Expert Pitch

Government faces hard task of scaling small business relief

Cornell University
31-Mar-2020 1:05 PM EDT, by Cornell University

Government faces hard task of scaling small business relief The government’s $2 trillion stimulus package includes relief for small businesses that are hurting due to the coronavirus pandemic. Among the stimulus provisions are more than $350 billion in loans and payroll tax relief destined to help small and medium firms, those who are self-employed as well as freelancers and gig workers.

Tom Schryver is visiting lecturer at the SC Johnson College of Business at Cornell University where he teaches entrepreneurship and business strategy. He says that in helping small businesses, the government is walking a line between getting things done fast and offering the perfect solutions.

Bio: https://www.johnson.cornell.edu/faculty-research/faculty/tps1/ Schryver says: “The economic injury disaster loan program by the Small Business Administration (SBA) provides loan amounts of up to $2 million; and provisions that provide exceptions to equity-holders needing to personally guarantee the loan.

The SBA is staffed with great, hard-working people, but typical SBA loan programs are administered by the banks. It will be a heavy lift for the SBA to be on the front lines with all these potential borrowers, and it remains to be seen if they can scale up fast enough. “Also, borrowers must be able to show ‘economic injury’ from the pandemic and the funds need to be used for payroll, working capital and debt repayment that would otherwise be stuck without the loan. What we’re seeing are two types of companies – in one case firms are indeed struggling to hold on, and these kinds of loans will help them keep the lights on and hopefully avoid layoffs, at least avoid them for longer. The other type are companies trying to figure out how to deal with enormous upticks in volume, if they’re in home delivery or e-commerce businesses, for example. These businesses need capital for growth but are not of the type that are likely to be able to show ‘economic injury’ and therefore will have difficulty accessing these loans.

“At the end of the day, this crisis is moving very fast, the impacts are large, and we see governments doing the best they can to deploy what are, at best, blunt instruments. Over time, I’m confident that programs will adapt and become more nuanced to best fit those in need, but one can definitely see policy being made with a philosophy of ‘perfect is the enemy of done’ – and, given the depth of the need of so many small businesses, that seems like an appropriate trade-off.”

- 30 -

 




Filters close

Showing results

110 of 1993
Released: 29-May-2020 6:50 AM EDT
Those with IDD more likely to die from COVID-19, study shows
Syracuse University

A new study published recently in ScienceDirect by researchers from Syracuse University and SUNY Upstate Medical University shows that people with intellectual and developmental disabilities (IDD) are more likely to die from COVID-19 than those without IDD.

Newswise: Invention by a Finnish start-up speeds up coronavirus testing
Released: 29-May-2020 6:25 AM EDT
Invention by a Finnish start-up speeds up coronavirus testing
Aalto University

An Aalto University spinoff company has come up with a way to use existing lab microscopes in a completely new and much more effective way with their innovation of nanocoated glass. While this is very relevant to covid19 research, it holds great promise for many other viruses and diseases

Newswise: Tourism: what’s our new normal?
Released: 29-May-2020 6:20 AM EDT
Tourism: what’s our new normal?
University of South Australia

After months of lockdown, it’s no surprise that people are itching to get out and about. But with ongoing debates about how and when to open Australia’s state and territory borders, it’s hard to know what to expect.

Newswise: Calibrated approach to AI and deep learning models could more reliably diagnose and treat disease
Released: 29-May-2020 6:05 AM EDT
Calibrated approach to AI and deep learning models could more reliably diagnose and treat disease
Lawrence Livermore National Laboratory

In a recent preprint (available through Cornell University’s open access website arXiv), a team led by a Lawrence Livermore National Laboratory computer scientist proposes a novel deep learning approach aimed at improving the reliability of classifier models designed for predicting disease types from diagnostic images, with an additional goal of enabling interpretability by a medical expert without sacrificing accuracy. The approach uses a concept called confidence calibration, which systematically adjusts the model’s predictions to match the human expert’s expectations in the real world.

Newswise: Researchers Develop Experimental Rapid COVID-19 Test Using Innovative Nanoparticle Technique
Released: 28-May-2020 6:35 PM EDT
Researchers Develop Experimental Rapid COVID-19 Test Using Innovative Nanoparticle Technique
University of Maryland Medical Center

Scientists from the University of Maryland School of Medicine (UMSOM) developed an experimental diagnostic test for COVID-19 that can visually detect the presence of the virus in 10 minutes. It uses a simple assay containing plasmonic gold nanoparticles to detect a color change when the virus is present. The test does not require the use of any advanced laboratory techniques, such as those commonly used to amplify DNA, for analysis. The authors published their work last week in the American Chemical Society’s nanotechnology journal ACS Nano.

Released: 28-May-2020 6:05 PM EDT
Tackling airborne transmission of COVID-19 indoors
University of Surrey

Preventing airborne transmission of Covid-19 should be the next front of the battle against the virus, argue experts from the University of Surrey.

access_time Embargo lifts in 2 days
Embargo will expire: 1-Jun-2020 11:00 AM EDT Released to reporters: 28-May-2020 5:40 PM EDT

A reporter's PressPass is required to access this story until the embargo expires on 1-Jun-2020 11:00 AM EDT The Newswise PressPass gives verified journalists access to embargoed stories. Please log in to complete a presspass application. If you have not yet registered, please Register. When you fill out the registration form, please identify yourself as a reporter in order to advance to the presspass application form.

Released: 28-May-2020 5:10 PM EDT
Mental health outcomes among health care workers during COVID-19 pandemic in Italy
JAMA - Journal of the American Medical Association

Symptoms of posttraumatic stress disorder, depression, anxiety and insomnia among health care workers in Italy during the COVID-19 pandemic are reported in this observational study.

Newswise: fimmu-11-01208-g001.jpg
Released: 28-May-2020 4:45 PM EDT
Genetics May Explain High COVID-19 Mortality in Italy, Inform Global Pandemic Response
Sbarro Health Research Organization (SHRO)

On March 11th 2020 the World Health Organization declared Coronavirus disease (COVID-19) a pandemic.

Released: 28-May-2020 3:55 PM EDT
Finding working capital is key to small businesses efforts as reopening accelerates
RAND Corporation

As small businesses reopen after a lengthy pandemic shutdown, one key challenge will be finding working capital to replenish inventories and pay employees until revenue returns to normal, according to a new RAND Corporation perspective based on interviews with a select group of small business owners.


Showing results

110 of 1993

close
1.17542