Businesses are struggling amid the pandemic and riots. We’ve known this for a long time, but now the effects are really starting to show.
In an interview with Joseph Pack of Pack Law, NBC 6 Anchor Sheli Muñiz uncovered more information about how the pandemic is affecting small businesses.
“I think that the PPP [Paycheck Protection Program] did help stave off bankruptcies,” he said. “I think it was mostly potent because it was in combination with a lot of other protections. But, as those restrictions are getting lifted, lenders are going to start to exercise their rights and remedies against their borrowers who aren’t paying their debts, landlords with their respective tenants who are not paying their rents…it’s not going to be like this forever.”
The pandemic, unfortunately, will be the end of many small businesses across the country. According to Pack, “One of the issues I’m seeing a lot is that companies are having this question about what they should do going forward, and their concerns and they’re concerned about whether they can pay their bills not only now but, in the future, as well.”
Some industries can overcome a few months of a slow economy. But most companies rely on maintaining consistent business at all times. Certain entrepreneurs will not be able to overcome this financial burden.
