The CareSource Economic Impact on Ohio
Before the 2020 pandemic, the U.S. Small Business Administration reported that small businesses generated 44% of U.S. economic activity. So, it’s no surprise that, when the coronavirus pandemic threatened our health, it also devastated our local economies.
In the earliest stages of the pandemic, when federal and state regulators were debating small business funding packages, CareSource took a proactive approach to support our business neighbors. In April and May of 2020, the CareSource Foundation® contributed $1 million to help local communities survive the health and economic crisis. While we pivoted our charitable resources to support frontline health care providers and meet the variable community needs around social determinants of health, we also saw the need to support small businesses in our local markets.
These vital funds helped businesses pay rent, employee salaries and operating costs as a stopgap relief, pending the release of federal and state funds. Noting the urgency of the financial crisis, these funds were quickly turned over to the communities where they could do the most good.
By doing our part to keep the economic engine of our local economies sustained through the earliest days of uncertainty, CareSource helped businesses plan for the future, knowing that we support their health just as we support the health of our members.
– Michael Taylor, CareSource West Virginia/Kentucky Market President