As humans across the globe we have entered a place we have never been to before, and that is the midst of a Pandemic. Coronavirus has taken thousands of lives. The Rules of Thumb blog and the MoneyThumb team would like to express our deepest sympathy to anyone who has contracted the virus or has lost a family member or friend to this horrible plague.
However, our mission in this blog post is to offer hope for those of you who are experiencing financial woes as a direct result of the Coronavirus. So many businesses have been forced to close their doors as a result of government-issued orders as a way of trying to protect people from becoming infected. People are being forced to either work from home or have lost their jobs completely.
According to a 2018 U.S. Chamber of Commerce survey, one-third of businesses with fewer than 500 employees had no funds for unexpected expenses, with newer businesses, retailers, and companies owned by women being the most likely to not have a financial buffer. “There is not an industry we haven’t heard from within our membership in talking to us about the devastating impact this is having on their business,” said Holly Wade, director of research and policy analysis for the National Federation of Independent Business. “The longer this drags out obviously the more devastating this will be for the small business community,” she said. “The business owners who we’ve heard from across the country, they are in immediate need of a cash infusion to help them get through this crisis.”
One good thing to come from this financially is that the IRS tax deadline for Americans has been extended for 90 days, from our normal April 15th until July 15th. A second promising thing to come out of this disaster is that the US government is working on a stimulus package to help relieve financial stress from both businesses and individuals.
A third good thing is how private lenders are going to shine during this time by offering quick relief to both small businesses and individuals. Nothing has changed when it comes to getting a traditional bank loan, and with businesses having to shut their doors and people laid off, getting a traditional loan will be harder than ever. It is still a very exacting, narrow, and slow process, and under the circumstances, most loan requests will likely be denied. Business owners and consumers will, therefore, be turning to private lenders to help them make it. A loan from a private lender can happen quickly, doesn't require a great credit score, and can often be handled strictly online.
If you are thinking a private loan might be something you need to carry you through financially during this Pandemic, either as a business person or consumer, read our blog post titled Tips for Finding Legitimate Lenders for Short-Term Loans.
We care about our blog readers and our loyal customers who use our PDF financial file converters, as well as all our fellow human beings. The Rules of Thumb blog from MoneyThumb would like to point out that as you know, we are a very resilient species, as is our planet. Mother Earth is being given time to rest and heal. People are spending time with their families, even if it was forced upon them by social distancing, school closing, and city lockdown. The canals in Venus, Italy, which have never before been clear, are now see-through sparkling. Dolphins are visiting there for the first time ever. Carbon emissions are down since people are driving far less. The air is cleaner in general. Just try to keep the faith with a positive attitude, follow common-sense guidelines to keep you and your family safe, and know that we will get through this and come out on the other side even better than we were.