7.5 Million U.S. small businesses could close permanently, if fallout from Covid-19 continues, according to a Main Street America survey. The numbers indicate that over 30% face permanent closure if the crisis extends another two months. At 3-5 months, an additional 34% are at risk of closure, with remaining surveyed businesses reporting risk of closure beyond 5 months.
This volume of business failure could overload the bankruptcy courts, as well as test the capacity of legal professionals to assist in the process.
In some cases, businesses may be able to arrange a workout with creditors, selling off some inventory or surplus to generate needed cash. One way to accomplish this quickly is with the assistance of a professional asset management and liquidation firm, such as Memphis Tennessee-based JurisBid.