Readers are asked to note that OP-eds do not necessarily reflect the opinions or beliefs of Loop Cayman.
by 'Anonymous'
Cayman’s 2020 lockdown woes were experienced by businesses and individuals alike. For businesses, this was in the form of losses and for individuals, it was in the form of unemployment.
Business losses occurred because many depended on tourist traffic to boost sales, but with the shutdown of the tourism industry due to COVID, tourists were generally prohibited from landing on our shores.
Businesses also faced uncertainty because, as the downturn continued, business owners had to consider prospects for long-term viability as going concerns.
As an entrepreneur, these things are difficult because it also means that someone’s dream of operating a business was also being shut down.
Admittedly, the government did try to keep some dreams alive by establishing pension holidays whereby contributions to pension funds were not required for a period of time and, in some cases, small business grants were made available to keep businesses afloat.
Where some businesses could not continue, they either gradually laid off full-time staff or lowered their work days to two days per week or gave staff less hours. This led to issues for employees.
Being fired or given less hours puts people in desperate situations and results in a domino effect in the economy. For example, less income means more difficulties paying rent to a landlord, paying utilities, buying groceries,...
Read Full Story: https://cayman.loopnews.com/content/opinion-border-reopening-highlights-long-standing-issues
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.