87 percent of small business owners in the United States say they're hurting as a result of the coronavirus. That's according to a new survey by WalletHub.
Restaurants, bars, and dental offices are examples of small businesses that are getting hammered here in Houston and across the country.
“It’s going to be a very challenging environment for the next several weeks and months,” Edward Ripley, a business bankruptcy lawyer at Andrews Myers, P.C., told KTRH.
Ripley anticipates more companies will soon be taking advantage of increased bankruptcy protection under Congress’ Coronavirus Aid, Relief and Economic Security (CARES) Act. That law allocates more than three hundred billion dollars for small businesses loans through the Paycheck Protection Program.
“Everyone is dealing with that uncertainty. How long are the various orders going to be put in place before businesses can start opening up,” Ripley said. “And then what are they going to look like after the coronavirus will pass at some point.”
Ripley says the key factor for recovery at the local level: energy prices.