The Business Update with Vivian Benishek
Monday, May 25, 2020
Open or Closed? A Closer Look at California Companies
Long-winded voicemails explaining a shutdown of facilities. Reduced hours of operations. The requirement of face masks in buildings. Strict occupancy limits for shoppers in stores. Six-foot separation between customers. The shift to online ordering. The list goes on and on.
For many Californians, the “sorry, we’re closed” signs are an eyesore. COVID-19 has manifested catastrophe to nearly every economy on the globe. It has also drastically transformed the local shopping landscape. Here at home, it’s evident that the disruption of the coronavirus has washed over the San Diego small business ecosystem in an unprecedented manner. However, there’s a bright side to this dreary tale. CBS News 8 reported that on Wednesday, May 20, San Diego Mayor Kevin L. Faulconer declared that the Fiscal Year 2021 budget proposal calls to use roughly $13 million for small business relief from the federal CARES Act, which provides direct economic assistance for American workers. With more than 10,000 business owners submitting applications for finanical relief, the Mayor announced that the funds will now exceed $20 million. This leaves many business owners feeling relieved as they embark on a journey towards a post-COVID reopening.
One man’s misfortune is another man’s opportunity. Recently, there have been surges in the Californian transportation businesses that have paved the way for profit and new customers. For instance, the newfound popularity of bicycles has created a skyrocketing demand that has been cleaning out inventories nationwide. According to the San Diego Union-Tribune, the boom in bike purchasing has provided a safe alternative to public, germ-filled transport. Dave Snyder, executive director of the California Bicycle Coalition, said “name a crisis and the bicycle is probably a good solution,” and he began to list off the pressing issues of climate change, obesity and expensive gas prices. For this sector of the business world, it’s clear that there is a glimpse of hope amidst all the uncertainty.
At the end of the day, the American business in the post-coronavirus era will be sure to encounter a long road filled with twists and turns. It’s known that clientele and government assistance are strong lifelines for businesses, both large and small. With careful preparation and taking advantage of opportunities, the American small business will return stronger than ever.
The moral of the story is to continue to support local shops as we further venture into the unknown and the return to normality.
That’s it for this briefing. See you next time!
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