The Singapore Government is doing its best to help businesses, especially small businesses, to overcome their financial hurdles during Covid-19. Here is a list of some government grants to help small business owners in these trying times.
The unprecedented COVID-19 outbreak has left many business crippled, and many individuals feeling helpless. Millions of lives worldwide are affected and after the outbreak, our lives will never be the same again.
In order to combat the COVID-19 pandemic, the governments from across the globe have imposed a strict lockdown to restrict the movement of its people. As the virus can transmit easily via respiratory droplets from close contact, restricting the movement of the people is the only way to flatten the curve.
Schools, tourist spots, social gatherings, and business activities are put to a halt. This is definitely the greatest lockdown of this century.
Statistics of COVID-19 CasesThere are a total of 213 countries and territories affected by this virus worldwide.
According to the statistics from CNA, the figure as of 5th June 2020 shown that there are close to 6.62 million cases of COVID-19 worldwide, with 382,867 death cases. Up till today, the number of cases are still surging especially in Brazil and America.
The Economic Impact of COVID-19Many businesses are affected badly due to the lock-down since the outbreak of COVID-19. As lock-downs are imposed, it simply means business cannot operate on a normal basis.
As a result from shutting down doors for businesses, business revenue plunged. Business owners have to lay off their employees and some might even have to file for bankruptcy.
Although COVID-19 outbreak affects every businesses, in reality, it actually hits harder for those businesses operating in the hospitality, tourism, aviation, and also personal service industry.
Based on the study conducted by SMB late March this year, small businesses are also facing a sharp brunt from this outbreak. The finding for this study has shown that small businesses with less than 20 employees are most affected mainly due to the cashflow and capital constraints.
In addition to that, there is an increase of 26% of businesses filing for Commercial Chapter 11 Bankruptcy in America as compared to the previous year. As the retail sales tumbled by 16.4% in April, it's no surprise that the list of retailers filing for bankruptcy is climbing.