None of us has been here before, in a rapidly collapsing economy with industries being shut down virtually overnight. But history is still the best teacher and Mark S. Hayward, longtime director of the U.S. Small Business Administration’s Rhode Island office, sees parallels we can learn from in the aftermath of 9/11.
Immediately after the 2001 terrorist attacks and for months after, the hospitality and travel industries in particular suffered greatly, he recalls in this week’s lead story on Page 1. They again are feeling the brunt of this emerging global crisis, though they have a lot more company this time around. State economies around the country are slowing dramatically amid frantic efforts to stop the spread of the COVID-19 virus.
The sweeping nature of the economic pain created by emergency efforts to eliminate crowds capable of spreading the contagion is what makes this crisis unique, Hayward acknowledges.
“It’s an enemy we can’t see,” he said.
But the way out for affected businesses is the same.
“Perseverance” is what helped affected businesses survive the aftermath of 9/11, he said. It’s what will also help them bounce back from the new coronavirus, along with government and private-sector resources already being marshaled to help blunt the economic trauma.
There will be “sufficient [resources] out there to help everybody” who needs it in the coming months, Hayward assured. That includes low-interest loans available through an emergency SBA program the state has already qualified for.
“We will get through this … [most] businesses will recover,” he predicted.
