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Axios Discussion on Economic Impact of COVID19 on Small Businesses

The COVID19 global pandemic has impacted Americans lives in every way, as the country begins to grow accustomed to a new normal.

Axios held a virtual panel, “Helping Small Businesses Weather the Coronavirus Storm,” focusing on the economic impact of COVID19 on small businesses. Speakers on the panel included small business owners, financial technology (fintech) companies, and government officials.

Alex Chriss, Intuit QuickBooks EVP and GM, discussed the role that the fintech company has played throughout the crisis. Intuit Quickbooks is an accounting software geared toward medium and small-sized businesses. Chriss emphasized that the software has been critical for businesses applying for the Paycheck Protection Program, since information for filling out applications is in one place.

Suzanne Clark, U.S. Chamber of Commerce President, discussed the level of concern small business owners have over reopening. Clark mentioned that while the funding that Congress has passed has been helpful in aiding small businesses, it won’t be enough as small businesses are still concerned about staying afloat and reopening in a safe and sustainable way.

U.S. Senator Tim Scott (R-S.C.), a member of the U.S. Senate Committee on Small Business and Entrepreneurship, stated that there’s “no question that there will be more help on the way for small businesses,” and that the PPP is only one facet of the needs small businesses must to take into consideration.