Another stimulus package could help small businesses in the near future
(4/20/20) - These are challenging times - especially for small businesses.
Many mid-Michigan shops haven't received federal loans - meant to keep them afloat.
However, help may be on the way soon.
Congress and the White House could soon agree on a deal to expand funding by as much as 450 billion dollars.
This comes at a time when many small shop owners have been unable to obtain grants to help them stay in business.
One local store owner was fortunate enough to get much needed aid - explains to me how she did it.
Kim Rose Fashions "I absolutely think the process was intimidating. I, myself needed some assistance from my husband. And, doing that paperwork there were some addendums to the first application. And, so that was a little tricky," said Kim Rose Fashions owner Kim Dinger.
But there's been frustration and concern that many loans have not been processed in Michigan.
I talked to the president of Shiawassee County's Economic Development Justin Horvath on the challenges faced by businesses.
"The number one thing we've told people is to be in constant communication with their bank or credit union. Because, they're going to be the most up-to-date on current specifications Things are obviously changing very, very quickly, so they should be on speed dial with those folks."
There is some good news in that there are other ways small business owners can reach out for help.
"I encourage companies, if they're in need of capital, certainly talk to their local economic development organization, their chamber of commerce, the small business development center. There are a lot of different tools that are out there, not just the federal programs," added Horvath.
Store owners want nothing more than to re-open completely to service their customers.
"We don't know how long we can really make it. So, I feel like the businesses around us are doing as many take-outs and drop-offs and pick-ups as we can and staying in touch with our customers, because I feel like that positive attitude is helping our customers stay positive on that end too," commented Dinger.
There are signs that some restrictions could be eased beginning in May.