Current Volume 8
Abstract
The COVID-19 pandemic's global impact on small businesses (SMBs) has been widely documented, with the United States experiencing a significant disruption to its economy. Widespread closures, job losses, and revenue decline characterized this period, leaving many businesses struggling to recover. This research investigates the role of government support programs in facilitating the post-pandemic recovery of SMBs within the United States. Specifically, we examine the impact of federal initiatives such as the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL), alongside state-level programs, in aiding these crucial economic actors. This article further examines these support programs, detailing their purpose, benefits, and application process. Through case studies of businesses from diverse industries, it highlights how effective utilization of these programs enable job retention, business adaptation, and revenue growth. Despite the successes, ongoing challenges such as financial hardships and supply chain disruptions persist. The article discusses opportunities for further government support, emphasizing the need for additional funding, extended loan forgiveness, and targeted assistance. By instituting a supportive environment, these programs can promote long-term sustainability and growth for small businesses. Continued government support is essential for a larger and inclusive economic recovery that will ensure resilience against future economic shocks.
Keywords
COVID-19, small businesses, government support programs, Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL), business recovery, job retention, economic resilience.
Citations
IRE Journals:
Ifeoluwa Oyeyipo
"Leveraging Government Support for Small Business Recovery" Iconic Research And Engineering Journals Volume 8 Issue 1 2024 Page 1-8
IEEE:
Ifeoluwa Oyeyipo
"Leveraging Government Support for Small Business Recovery" Iconic Research And Engineering Journals, 8(1)
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