Ask an Expert: Which businesses will struggle most during the COVID-19 pandemic?

Digital Now

COLORADO SPRINGS — FOX21 Digital NOW is taking your coronavirus concerns directly to the experts, to get your lingering questions answered.

A FOX21 viewer sent in a question regarding small businesses in the Safer-at-Home phase:

“Which businesses are going to struggle the most under the Safer-at-Home phase and what can they do to make the most of this situation?”

FOX21 turned to Aikta Marcoulier, Executive Director of the Pikes Peak Small Business Development Center, for the answer.

According to Marcoulier, the businesses that will struggle the most will be the ones that did not understand their cash flow. Many businesses that survived the Waldo Canyon and Black Forest fires are back at ground zero again. She said those businesses will struggle to make ends meet if they didn’t have a good handle on their financials, supply chains weren’t diversified, they didn’t have a good relationship with a banker, etc.

Marcoulier also said new businesses, that weren’t ready with a business continuity plan, are in the same boat.

She said, during the current ‘Safer-at-Home” order, strong leadership and flexibility with employees will be critical in order for businesses to retain and recruit staff. And she mentioned the ability to innovate the way owners conduct business will be critical, especially right now, in order for them to differentiate themselves from the competition.

She is advising businesses to carefully navigate the Personal Protection Program (PPP) Loan, if they were able to get it.

There are regulations to follow on the use of the funds granted by the loan. Business owners, she said, need to make sure they understand the rules to get 100-percent forgiveness, otherwise they will be left with a loan that will need to be paid back.

Click here to learn more about small business guidance or loan resources.

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