I have read that small businesses are responsible for employing nearly half of all workers in the United States. Due to the pandemic restrictions imposed, small businesses are currently either closed or doing a fraction of their previous business. The Governmental assistance provided in the PPP loan program was utilized for the protection of employees. Unfortunately, it was also short lived and abused.
The small business owners have received no assistance, whatsoever, to be utilized toward the payment of rent and other business associated costs to keep them afloat. It is currently uncertain as to what, if any, outside assistance will become available to small business owners.
The brighter side is that, in Northern New Jersey, there can be communications between small business owners and their landlords, creditors, employees, etc. All it takes is common sense and compromise by all parties involved, therein, and legal documentation properly drafted to incorporate and accomplish the same.
Throughout my career, I have represented many parties regarding the acquisition and sale of small business and all of the legal requirements associated, therewith. With that experience and knowledge, I am appropriately suited to work with parties in these difficult times in order to find compromise solutions so that everyone can remain afloat through this economic turmoil. When this Coronavirus pandemic started earlier this year, I was incorrect in my assessment that the situation and the negative effects derived, therefrom, would only last 3 to 6 months. I am now of the belief that the economic ramifications will be significant and will last with us for at least a few years. I hope that I am wrong in this assessment as I was on my previous expectations regarding the coronavirus pandemic.
However, if the economic downturn is going to last, it is vitally important that people protect themselves now. This can be done with compromise solutions documentation between landlords, tenants, employers, etc. I do not think that small business owners can do or expect that Governmental bailouts will save the day. I think that the best that a small business owner can hope for regarding Governmental assistance is that the restrictions be lifted so that everyone can do their own hard work and persistence to bring the economy back.
While I fully understand that the last thing that a small business owner wants to do at this time is to incur legal fees, it is always wise to make sure that the legal documents to which a party is bound are revised when necessary. Our offices here in Elmwood Park NJ are here to assist you in your legal needs. Please call us at 201-796-5263.