Just over a month ago, the fundamentals of our economy were strong, i.e., low unemployment, low real estate inventories, low inflation, low-interest rates, and stability in the capital markets.
Within a month, this coronavirus pandemic has rocked our world.
I want to pass on some hope in the form of three practical ways we can assist you and your business financially to get through this disaster and news of the progress made on curing the underlying problem:
Three Practical Ways you and Your Business can get Through This Disaster:
- SBA Disaster Assistance to Business Online – SBA Disaster Assistance to Business, Online Disaster Loan Registration
- Paycheck Protection Program through the SBA – Coronavirus Aid, Relief, and Economic Security Act “ CARES Act” – Small businesses less than 500 people are eligible. Currently, this program is administered only through commercial banks, but the online SBA Disaster Loan application referenced above needs to be completed first. I will keep you posted as to what the SBA is recommending you do next to follow-up on your application with your with your local Bank. March 30, 2020 email from the SBA clarifying the need to complete the application.
- San Diego Small Business Relief Fund – Business Relief and Support for San Diego Businesses Affected by COVID-19. If you are outside San Diego, California, check your local jurisdiction for a similar type program. Economic Assistance for San Diego Businesses Affected by COVID-19 Small Business Relief Fund Online Application
Positive News you Don’t Hear About in the Main Street Media:
- Hydroxychloroquine and azithromycin are effective in treating coronavirus: a French study.
- Researchers of the Erasmus Medical Center claim to have found an antibody against coronavirus.
- Apple reopens all 42 china stores.
- Cleveland Clinic developed a Covid-19 test that gives results in hours, not days.
- In South Korea, the number of new cases is declining.
- Scientists in Israel are likely to announce the development of a coronavirus vaccine in the next 30 days.
- A network of Canadian scientists is making excellent progress in Covid-19 research.
- A San Diego biotech company is developing a Covid-19 vaccine in collaboration with Duke University and the National University of Singapore.
- Plasma from newly recovered patients from Covid-19 can treat others infected by Covid-19.
With government assistance, our medical community working overtime on a cure/vaccine for the virus, I believe we will come through this disaster sooner than later, and consumer confidence will return with a slow rebound in the economy.