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How To Keep Small Businesses Alive During Coronavirus Shutdowns
Main Street and privately owned businesses are at the greatest risk when they cannot operate or pay employees. But we can all step up and help.
Despite the lavish lifestyles we see from everyone on social media, what sort of financial state are our American friends and relatives actually in?
Almost half of Americans can handle a $1,000 emergency, such as a medical bill or car repair, by dipping into savings.
Another 37% say they would use a credit card, take out a personal loan or ask family for financial help to handle unexpected expenses, according to a new poll from Bankrate of over 1,000 U.S. adults. Only about 3% of respondents say they don’t know how they would handle a $1,000 emergency.
That’s in line with other research. Last year, about 61% of American households said they would pay for an unexpected $400 expense with cash, savings or a credit card, the Federal Reserve found. About 12% said they would not be able to cover the expense at all.
Now that many businesses, restaurants, and services have slowed or completely halted amid the Coronavirus crisis, millions of Americans are left worrying about the next rent or mortgage payment…
