How Will US Businesses Survive COVID Shutdown?

It’s common amongst business owners to maintain a positive outlook in the face of adversity. The “can do” attitude is considered key when enduring the tasks associated with maintaining a business.

As if having aspirations to build a successful business aren’t difficult enough, business owners are now faced with the challenges of a global pandemic and financial crisis.

Lucky to Be Alive

How does a business afford to pay its monthly bills if they are no longer generating any revenue?

Picture of a medical mask on 100 dollar US bills

Despite the controversy surrounding the allocation of stimulus funds US citizens, and countries alike, should appreciate the fact that they have a government able to help.

Political disagreements aside, millions of Americans have received increased unemployment rates, $1200, and funding became available to businesses both large and small.

Now that the US Government has begun “Opening Up America Again” the focus has shifted to just that. However, many businesses who were hit hard by the shutdown, including some of those who received relief funds, will continue to struggle or be forced to close their doors for good.

Many businesses, including bars, nightclubs, and concert venues, were forced to shut down in early-mid March and are still closed today.

Picture of Dr. Anthony Fauci speaking at White House press briefing in front of sign that reads "OPENING UP AMERICA AGAIN"
Dr. Anotny Fauci, Director of the National Institute of Allergy and Infectious Diseases at the National Institutes of Health, speaks about the coronavirus in the James Brady Press Briefing Room of the White House, Thursday, April 16, 2020, in Washington. (AP Photo/Alex Brandon)

Think Fast

It was quite the spectacle to have seen so many businesses forced to adapt to the new set of requirements. From restaurants setting up curbside service, to department stores providing curbside delivery. Business owners and managers were forced to “think fast” and implement a whole new way of running their business.

It’s safe to say that the majority of businesses, even those that were able to stay open, had a significant loss in revenue.

Because of this business owners were forced to tap into new resources to find coronavirus relief.

Where do you find money when your business is closed?

  1. Sell Assets
  2. Spend Savings
  3. Borrow Money
  4. Government Handout
  5. Grant Funding
  6. Accept Donations

The Power of Crowdfunding

Aside from stimulus money and other forms of available grant funding, businesses also turned to crowdfunding as a new source of revenue.

Propaganda Music Venue in Palm Beach County Florida didn’t waste any time in starting a fundraising campaign. Propaganda has currently raised $11,275 of its $18,000 goal and is most definitely on track to achievement.

Screen shot image of Propaganda's amount raised and goal from their YouHelp campaign details. $11,150 of $18,000 raised from 182 people. Help Keep Propaganda Alive.

It’s not as if an organization or business can just create a campaign and expect to raise a significant amount of money. Successful crowdfunding campaigns take strategy and marketing. The Propaganda campaign was a great example as they used social media, recorded video messaging, donation incentives, and live video feed to promote their efforts.

The sudden shutdown of the US economy ended up being a survival of the fittest for businesses. The game-changing situation forced adaptation or extinction.

GrantWatch Logo and Tagline "Time to Apply"

The coronavirus pandemic has also displayed why GrantWatch, GrantWriterTeam & YouHelp are invaluable funding resources. These 3 sites were strategically built and have now been proven as a necessity in a time of crisis.