standard benefits, governments should consider fund it to allow unwell workers or their caregivers to stay home without the fear of losing their jobs during this epidemic.
The Government should authorize central banks to be ready to provide ample liquidity to banks and nonbank finance companies which particularly lend to those which lend money to small and medium-sized enterprises. Extension of loan maturity should also be advised.
Most of small business depend on cheaper products from foreign countries like china for their business. But they face a huge disrupt in this supply chain and due to which they cant meet the demand. The government can start promoting local producers to provide their goods to the small businesses at a subsidized rate which in fact can help both the parties. Like local farmers can sell to super markets at a rate set by the government. The government can help finance the operation at the start.
Small business can look for modern ways of operating with lower costs. They can tie up with delivery apps or offer delivery to homes. Instead of laying off staff they can find different ways of making them work.
Instead of closing all stores and businesses. A limitation on their operating time can be implemented. Business open during this should comply with government regulation which should consist of procedures to be followed to prevent spreading the disease. Keeping the place of business clean and disinfected. Less number of people allowed at once. A minimum distance of atleast 1.5-2 metres.
All the measures and policies can be tried and used but none of them can last in the long run, rather new ways of dealing with this crisis should be encouraged. The worlds economic is going through a tough time now and the biggest hit will be taken by small businesses. People should also be encouraged to purchase goods from them.
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