The wold is in full panic mode. The corona virus has effected the entire human population. Governments are taking defensive and extreme measures to combat and stop the spread of the virus; Italy is on full lock down, Israel mandated self quarantine on worldwide travel. Americans are emptying the shelves of supermarkets. We are witnessing the effects of a worldwide pandemic and its’ caused the stock market to crash an event not seen since the 1980s.
Sadly, many people are getting sick and dying. Strangely enough, the virus is lethal to people over 70, but the effects are being felt by everyone. At risk are peoples livelihoods. With a world wide quarantine causing flights, events and restaurants to close, many people are or will be loosing their jobs. The biggest losers are small businesses. This is the time for the governments of the world to step in and help small business.
In the EU, SMEs (Small and Medium Enterprises) are the single most important employer in the economy. 99.9% of all enterprises in the EU are considered SMEs, approximately 90% of these have under 10 employees. Worldwide, it is estimated that there are 400 million to 500 million small businesses….
I hope this time is different than the crisis in 2008 where only the large corp orates where bailed out while small business owners had to fend for themselves. Many of them, unfortunately went bust. The same will happen now. I believe that governments are much more aware of the need to help small businesses today and I can only hope that they will find the way to help them in this time of need.