WALTHAM, Mass., March 31, 2020 (GLOBE NEWSWIRE) -- As a founding member of the #PayToday initiative, business.com wants to help relieve the cash flow needs of small businesses across the country during the coronavirus pandemic. By calling on enterprises and government agencies to pay their small business suppliers immediately, the #PayToday movement can have a swift, positive impact on the sustainability of the nation’s 28 million small businesses. Visit the #PayToday site to join the cause and spread the word. For more ideas on how small businesses can navigate today’s uncertainty, visit the business.com COVID-19 resources page.
Cash is King
According to #PayToday estimates, at any given time SMBs are owed $900 Billion in goods and services already delivered. And yet, most only have two months or less of cash on hand – even during the best circumstances. An exclusive survey to be released next month from business.com found nearly 40% of SMBs believe their business could last only another week to a month under the current conditions.
Although the $2 trillion dollar stimulus package is on its way, experts speculate those checks won’t arrive until May which will likely be too late for many business owners.
Infusing SMBs with cash now is a proven strategy. Efforts to help stabilize small businesses during the 2008 recession showed that cutting government payables from 30 to 15 days had a positive impact on small business outcomes. With #PayToday, small business owners can get the cash they need – from money already owed – and save their businesses.
Join the #PayToday Movement
- Spread the word by downloading the sharable assets and post on social media.
- Call on enterprises and government agencies to take immediate action and sign our open letter.
- Recruit other businesses to join us! In addition to business.com, founding members include Alignable, Fundbox, Gusto, Homebase, Womply, SmallBizDaily, Small Business Edge, and Actual Agency.
- Join the business.com community to stay informed and share your tips for weathering the storm.
Community Matters
Now more than ever, the small business community is coming together to support one another as they share best practices and opportunities for surviving this unexpected downturn. With 10 million monthly site visitors, business.com is a trusted source of information and expert advice. Small business owners can leverage the site's unique emphasis on connection and collaboration, relying on informed reporting and proven experts to improve the potential outcomes for their business. Visit the COVID-19 resources page to see our work in action. #SmallBusinessStrong
“We have heard firsthand the struggles of our small business community to stay afloat as they make incredibly difficult decisions during these uncertain times,” noted business.com CEO, Doug Llewellyn. “The #PayToday movement can quickly bridge the gap between lost revenues and impending stimulus checks by simply paying small businesses what they are owed today. We are doing our part as well by pledging to pay our small business vendors as quickly as we can and I encourage others to do the same.”
About business.com
business.com is a comprehensive resource for small and medium-sized businesses who want to start, run or grow their business. Backed by a community of experts, our platform is designed to connect small business owners, industry experts, and vendors through an array of services, tools, and insights. Featuring relevant content and proven strategies, business.com provides information business owners you can trust. Our company is privately held and headquartered in Waltham, Massachusetts. To learn more or to join our growing community, visit www.business.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/56c15795-2f01-4b8e-b9a1-f13212275323