Many small businesses are struggling to stay afloat during the Covid-19 pandemic and filing for bankruptcy could be a road to recovery. Below are several ideas that can help Georgia businesses recover. Employees and business owners alike are finding themselves in an unexpected financial crisis. Big corporations have received millions in loans from the government. Many small businesses have missed out and found themselves on their own. We can help.
If you’re a small restaurant, changing your business model to takeout could mean laying off the majority of your staff. As an owner you might have to work for free to keep the business afloat. COVID-19 could mean losing a majority of your business because you weren’t setup to be a takeout only restaurant. Many have adapted and many more haven’t. and you are trying to find unique ways to still keep people placing orders. If your bills are outweighing your profits you might need a bankruptcy parachute too.
We’re here to give you help During the Hard Times
We know these times are stressful, pause for a moment and gather your thoughts. Remain positive and know we’re here to help you in navigate your financial crisis.
Next, start exploring your options for help during these hard times:
Take Advantage of Grants and Small Business Loans Offered by the Government
In Georgia we have learned about grants and loans to help Georgia businesses. The PPP is a forgivable loan that could help your business, consider it. If you can qualify for the EIDL loan this also could help you weather the pandemic.
A Bankruptcy is often looked at as negative but in a crisis like a pandemic it will give you a fresh start.
As of February 2020 Chapter 11 has become much easier to gain because of the Small Business Reorganization Act of 2019 (SBRA). Congress passed the SBRA on August 23, 2019 which President Trumps supported.
Bankruptcy Attorneys at Your Service
We speak with both individuals and small businesses about bankruptcy often. It’s not a fun conversation and we’re in the trenches with you till the end. We want to help you do what is smart for you, your business and your employees.
Let’s talk today about your options.
[…] Bankruptcy for small businesses are a viable option to consider as many small businesses struggle to stay afloat during the corona virus pandemic. Below are practical options that can help Georgia businesses. We’re seeing many employees and business owners alike are finding themselves in an unexpected financial crisis. While big corporations are able to continue business as usual for the most part, small businesses don’t have that luxury. […]