A round-up of small business Covid-19 (Coronavirus) news. Click links for the full stories: CDC issues recommendations, painful choices for small businesses, retail association urge shoppers not to hoard, NFIB survey.
Quote |CNN.com | March 15, 2020
On Sunday (March 15, 2020), the U.S. Centers for Disease Control (CDC) and Prevention recommended that no gatherings with 50 people or more take place for the next eight weeks to slow the spread of the novel coronavirus. The agency said these gatherings include conferences, festivals, parades, concerts, sporting events, weddings and other types of assemblies.
The recommendation does not apply to some organizations like the day to day operation of organizations such as schools, institutes of higher learning, or businesses. This recommendation is made in an attempt to reduce the introduction of the virus into new communities and to slow the spread of infection in communities already affected by the virus. According to the CDC, the recommendations are not intended to supersede the advice of local public health officials.
(See CDC.gov for details.)
Coronavirus social-distancing forces painful choices on small businesses
Quote |WSJ.com | March 15, 2020
“…Small-business confidence plunged in March to near its lowest levels in the past seven years, as business owners grappled with the effects of the novel coronavirus on their companies and the broader economy…The March drop in small-business confidence reversed four months of gains. More than twice as many business owners said they expected the economy would weaken rather than improve in the coming year, according to a monthly survey of more than 900 businesses with $1 million to $20 million in revenue for The Wall Street Journal by Vistage Worldwide Inc., a business coaching and peer-advisory firm. Owners of businesses from restaurants and yoga studios to marketing and manufacturing firms are already making tough choices, as the fallout spreads from industries dependent on Chinese manufacturers to the broader U.S. economy. “We’re going into a period no one has been through before,” said Jay Foreman, chief executive of Basic Fun Inc., a small Boca Raton, Fla., toy maker. “It feels like 9/11, Katrina and the financial crisis all in one,” he said.
(See WSJ.com for story)
NRF issues statement on responsible shopping during COVID-19 pandemic
Quote |NRF.org | March 15, 2020
“The National Retail Federation (NRF) and Retail Industry Leaders Association are advising consumers to shop responsibly during the coronavirus (Covid-19) pandemic. Retailers – particularly grocery providers – are working with manufacturers, suppliers and government agencies to make certain essential products and services remain readily available to customers. Retail supply chains remain strong and retail employees are working around the clock to meet consumer demand. Hoarding products only contributes to the fear surrounding the virus, and any hoarder acting with malicious intent to drive up prices on a secondary market should be prosecuted to the fullest extent of the law.”
(See NRF.org for full statement)
NFIB Study: Coronavirus’ impact on small businesses
Quote |NFIB.com | March 13, 2020
On Friday (March 13, 2020), the NFIB Research Center issued results of a survey regarding the impact of Coronavirus (has had on small businesses.
74% | Small business owners who say they are not currently impacted by the coronavirus outbreak.
23% | The percentage of survey respondents who say they are negatively impacting
While most small businesses are not currently impacted, owners are concerned about future disruptions if the outbreak continues to escalate.
Of those small business owners not currently impacted…
43% | Expect their business will be negatively impacted if the coronavirus outbreak spreads more broadly in their immediate area over the next three months.
(See NFIB.com for more about the survey.)
(Cover Photo by John Moore/Getty Images))