TWO NEW STORIES: SMALL BUSINESS COULD FACE CATASTROPHIC CONSEQUENCES, AND MANY TENNESSEE RESIDENTS MAY FACE EVICTION
SMALL BUSINESS COULD FACE CATASTROPHIC CONSEQUENCES
Over 100 business executives sent a letter to Congress this week, warning of CATASTROPHIC consequences if small businesses aren't bailed out due to COVID-19.
The letter states "By Labor Day, we foresee a wave of permanent closures...by year end, the domino effect of lost jobs, as well as lost services and products...could be catastrophic."
The letter was signed by a number of business leaders including representatives of Starbucks, Facebook, Microsoft, Walmart, and the Chamber of Commerce. In it, they said legislation needs to guarantee federal loans to sustain small businesses through 2020 and well into 2021...adding that a two or three month program won't be enough. More details about the story here.
TENNESSEE RESIDENTS MAY FACE EVICTION
Meanwhile, in another story this week, the headline reads: "Wave of evictions expected...in many states."
Within the article, the writers note "with 30 million unemployed...and the federal eviction moratorium that expired July 25th...if not extended, landlords can initiate eviction proceedings in 30 days....it's going to be a mess."
A survey last week found that 30% of Tennessee residents said they weren't able to make last month's rent or mortgage payment and had little or no confidence they could pay this month's. Read the story here.
Most families admittedly were already living paycheck to paycheck, and new stimulus packages being proposed by the government ultimately tells them they'll need to get by with even less. The fact remains that the vast majority of Tennesseeans were unprepared for a crisis such as this, the goal posts keep getting moved, and as the money tap is now slowly being turned off...bank accounts will dwindle, debts will continue to mount, and bill collectors will be feeling the pressure as well to COLLECT, by whatever means necessary.
Smart families should be preparing to take legal steps now.
If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!
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