header 1500x360

LIBERTY ALERTS:

Feeling confused on how to manage your business finances amid the interruption of your business because of the coronavirus? Wondering if you'll be able to reopen? When? And will your trained staff still be there when you do? Who can you talk to for all the unanswered questions?

Host Kris Halterman will be interviewing the SBA Regional Administrator, Jeremy Field on these questions and many more. Listen to the show and take notes to be as best prepared to make it through the economic shutdown as possible and ready to start your engines and get your business, "back-in-business."

 ben covid

COMMON CENTS:

“I Survived” -- the Pandemic Plan

  • The ultimate sacrifice usually refers to our soldiers dying to protect us on distant shores. 
  • In 2020, the ultimate sacrifice was mandated by our government of businesses across our nation.  They were asked to shut their doors with no guarantee when or if they could be reopened. 

“An economic depression is so cataclysmic that it takes a perfect storm of negative events to create one.”

  • Covid-19 causes government to mandate business shutdowns.
  • Stock Market tumbles wiping out retirement funds and investment accounts.
  • Demands of government programs skyrocket.
  • Taxes do a nosedive.
  • The spiral begins, and if it goes too far, it cannot be stopped.

The only depression we have seen in our country lasted 10 years.  Its impacts were felt worldwide and led to a huge displacement of populations of homeless and jobless people and the rise of totalitarian governments like those of Germany, Russian, and China.

As we teach at SAVE, we are all in this economy together, small business, large business, and government. If one link breaks that chain  ∞∞∞ we will not like what our world looks like.

We have seen our Federal Government recognize that what they have asked us to do, could seize up our economy.  For that reason they have set up a program to speed up the process of getting back on our feet, economically, as quickly as possible, while at the same time they have slashed through cumbersome regulations that stood in the way of getting massive medical help, up and running, across the nation.

We have seen the private sector step up with innovations from 3-D masks, to converting their facilities to make needed items like ventilators and sanitizers. 

Now we need to see two more things get set in place.  Private business owners need to get out their pencils and figure out what it will take to start up again as QUICKLY as possible.  You can call it your “I Survived the Pandemic Plan.” Then you need to contact your banker and the SBA.  Our Federal government has made the decision that we need to be ready to start on a dime, not ease out of this, so they have set up several programs to get that done.  There are combinations of low-interest to no-interest loans.  There are funds that will--just be forgiven.  This is not about a hand-out because you made bad decisions in your industry like the banks did in 2008. This is about a rescue to help give small businesses to survive and restart the business.  You think you will not need this help?  Think again, we do not yet know when that start update will be.  Just today Governor Inslee extended the “stay-at-home” notice to all Washingtonians. We simply need to be ready, now.  If it turns out you do not need the funds, then you can pay them back.  These are loans not handouts.  Your Federal government has done what you asked, taken out the red tape and trusted you to use these funds to stop the economic depression spiral.  Uncle Sam is relying on you to start back up! 

The second component is our state and local governments.  Most state governments have shown a rocky start to protecting us and unfortunately, Washington has fallen into that category. In failing to take the outbreak in Seattle seriously, we have helped it spread, not only to the rest of the state but across the west.  We are seeing how state regulations have hampered our access to doctors from other states, we have seen how state and local governments have ignored reports of medical shortages in space, doctors, nurses, equipment and supplies. Most of us never knew these acronyms: PPE, EIDL, PPP, and SBA—bet you do now.  We have seen many school districts ill prepared to “go-on-line”.  This is probably the most difficult to believe in a state that is the home of Microsoft and Amazon and has a large Google presence. 

Yes, Washington’s elected state legislators should have put the last two years bonanza of taxes into a rainy-day fund, but they did not. Now they must “catch-up” to the economic realities of a pandemic.  We need less hand wringing and more pencil work at our state and local governmental levels.  They need to come up with their ”Survived the Pandemic Plan.” It is the obligation of every government entity, to make sure that regulations and taxation are at a minimum in order to ease the financial pain of restarting businesses.  The time in now—yet we have not heard the Governor call the Legislature back into a special session; we hope we do soon. 

It is time for all of us to do our patriotic part – sharpen our pencils and get prepared to go back to work.

`Lorraine Newman and Kris Halterman

Links to SBA Economic COVId-19 Programs:

Paycheck Protection Program

US Chamber Corona Virus Small-Biz Loan Final