Covid-19 Supply Chain Disruption. Literature & Language Essay

Covid-19 Supply Chain Disruption
Name
Institutional Affiliation
Covid-19 Supply Chain Disruption
The covid-19 pandemic has caused significant economic implications with supply chain management being top among them. Countries have taken steps to prioritize their citizens’ health to ensure that they are protected amidst the exponential spread of the virus that began in the People’s Republic of China and has to almost every corner of the world. Initially, they failed to perceive the gravity of the challenge at hand allowing the virus to have its way across the world, and with its Fibonacci feature, many people have been inflicted and some have become casualties. Strict lockdowns have placed major restrictions on manufacturing and logistics operations leading to a significant shift in demand and supply of commodities. The impact of the virus on the global economy has been massive with the virus wiping about $6 trillion in a single week between 24th and 28th February (Sano et al., 2020). This situation reminiscences the 2008 global financial crisis and there are concerns that it could escalate to levels beyond the previous recession. The virus has had an immense impact not only on business organizations but also on countries.
Organizations have experienced the extremities of the virus, which has touched almost every other facet of the company including but not limited to auditing standards, payroll, and daily operations. However, the most straightforward result of the virus has been business closures as a measure to mitigate the spread of the virus. A business that relied on this model as the primary method of operation is feeling the reel of reduced sales even though they continue to service overhead costs such as rental charges and payroll. The brick-and-mortar businesses face further uncertainty considering that at the writing of this piece, it is over ten months since its appearance in early December 2019, and still, it continues to be a menace (Di Gennaro et al., 2020). On the other hand, the situation places the business in a precarious situation considering the prevailing legislation. For instance, the Paycheck Protection Program demands that when a firm attains a loan, 75% of the funds should be directed towards meeting payroll costs. Further, the Families First Act advocates for employees’ payment in the time off and more so, during the pandemic phases.
Countries are facing familiar challenges in the process of ensuring that their population is secure against the virus. Most of the problems here are quite prevalent in public health, food systems, and the labor market. Most nations are facing an extreme number of deaths daily meaning that the number of reported cases is even rising at a faster rate. On the other hand, most people particularly those in informal economies have lost their jobs. The economic downpour has been prevalent in the number of enterprises that have shut down their...