The vise is tightening on owners of restaurants, fitness centers and other small U.S. businesses trying to hold on until the economy fully reopens.
Unlike at most big companies, the burden is often deeply personal, because small business owners often end up providing a personal guarantee when they take on debt or sign a lease.
Increased vaccination rates, loosening state restrictions and the $1.9 trillion stimulus package are raising hopes that these businesses can make it through, but the weight of those guarantees isn’t dissipating, The Wall Street Journal reports. Many businesses have accrued debt after deferring rent, loan
The vise is tightening on owners of restaurants, fitness centers and other small U.S. businesses trying to hold on until the economy fully reopens. And unlike at most big companies, the burden is often deeply personal.
Townsend Wentz borrowed from his family to open his first Philadelphia fine-dining restaurant in 2014. The chef tapped the equity in his home, erased any semblance of a retirement account and diverted college funds for his daughter into his business. Roughly $1.5 million in personal investment now sits in the balance. The pandemic repeatedly closed his five locations for portions of the year.
For most Midwestern growers, the deadline to purchase crop insurance is March 15. University of Illinois ag economist Gary Schnitkey said farmers should expect premiums to increase. He also encourages farmers to consider a new supplemental crop insurance product, called the Enhanced Coverage Option. While it’s based on county yields instead of farm history, it has a high probability of paying out. For more details on that program, please read “New Crop Insurance Option Provides Higher Levels of Coverage” here: https://www.dtnpf.com/….
Higher crop insurance guarantees reflect the upward trend in prices that began last August, as Chinese demand for
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