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The wave of covid bankruptcies has begun
Washington Post via msn ^ | February 26. 2021 | Jonathan O'Connell, Anu Narayanswamy

Posted on 03/01/2021 2:07:02 AM PST by RomanSoldier19

A New Albany, Ohio, music school offering piano, guitar and violin lessons racked up under nearly $1 million in loans and $35,000 in credit card debt.

A fine dining restaurant in Providence, R.I., received more than $450,000 in federal small-business funds to help pay workers but still had to close its doors.

A nonprofit overseeing the Kit Carson Home and Museum in Taos, N.M., welcomes visitors to learn about the famous frontiersman but listed just $17,000 in assets even after every bone-handled knife, buffalo hide apron and flintlock musket had been tallied.

Nearly a year since coronavirus-related shutdowns began affecting large swaths of the American economy, more businesses are filing for bankruptcy as Chapter 11 filings were up nearly 20 percent in 2020 compared with the previous year, court records show.

Data on a subset of businesses ― those registered as corporations ― show that some sectors are faring much worse than others, with restaurants, retailers, entertainment companies, real estate firms and oil and gas ventures filing for protection in far greater numbers than in previous years, according to New Generation Research.

(Excerpt) Read more at msn.com ...


TOPICS: News/Current Events
KEYWORDS: bankruptcy; business; coronavirus; economy; retail; schwab; shutdown
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To: SaveFerris

They already did.


21 posted on 03/01/2021 3:28:51 AM PST by HighSierra5
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To: AnxiouslyWaiting

Yep

There is no evidence until it is admitted into evidence by a judge.

Strangely no judge has accepted any evidence.

The swamp is even deeper and wider that even Trump imagined.


22 posted on 03/01/2021 3:31:53 AM PST by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit)
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To: SaveFerris

We are an occupied country with Quisling Bai-Dan in power representing the ChiComs.


23 posted on 03/01/2021 3:37:15 AM PST by kearnyirish2 (Affirmative action is economic warfare against white males (and therefore white families).)
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To: CIB-173RDABN
The only common denominator I can see they are all leftest and they all are using this virus to “reset” the world.

The Great Reset where there is no middle class, only those in poverty and the ruling class?

24 posted on 03/01/2021 3:38:41 AM PST by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit)
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To: Pontiac
This may be part of the democrats' plan.

Remember "round one" of shutting down only the republican owned Chrysler dealerships?

This is "round two".

The dems may be trying to financially ruin as many big donors to the repubs as possible, not worrying about losing a few of their own.

Restaurant and other mom and pop business owners tend to support repubs.

25 posted on 03/01/2021 3:47:49 AM PST by Mogger
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To: Pontiac
"I never saw any evidence that COVID-19 was so dangerous as to make blanket shut downs of business warranted."

"Danger," takes many forms. While the disease presents nowhere near the "danger," of the 1918 Spanish flu or other pandemics, the litigious nature of our society makes people see "danger" everywhere.

Tort law applies the, "reasonable person," standard when measuring what constitutes due care in determining negligence. i.e., a "reasonable person," would be expected to shovel and/or salt their sidewalk after a heavy snow/ice storm, and injuries arising from their failure to do so would be attributed to negligence on the part of the sidewalk's caretaker. It is reasonable for a restaurant owner and his customers to expect the employees to wash their hands after using the restroom, and any pathogens spread as a result of their failure to do so would be considered negligence.

The problem with COVID is that the media induced hysteria has been continuously expanding the envelope of what is, "reasonable." Consequently in just under a year we have gone from no masks being reasonable, to masks optional, to masks required and now we're edging into double masking. No business owner or insurance company wants to be the test case for defining due care. Likewise, politicians with very few exceptions (Noem, DeSantis) are cowering like beaten puppies to avoid presenting the appearance of not having done enough, so for appearance's sake, they feel it is better to continuously up the ante and keep doing "more," regardless of how many lives and livelihoods they destroy.

26 posted on 03/01/2021 3:48:19 AM PST by Joe 6-pack
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To: Pontiac

The Problem was and remains that the American Businessman complied and continues doing so.


27 posted on 03/01/2021 3:52:35 AM PST by caww
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To: CIB-173RDABN

Grocery store workers, Walmartians and Tarfetians should be an easily quantifiable group. To my knowledge, they have been largely unaffected. Bodies NOT stacked on empty toilet paper shelves.

This whole thing has been a cruel joke and thousands have been destroyed by dumblecrat fear mongering.


28 posted on 03/01/2021 4:02:09 AM PST by Adder ("Can you be more stupid?" is a question, not a challenge.)
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To: cranked

Shutting down for a month, 6 weeks, 3 months...I recall working with a business coach who believed this would have been just a 2nd quarter blip in the year 2020. And then it has lingered with all the ferocity of fear mongering that could be thrown at a nation.

This level of bankruptcies, which is climbing and the subsequent job losses is what is triggering the greatest economic crash our country will even witness. People are already experiencing it, one just isn’t reading about it yet in the media.

But, ...but if one is paying attention to the food charities there’s been a dramatic increase in need. In my area we have the major big city food bank, churches distribute Farmers to Families food boxes, my own little city has set up 3 food pantry boxes for a neighbor to neighbor support network, there isn’t a week one cannot find a box of food. Hot meals at least 3 times a week can be found around the area. People are getting food bank support so the little money they have can be used to buy meat or medications, or gas for the car. And one needs a car to even collect a food box due to covid restrictions.

Employers are still hiring, but they are getting 300-500 people applying for part-time positions paying less than $12 per hour. It’s not the pay to look at...it is the number of applicants. Apply for a job through Indeed or LinkedIn and look at the number of applicants, not that it appears there’s job available to be had, one comes to realize that telling someone to go get a job isn’t the easy task it was a year and half ago.

There are two stories happening here right now. If you worked in the wrong service sector you are not going to make it another 6 months.

Now add in the Fed already talking about raising interest rates? It is too soon to raise interest rates. There is an undercurrent of economic disaster unfolding that very few realize is happening. We say that small business is the backbone of the economy, well...just one more straw...and many more will file bankruptcy losing everything.

I think about President Trump and all the times he filed bankruptcy and came back better. I think about Rush Limbaugh and him being fired 7 times and down to his last dollar. They lived in a nation of hope, optimism, and opportunity. They knew and know the American people are a people of many talents.

Hind sight being 2020 (pun might be intended), it brings to mind the scene from Atlas Shrugged where all economic activity is frozen so the market can recover. Except in our world it is being used to reset the global economy and there will be millions left to die/starve. Because what is happening here, unseen, untold, and unspoken as of yet bankruptcy is happening globally. By the end of the second quarter of 2020, we had entered Taggert Tunnel in a coal fired engine.

Needless to say if you’ve read this far Biden’s policies are not helping. $1400 stimulus check isn’t going to solve the nations woes. It is funny to read about how one side of the population has money to spend on vacations and planning to travel this year (53%), while the other half might just be happy to have a job that barely pays the bills. By the end of the second quarter of 2021...watch out. Even with government loans/bailouts not every business qualifies under the Biden plan and recovery is quickly fading from possibility for many businesses.


29 posted on 03/01/2021 4:08:51 AM PST by EBH (Deer in the headlights get killed)
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To: Joe 6-pack

Well said.


30 posted on 03/01/2021 4:13:19 AM PST by Lizavetta
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To: Pontiac

IMO Trump’s greatest achievement was exposing the sickening corruption, criminals & grifters infesting every government agency at every level.
We all knew some were corrupt & some were criminals but I don’t think we knew the extent of these evil SOBs.
For that fact alone I’m forever grateful!


31 posted on 03/01/2021 4:27:44 AM PST by AnxiouslyWaiting
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To: Alberta's Child

COVID policy is being driven by government officials who are reacting to the irrational hysterical fears of swing voters — in particular, that certain nauseating suburban Karen nitwit who hasn’t taken off her mask in a year

_____________________________________________________________

...and those “irrational hysterical fears” were fomented and are being driven by politicians and those same government officials.

The government already had the “solution”.... it was just searching for a problem.


32 posted on 03/01/2021 4:37:25 AM PST by Roccus (Prima di ogni altra cosa, siate armati!)
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To: SaveFerris

Don’t forget AMAZON...

Soon, it will be the ONLY WAY you can purchase items.


33 posted on 03/01/2021 4:38:08 AM PST by HypatiaTaught (president FRAUD of the divided states of China)
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To: RomanSoldier19

I’ll wager Chinese groups will be buying up the shuttered businesses in the coming fire sales, and then staffing them with immigrants.

In Michigan, they’re saying 40% of restaurants are closed permanently.

Obey the first little dictators, and you’ll be under dictators for a long time. Until real men with courage once again appear.


34 posted on 03/01/2021 4:40:01 AM PST by polymuser (A socialist is a communist without the power to take everything from their citizens...yet.)
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To: kearnyirish2

Exactly...

See tag line.


35 posted on 03/01/2021 4:44:22 AM PST by HypatiaTaught (president FRAUD of the divided states of China)
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To: polymuser

36 posted on 03/01/2021 4:44:50 AM PST by RomanSoldier19 (Game over, man! Game over! ; : rem ad triarios redisse is)
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To: CIB-173RDABN

“How is it a group of individuals with little sanitation, with underlying medical conditions, no proper shelter or clothing seem to be immune to the virus?”

They are exempt from the other restrictions such as masks, distancing etc. I made the same observations you did early on. I live in SF by the way.

Testing in the shelters was at >70% positive yet no piles of bodies. Then it dawned on me they lived outside for the most part ie: in the sun so vit D3 levels was probably very high.

OD deaths were 3X cv19.

https://www.bizpacreview.com/2021/01/26/san-francisco-had-nearly-three-times-more-drug-od-deaths-in-2020-than-covid-19-deaths-1021583/


37 posted on 03/01/2021 4:58:57 AM PST by Polynikes ( Hakkaa paalle)
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To: caww; Joe 6-pack

In most cases, I suspect the business owners complied with the lockdown orders for the reasons laid out in the post above yours by Joe 6-pack.


38 posted on 03/01/2021 5:18:34 AM PST by Alberta's Child ("And once in a night I dreamed you were there; I canceled my flight from going nowhere.")
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To: EBH
Great post. I would offer a couple of thoughts here:

1. If I was in your shoes I would have stopped working with that “business coach” long ago. If you’re a business coach and you get a prediction about the most disruptive and impactful business situation wrong, you ain’t worth crap. I’m NOT a business coach, and I was warning people in my own business circle — which includes a couple of business coaches, by the way — that if they shut down under government orders last April they were never going to get back to normal. They thought I was nuts then, and yet they still think I’m nuts because I never stopped doing business the way I always did. I wouldn’t give any of the business coaches in my professional circle the time of day, either. If you’ve been sitting there in your home for the last 11 months and you tell me you’d like to have a “Zoom coaching session” with me, I have absolutely ZERO confidence in you — both personally and professionally.

2. I lost a lot of confidence in this country when I saw how many FREEPERS (of all people) were willing to not only meekly acquiesce to government orders when this fiasco began, but had the ‘effing nerve to get here on this website and scold the rest of us for refusing to shut down our own lives and businesses.

39 posted on 03/01/2021 5:31:37 AM PST by Alberta's Child ("And once in a night I dreamed you were there; I canceled my flight from going nowhere.")
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To: RomanSoldier19

The washed up post should be happy about that. The left wants all the means of production in the hands of the government and not in the hands of individuals.


40 posted on 03/01/2021 5:41:51 AM PST by I want the USA back (The nation is in the grips of incurable hysterical insanity, as usual.)
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