Running A Business During A Pandemic
Starting a business is tough. Starting and running a Company or Organization is even harder during a Pandemic. Its true the unexpected happened, Covid-19 hit everyone by storm and took the majority of the world out of business. This pandemic had left many households unemployed and with no income coming in outside of stimulus checks.
There are three Business models that people run their companies. Those models include In-Person, Remote and Hybrid. In-Person describes employees working in an office which was a struggle when people were forced to social distance staying at least 6 feet apart. This was challenging for small organizations like mom and pop shops that have less than 10 employees. Many of those companies don’t have the resources to go virtual or perform virtually. Remote refers to working from home or away from the office. This is where e-commerce business thrive because they have the ability to work virtually. Cons could include being trapped in the house all day and no human interaction unless its through email and by phone. Hybrid is a combination of In-Person and Remote. Some companies where trying to combine the two giving employees the option to work from their homes or in the office to perform their daily work task.
The question that many people had on their mind is when will the pandemic end so people can go back to work and go back to performing their daily activities like travel, going to concerts, clubs, and much more.
Some resources that people were eligible for with their businesses were Pandemic Stimulus Checks, PPP Loans, Grants, and Sponsorships.
Pandemic Unemployment Assistance was a stimulus check given to business owners to help pay for employees salaries and operating expenses to keep their finances on track. This lasts for 79 weeks. This resource ended on September 4th 2021.
Paycheck Protection Program (PPP Loan) is a forgiveness loan to help support small businesses that have fewer than 500 employees. Types of Companies that are eligible include: LLC, S-Corps, Private Non-Profit, Churches, etc. These checks are issued by private lenders and credit unions. This money was used to keep employees employed and to rehire staff that was laid off prior related to the Pandemic.
Grants are provided by the government, organization, or an individual to help support a public service. Money is allocated to a certain cause and can only be used for that specific cause. This does not have to be paid back to the lender but there must be a record of proof on how money was spent.
Sponsorships are similar to grants but are used for commercializing marketing purposes. Usually money or resources given to an organization or individual to bring awareness for a certain cause or promotional benefit.
In conclusion, I believe that with all that the world has been through over the past 3 years with the Pandemic has made people and organizations more equipped now preparing for the unexpected. We now see that many businesses such as Institutions, Retail Stores, Fitness Centers, and more have found some way to get back on their feet. They have found ways to cope with the times we are in. Many businesses are starting to implement technology into their business model. Whether it is a Zoom Call or running an E-Commerce business. Companies have no choice now but to prepare for what is next.
Resources Cited:
Grants.gov. “Grants 101.” GRANTS.GOV, https://www.grants.gov/learn-grants/grants-101.html.
Henricks, Mark. “Paycheck Protection Program (PPP) Loans.” SmartAsset, SmartAsset, 24 Feb. 2021, https://smartasset.com/financial-advisor/paycheck-protection-program-ppp-loans.
Ludwig, Sean. “Paycheck Protection Loans Questions Answered.” Https://Www.uschamber.com/Co, 31 Mar. 2020, https://www.uschamber.com/co/run/business-financing/commonly-asked-questions-coronavirus-small-business-loans.
Morand, Tatiana. “How to Get Sponsorships: The Complete Guide.” WildApricot Blog, 30 Nov. 2021, https://www.wildapricot.com/blog/how-to-get-sponsorship#what-is-a-sponsorship.
