Small Business Support During Covid-19

Today, the President signed the $484 Billion funding bill, perhaps to be called Cares II. This legislation provides an additional $321 billion for the small business loan package. This program provides businesses with cash to fund their payroll, utility and rent obligations.

It is very important that those who anticipate applying for these loans do so immediately. Many applicants in Cares I failed to have their applications approved before funds were exhausted. Hence – Cares II.

When will the world get back to normal? No one knows for sure. No one knows if we let down our guard, will the virus swing back and lock us all down again.

Georgia’s Governor Kemp, against the President’s guidelines, is allowing some businesses to open. Whether Kemp is right or wrong, this will be a test case. If the experience is positive, other states will swiftly follow this model.

Published guidelines in Illinois for opening beauty shop and personal services are severe to say the least. But, again, if this experience is positive, doors will swiftly swing open wider and wider. Those businesses should not despair. Any thoughtful opening is better than no opening.

There is a wide spectrum between our nation being: (a) 100% virus free (which may never happen, like the flu) and (b) businesses, sporting events, houses of worship being fully open for business. Within that spectrum, decision(s) will be made: how and when to open. No decision will be perfect. Any decision will be criticized. There is an advantage of our federal form of government. Fifty governors will make these decisions within the context of their prevailing conditions. There will, then, be many models – many case studies. These multiple models will get us to the correct answer(s) sooner than a monolithic approach.

What is emerging from the data, is that many have been exposed and had no symptoms; or have had symptoms and self-diagnosed those symptoms as merely a cold or flu. If that is true, then the mortality rate is much lower than is now being calculated from known cases. That, of course, is of little consolation to those who have lost family or friends.

The tone of financial analysts is that we are beginning to see the other side of this nightmare. Financial commentary and market reports are much more positive than two to three weeks ago.

Yesterday, Dr. Brix, mentioned that the Illinois curve was flattening. Let’s hope.

Today, Stephen Hahn, FDA Commissioner, discussed the encouraging progress on self-testing kits, including home kits that can be mailed back to your doctor.

There is logic that when there is clarity that COVID-19 is being vanquished, the rebound of economy will accelerate beyond measure. The 26.4M jobs lost, have not disappeared. The infrastructure (plants, manufacturing, personal service needs, entertainment needs) necessary for us to perform these jobs is still intact.

I needed a haircut before the lock-down. Soon, I will be able to have a pony tail.

And, in peacetime (it could have been during a war), we have learned a vital lesson, although at a high cost: Our nation cannot depend on essential products and resources provided to us/for us overseas. That our national leaders, of both parties, allowed this condition to become our reality is shameful. What leadership. No leadership. But, again, although this opportunity came at a high cost, returning those products and services back home will be a significant source of new jobs. Jobs that did not exist pre-COVID-19.

To state the obvious, events are moving very quickly and they are moving in the right direction.

So, I end this, urging you to take advantage of the funds available from the federal government. If properly applied, these loans convert to grants.

Please feel free to go to our CPA’s web site,, for the latest updates on the CARES legislation and other tax matters.

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