It’s not big news — especially if you’re a business owner — that the pandemic has thrown a monkey wrench into any plans businesses made for 2020. Small businesses have been especially hard hit. According to a survey of 5,800 small businesses conducted by the Proceedings of the National Academy of Sciences of the United States of America (PNAS) between March 28 and April 4, mass layoffs and closures had already occurred and the median business with more than $10,000 in monthly expenses only had about two weeks’ cash on hand.
A majority of those businesses surveyed planned to seek funding through the Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020, passed by Congress in April. That act provided an estimated $2 trillion in assistance, but since then, additional stimulus plans have not moved past the consideration stage:
- The Heroes Act would provide another one-time stimulus check.
- The Emergency Money For The People Act would provide a $2,000 monthly stimulus check for up to one year.
- The Automatic Boost to Communities (ABC) Act would provide a monthly stimulus check for $2,000 for at least 12 months during the payment period, with an additional $1,000 monthly payment for the following 12 months.
- The Monthly Economic Crisis Support Act would provide a $2,000 monthly stimulus check for at least six months.
- The Rent and Mortgage Cancellation Act would cancel rent and mortgage payments for up to one year.
- The Getting American Back to Work Act would provide a payroll tax rebate covering 80 percent of payroll expenses, enabling businesses to hire and retain employees.
It’s unclear if any of these stimulus proposals will be passed, even as more businesses are floundering. As of May, economists projected that more than 100,000 small businesses had shut down since the pandemic escalated in March — and that number is certainly higher by now. Despite this, bureaucrats continue to spend their focus on the upcoming election instead of the pandemic, while business owners are on standby and trying to run their businesses profitably.
Your Funding Alternative
If you’re a business owner who’s running tight on liquidity, in as little as 48 hours you can get the funding you need to address any cash flow issues your business may have, such as late receivables, payroll, inventory, etc. While banks and other traditional funders seem to say “no” more often than not, Clear Skies Capital (CSC) focuses on saying “yes.”
Working with CSC is easy because our focus is on you. We customize our loans to meet clients’ specific needs and offer flexible terms up to 48 months. We also know you don’t necessarily operate on a 9-to-5 schedule, so we offer 24-hour access to funding. And, our loans have fixed payments and interest rates — plus the interest is tax-deductible. It might sound too good to be true, but it’s not; this business model has been successful for many years.
The Takeaway
In a time like no other, you really can’t count on the government to come through for you with the funding you need to keep your business afloat. Even as we all navigate through the pandemic, not having access to capital shouldn’t be the reason you close up shop. CSC has worked with many small business owners, so we’d love to share our expertise while investigating financing alternatives with you. Discover how much you qualify for today.