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Covid Surge Worries Small Business

According to Yahoo News, the surge in Covid-19 across America is worrying small business owners who may not be able to withstand another shut down. 

The resurgence of COVID-19 across the country this summer has deepened anxiety for millions of American small business owners who face another imminent cash crunch in their battle to survive a historic pandemic.

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Some Business Didn't Apply for Payroll Protection

Many small businesses opted to forgo applying for a payroll protection loan, reports Motley Fool. 

When COVID-19 emerged as a domestic threat back in March, local officials acted quickly, and that involved shuttering non-essential businesses in an effort to keep people in their homes and curb the spread of the virus. But while imposing lockdowns made sense from a health perspective, it was detrimental from an economic standpoint, as unemployment shot up overnight and countless small businesses began hemorrhaging cash in the absence of incoming revenue.

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It's Easier for Businesses Owners to Walk Away

According to the Street, many small business owners are contemplating using bankruptcy, which is now easier for small businesses under the SMall Business Reorganization Act of 2019.

In 2008, homeowners walked away from mortgages. Thanks to the Small Business Reorganization Act of 2019 (SBRA), in effect as of February 19, 2020, small businesses have an easier shot at doing the same.

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