The $1T Bailout, Bridge Loans, and Temporarily Closing Down as a Retailer Because of the Coronavirus | Retail Today With Bob Phibbs, the Retail Doctor - Flash Briefing

Well, the good news is they’re considering a one-trillion-dollar ($1T) bailout for small businesses. How fast that will be doled out and how that will be implemented is still days and probably weeks away, but the good news is people are looking at how to help small businesses like you listening.

The other question comes up is "Do I close my store?" and I think you have to think about the advantages to both. Obviously, the #1 concern is the health of your employees and your community. We're being told in New York that all non-essential businesses should close and for some, that is a matter of looking at offering curbside delivery, for ramping up their online orders, and finding ways around the closing of the store. Other people are feeling like "I should close my store and have my employees go through and be on unemployment."

There are no easy choices here at all I think the important thing is whatever you do you have to be vetted so exactly what's going on. Some of the proposals people are making these can be retroactive to help you rehire people. So, I hope today you will at least consider there is a glimmer of hope and that the important thing is how we look at the challenges ahead is going to determine our leadership as a retailer for years to come.

Be careful as you're talking to people making sure that you're not overextending the crisis but also dealing fairly with it because the realities are most of us do not have big cash positions. The other thing I would suggest today is, if you haven't already, reach out to your local bank explain what's going on and get them to help you get a bridge loan.

I'll see you tomorrow on the Retail Today podcast with Bob Phibbs.

If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to bob@retaildoc.com. Thanks for listening!