Small Business Loans from the Government to Drive Economic Recovery

By: First Union | Date:

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Small Business Loans from the Government to Drive Economic Recovery

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As we slowly begin to come out of pandemic mode and states start to reopen, it is going to fall more and more upon government at both the state and federal level to help drive recovery. Certainly, this was an unprecedented worldwide crisis, the likes of which most of us have never experienced. Just as the stay in place orders and quarantine represented realities that we had to come together to figure out how to navigate, recovery is yet another portion of this that we will once again need to figure out how to navigate together.

With the pandemic receding in some areas, governments are having to balance any potential health risks with a need to stimulate a flagging economy. Both state and federal entities are having to provide guidelines regarding what can and cannot be done. They are having to keep pretty much constant communication with businesses that otherwise are in the dark regarding their roles and requirements. There are more challenges to come and the US governing bodies need to be prepared to deal with them.

Balancing Health and the Economy

The key is to get the economy back up and running and yet avoid any spike. This is proving trickier than most state governors anticipated. An open economy means that people will gather, at work, at restaurants, recreational venues, stores, you name it. Therefore, what the government has seen become its new role is one of the monitors in many ways: they have to carefully watch over the level of activity in conjunction with the numbers coming back from various health organizations.

Each state government is essentially devising its own set of criteria for determining what can open when and how many can visit any one venue at a given time. Such numbers as hospitalizations, new cases identified, and deaths are all factoring into the decision making process. Governments are also finding that they have to discover new ways to fast track testing, beef up contact tracing programs as well as search for that much-needed vaccine of course.

Boosting Their Economies

Most are well aware that simply reopening isn't going to bring the economy back to what it was before the pandemic. Again, another role of governments, to figure out how exactly to boost state economies and start moving toward some form of normalcy. Many workers are still laid off. Many small businesses are still closed and may not be able to open back up. The government here has to act as a lifeline for numerous individuals and businesses. From stimulating more job creation to strategically spending where their economies need it most, the government has no choice but to step in at this juncture.

First Union Lending is here to help! If your business requires additional cash as you seek to get things back up and running, we can assist you in finding the perfect loan program for your company. This has been a difficult time for everyone, and as the country looks to get back on track, know that we are all in this together.

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