New Jersey small businesses started feeling the wrath of the COVID-19 crisis in March of 2020. But even for those now reopen, the financial impact will loom for much longer. No business is immune to the effects, although some are fairing better than others. Now, local business Delta Dental of New Jersey is offering advice about these long-term financial burdens.
On this episode of One-on-One with Steve Adubato, the show host speaks with Carin Hep about NJ businesses. Hep is the sales director of Small Group and Individual Programs at Delta Dental of New Jersey. She and Adubato discuss the most significant challenges small businesses are facing in the age of COVID-19. Hep further shares how the pandemic impacts the future of small businesses in the state, as well as the nation.
The Long-Term Effects of COVID-19 on Small Businesses
“Even in the best of times, small businesses have their own unique set of challenges,” Hep explains. “They’re already working on thin margins. And small businesses—some of them had reserves, but most of them didn’t have any reserves. Now faced with this crisis, there’s not a lot to go on. So they are looking for capital.”
Hep says many small business owners are now looking toward various loans and other programs to salvage their establishments. Larger firms had the resources, prior to the pandemic, to implement disaster recovery plans; however, most small businesses cannot do that. Hep believes this experience enables existing small businesses to put plans in place in the event of another crisis.
Throughout the pandemic, Delta Dental of New Jersey has provided aid to small businesses in a few ways. Internally, they now offer 90-day grace periods for accounts that need more time to make their payments. In addition, a new policy known as “hibernation” allows businesses to easily pause their coverage and resume it later on; without the need to start a new policy or complete more paperwork. Finally, businesses with less than 500 employees will not see a rate increase for this year.
Delta Dental of New Jersey is further implementing other beneficial programs for small businesses, as well as the working force. To learn more about them and the long-term impact of COVID-19 on small businesses, click here for this full episode of One-on-One with Steve Adubato.
After that, click here for more stories that impact New Jersey residents.
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