Two Minute Tips

Localizing the impact of COVID-19 on small businesses

March 20, 2020

Share this article:

As Americans practice social distancing, many businesses have temporarily closed. (Photo of a woman wearing a mask by Pille-Riin Priske via Unsplash)

With Coronavirus spreading across the U.S. and around the world, the pandemic could have serious economic implications over the next several months or years, not to mention the loss of life. Many towns and cities have gone on lockdown, and some businesses in other areas have closed temporarily as a precaution. How are local businesses faring and what’s their outlook for the future?

Here’s a look at three angles to consider.

Smaller service providers

Professionals who serve the events or travel industries may be particularly hard hit by cancelled conferences and more limited travel. What are they doing with their downtime? Are there any local fundraisers to help them stay afloat? For instance, after SXSW in Austin, Texas was cancelled, the city’s creative class banded together to create a fundraiser for musicians and others who lost gigs.

Small business loans for businesses impacted by COVID-19

While many restaurants and some retailers are now operating with curbside pickup or takeout orders only, other businesses have closed completely. The longer they stay closed, the harder it will be make payroll and stay afloat, so the Small Business Administration has launched a special loan program for businesses impacted. Facebook has offered $100 million in small business grants. What’s available for small businesses in your area? Are small business owners also accumulating credit card debt or tapping into retirement accounts as they wait this out?

Cyber-security implications of working from home

As companies frantically move their workforce online, have they taken extra precautions against hackers who may view this time as an opportunity? ExpertiseFinder.com lists 60 professors with expertise in cybersecurity, so perhaps one of them could share insights on what small businesses should be doing to protect themselves.

More Like This...

Upping the focus on women small business owners

Despite decades of progress women still face many hurdles in the male-dominated business world, but more and more business-savvy women are finding they are their own best boss – and

Two Minute Tips

Sign up now.
Get one Tuesday.

Every Tuesday we send out a quick-read email with tips for business journalism.

Subscribers also get access to the Tip archive.

Get Two Minute Tips For Business Journalism Delivered To Your Email Every Tuesday

Two Minute Tips

Every Tuesday we send out a quick-read email with tips for business journalism. Sign up now and get one Tuesday.

Our New Look
The Reynolds Center for Business Journalism is starting 2023 with a new look that we hope better illustrates our core mission to provide accurate and authoritative resources about business journalism, in order to help both reporters and news consumers understand the importance of business news and to demystify the sometimes arcane topics it covers.
Businesses, markets, and economies move in cycles – ups and downs – which is why our new logo contains a “candlestick” chart representing increases as well as downturns, and serves as a reminder that volatility is an unavoidable attribute of modern life. But it’s also possible to prepare for volatility by being well informed, and informing the general public to help level the information playing field is the primary goal of business journalism. The Reynolds Center is committed to supporting that goal, which is why the candlestick pattern in our logo merges directly into the name of our founding sponsor, Donald W. Reynolds.
Our new logo comes with a shorter name. Business is borderless, and understanding the global links in supply chains, trade, and flows of funds and people is essential to make sense of our fast-paced, globalized world. So we’re dropping the word “National” from our name and will aim to provide content that is applicable to business news globally.
We hope you like the new look. Best wishes for 2023!