COVID-19 has dramatically reshaped how the American people work and do business. Small businesses are some of the companies hit hardest by the economic fallout of the COVID-19 pandemic, and since they comprise more than 98% of the nation’s economy it is easy to see why so many analysts are worried about the future of the country’s economy as the pandemic lockdown situation continues to evolve. As many as 40% of American small businesses may close before October of this year, but there is also a chance that resurging companies could reinvigorate the economy in new, surprising ways.
Telecommunication and ecommerce are more viable than ever, and while some companies are managing financial disasters due to a lack of customers, other companies are thriving due to the products and services they provide and the ease of delivery today. Bankruptcy filings occurring today could eventually empower some companies to bounce back from the slump imposed by the lockdown restrictions.
Ultimately, the Coronavirus has had dramatic consequences for the world’s economy, and while US leaders consider more legislative measures to protect public health and American businesses, company leaders in all markets should carefully weigh their financial options and determine whether bankruptcy could be beneficial. If you have legal questions about your business options in the wake of COVID-19, call the Law Office of Christopher P. Walker at (714) 639-1990 or contact us online today to speak with an experienced bankruptcy attorney.