Even lifting mask requirements and restaurant capacities are moving from 25% to 50% to 100% in some states, women business owners are noted as one of the most impacted by the 2020 pandemic.
On March 12, SBA released a change in the requirements for the EIDL to allow some relief in the payback – now, the principal is not due until 2022, with no interest accruing still.
- All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
- All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note.
However, how do women business owners, who already lack funding access, going to recover?
Almost 60% of women say it’ll take longer than 6 months for their business to return to pre-pandemic levels, Freshbooks found, while about 47% of men said this. Women also have been more pessimistic than men about the economy’s turnaround.
Since the onset of the pandemic, women have seen a 69% drop in revenue, while men saw a 59% decrease, per Freshbooks. Many have struggled to secure loans to keep their business going. Recovering from the pandemic’s setbacks is taking women-owned businesses three times longer, on average, than businesses owned by men, according to a recent study by Freshbooks.”
I just finished outlining content for a virtual summit for women in business coming May 13, in partnership with two other women organizations. The focus is on women’s entrepreneurship, what resources are available and accessible beyond traditional bank loans, along work-life balance. The home structure shifted during the pandemic for this with families, mainly. Working from their homes with the family around the clock created some innovative and stressful times – this I know first hand. I will send details in the upcoming weeks to register.
Please continue to support women owned business, particularly those that are small and local plus independent!