This is the sixth bulletin provided by Vernon Litigation Group to support local small business owners and help navigate the challenges of staying in business, supporting employees and clients, supporting the community, and positioning the business for growth and success on the other side of the COVID-19 crisis.
COVID-19 has caused many problems and uncertainties for small businesses. To name a few, COVID-19 has presented issues and concerns regarding employee health and safety, small business continuity, and disruptions to supply chains. Yet, the full impact and scope of the economic implications of COVID-19 to small businesses are only just beginning to become more apparent.
As Florida prepares for moving forward with the “Safe. Smart. Step-By-Step Plan for Florida’s Recovery” and opening up businesses again, there are warnings about the potential for a second wave of COVID-19 (which could coincide with flu season). Small businesses fear that if a second wave occurs, it may force the State of Florida (and the rest of the United States) to respond similarly to how it has with this initial outbreak, and if businesses must once again close (and supply chains shut down), then there may be less financial support that the government can provide for the second wave (due to the amount in aid given for the first outbreak).
Unfortunately, there are many factors that will determine what is coming next with the COVID-19 pandemic that is beyond small businesses’ control, including (but, not limited to): the weather (it appears that viruses may (at least to some extent), have a tougher time spreading/infecting people when the weather is warm and humid); potential antibodies and immunities; treatments and vaccines; and any significant mutations. Given so many unknowns, small businesses have little choice but to consider reopening with extreme caution.
If small business owners are uncomfortable with the level of uncertainty, now may be the time to consider risk levels before the possible second wave hits. Perhaps, small businesses may want to focus on implementing emergency measures as well as navigating through the confusion and chaos of the crisis. Due to the economic implications, small businesses should do their due diligence and start thinking ahead before this second wave potentially hits as well as consider their options to make informed business decisions and position their business to weather the possibility of further economic downturns.
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If you have any questions or require further assistance to help you navigate through these difficult times, please feel free to give us a call. We are all in this together.
Vernon Litigation Group represents businesses & individuals throughout the United States who have financial disputes, including cyber litigation, securities litigation & arbitration, business & commercial litigation, financial advisors & employment disputes, and FINRA arbitration. For more information contact, bsandovalbanker@vernonlitigation.com or call (239) 319-4434.