Please listen. I have been reading that some small business owners have not applied for the PPP Loan. They feel guilty about applying because they have savings, or that their business hasn’t been affected yet, or they think the pandemic will not affect them. I ask you all to think on this.
Production everywhere is down due to shelter restrictions, even essential businesses. Supply chains could very well be compromised or completely shut down in the future. There are a lot of negative things happening in the economy that will not reveal themselves until later. Jobs have been lost, and Unemployment will dry up, and new jobs will only be created at a slow pace. People that have money will be conservative with their spending, and will start leveraging small businesses prices until they crumble. I guarantee you, the only way the economic effects of this pandemic will not affect you is if you are personally vastly wealthy (and with how the government is spending hyper-inflation isn’t an impossibility). A huge amount of the work force is not going to be going back to work. This WILL affect you. Look ahead and protect yourself and your business with every advantage you can muster. If you don’t apply, it is just as likely a 499 employee company will chew up the loans rather than it going to someone in a worse situation.
If you think someone needs it more than you, apply for the loan and lend the equivalent money you gain to other small businesses local to you that you KNOW need it. The government, the banks, and Wall Street are not going to look after you if your business suddenly takes a turn for the worse.
Disclaimer: This is a guest post and it doesn’t necessarily represent the views of IWB.