NEW YORK — When the coronavirus outbreak forced cruise lines to cancel trips to Alaska, it wiped out Midgi Moore’s tour business, leaving her with thousands of dollars in deposits to refund.
Moore’s company, Juneau Food Tours, didn’t have enough cash on hand. So, she withdrew $30,000 from her retirement account — a painful decision for a 56 year old starting to look forward to the day when she can stop working.
“It was a gut punch,” Moore says.
Many business owners are tapping the money they socked into personal savings and retirement accounts to withstand the pandemic. For some, like Moore, there are big expenses coming due while for others it’s a way to offset the losses and stay afloat until the virus eases its grip.
Owners are trying to keep their businesses alive at a critical time for the U.S. economy. Small businesses employ nearly half the nation’s work force. In April, payroll provider ADP reported nearly 20 million jobs were lost at U.S. companies and said more…
Source news reuters.com, click here to read the full news.