The ongoing COVID-19 crisis has dealt a lot of damage to multiple economies around the world. From small to prominent businesses, none have remained unaffected by the sudden changes and restrictions implemented by government bodies to keep its citizens safe from the pandemic. In Baltimore alone, multiple businesses have felt the need to hire bankruptcy lawyers to seek help. Small businesses are even more at risk because they are the most likely to face multiple difficulties from prolonged restrictions. As such, if you are a small business owner, it would be worth your while to know which small businesses are most vulnerable to COVID-19 so you can make preparations.
While the pandemic has affected all industries, some are more affected than most. That’s because the ability to operate remotely and the chances of exposure due to the nature of the business each played a role in their rapid decline. Because of this, some businesses in similar industries (big or small) have recently been hiring bankruptcy lawyers in Baltimore, Maryland. Let’s take a look at the small businesses that could be more affected by the pandemic.
Restaurants, Taverns, and Caterers
Food establishments that do not offer takeout options, in particular, are the most likely to suffer from restrictions because they operate by accommodating dine-in customers. Last 2020, Baltimore awarded grant funds to restaurants which were a big help to some businesses because they could stay on top of their bills. Offering takeout options is another solution to earning profits amid the crisis.
In a time where travel restrictions keep being imposed time and time again, hotels and other businesses that offer lodgings will find it hard to attract customers. Because of this, such establishments will inevitably face difficulties because most people would face a lot of inconvenience when traveling.
Compared to food and beverage stores, apparel retail stores are among the hardest-hit small businesses because of not being classified as an essential service. However, this is not the same for manufacturers of Personal Protective Equipment and other essential wear.
It is impossible for manual laborers to work remotely. And in a time where coming into close contact with other people can be detrimental to one’s health, the pandemic has had a large negative effect on this industry. Construction firms were unable to resume work, especially during the earliest stages of the pandemic. Now that vaccines are slowly being rolled out throughout the country, the construction industry is gradually recovering.
Sharing equipment is the norm in gyms and other fitness centers. However, this can put multiple people at risk if just one gym-goer is infected with COVID-19. Since the start of the pandemic, many people are also choosing to exercise at home with the help of online home workout programs. Due to this, a lot of gyms were hit hard during the start of the pandemic.
While the economy is slowly recovering, we have not yet fully overcome the crisis. This is especially true with the ongoing discovery of multiple COVID-19 variant mutations. That is why it still pays to be vigilant and be aware of how the pandemic can affect your business. It’s also a good idea to take advantage of government assistance for those who qualify. But if your business is past all of that and you have no choice but to file bankruptcy, seek help from a qualified bankruptcy lawyer in Baltimore, Maryland like Attorney Richard Hackerman.