Few if any sectors of our local or national economy have been able to steer clear of the economic destruction brought on by the novel coronavirus (COVID-19). As the outlook begins to improve for some, it remains murky at best for others as we continue to navigate the unknown in 2020 and look toward the future.
As reported by Wisconsin Public Radio, a survey released by the University of Wisconsin-Oshkosh showed that Wisconsin businesses were finally starting to see income gains in July, marking the first time since April those numbers were in the black compared to a year ago. Specifically, “they saw a collective $11 million gain in income compared to July 2019”, representing “an improvement from the losses they have seen throughout the pandemic”.
Things are not as rosy for businesses that rely on travel and tourism to survive, especially during the traditionally busy summer months. Chicago’s new travel restrictions are throwing another wrench into a tourism sector already reeling from the effects of the pandemic, including a sharp decrease in business travel and a stay-at-home order earlier this year.
Chicago Mayor Lori Lightfoot issued a travel restriction late last month that requires anyone traveling from Wisconsin to Chicago to quarantine for 14 days. As reported by the Milwaukee Journal Sentinel, this has the tourism industry concerned about losing the business of visitors from the Chicagoland region who frequently flock to Wisconsin locations such as Lake Geneva. If they are unwilling or unable to quarantine for two weeks upon return to Chicago, they may decide to scrap their Wisconsin travel plans this year.
Will they be able to survive this down year and bank on a recovery in 2021 when cooped up families hit the road in search of recreation and adventure? We all hope so but 2020 has taught us that even the best forecasts can be quickly wiped away by the unexpected.
For businesses accumulating debt as a result of this lost year, choosing the right debt relief option can make all the difference in their ability to achieve the best possible outcome. We offer a variety of business debt relief options, including reorganizations and workouts, Chapter 11 bankruptcy and receiverships.