Small business owners tapping into personal savings, 401(k)s and more amid coronavirus crisis

Luis Rivera and his family have run their neighborhood rotisserie chicken joint in downtown New York City for nearly five decades, staying open through everything from 9/11 to Superstorm Sandy, but he said he's never seen anything like the coronavirus pandemic.

"I’m kind of worried as to -- at what point does it stop?" he said."I'm hoping that there will be some sort of an answer."Right now, he is most worried about how he will meet payroll and utility bills."I think the government could do more to appease people who are very worried," he added."But I don't think anything more can be done until someone has a cure.

"Small businesses are vital economic engines in every community and state, and they have helped make our economy the strongest in the world," SBA Administrator Jovita Carranva said in a statement."Our Agency will work directly with state Governors to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation."

Story continuesDawn Kelly, 57, from the Queens borough of New York City, operates the hole-in-the-wall health foods place The Nourish Spot, and said she wants to see more action being taken to help small businesses like hers survive amid the pandemic.

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SBA and small business 'disaster' loans have never faced test like coronavirusThere are millions of small and mid-sized businesses in the U.S. with 500 employees or less. If the SBA has $50 billion and makes $1 million emergency loans, it could help 50,000 firms. acorns Want to help small businesses Buy gift cards from them and use in the future, this will give them cash flow. Your favourite Coffee shop Store Bar Theatre Etc Every little bit helps acorns Why do small businesses get loans but large corp get bail outs? Asking for a friend
Source: CNBC - 🏆 12. / 72 Read more »