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Small Business Options to Help S. Florida Businesses Survive Coronavirus

The Daily Business Review published an article by Jane Muir regarding Coronavirus relief options for small businesses.

Since Miami-Dade Mayor Carlos Gimenez ordered “nonessential retail and commercial establishments” to be closed on March 19 to prevent the spread of the coronavirus, many predicted an economic impact.

South Florida small businesses are already experiencing the effects. Some, like groceries, wine and spirits, and IT companies, are booming, but many of our thriving local businesses, like hospitality, entertainment, beauty and fitness, cannot operate.

Even though best practice is to reserve three months of operating expenses, the average small business holds only 27 days cash reserve, and half of all small businesses hold a cash buffer of less than one month. Assuming consistent costs, we may be quickly approaching the end of many companies’ cash reserve. Luckily, there are some resources to help South Florida businesses survive coronavirus.

Read the full article here.