https://www.mercurynews.com/2020/09/22/the-bay-areas-small-business-closure-crisis-is-already-here/
Not only gyms but the restaurant and bar establishments are obviously suffering greatly as we approach winter and as outdoor dining becomes less possible with the cold and rains coming.
As mentioned in the article, anecdotally - my CPA who has a lot of restaurant clients - tells me there are so many small restaurants which will never be able to come back. He sees a wave of closures and bankruptcies coming in the next months as people literally run out of money and government programs do not help them in any meaningful way. They have no place to turn.
For many small business owners, they had to put up personal gurantees to their landlords or vendors and other creditors. For most, that means equity in their homes. So unless they incorporated or otherwise protected themselves, those who did not will be seeing a lot of pain ahead of them, including losing their homes.
This is so sad but if we look at the scales discussed in the article, we are going to be seeing thousands of such closures and subsequent consequences. People literally tapping into their Home Equity Line of Credits to survive with no income coming in.
We may not be able to help, but at least be aware and be supportive of your family or friends who may be in this situation.
#supportsmallbusiness #shoplocal #foreclosures #businessshutdown
