Re-posted article from Straight Line Logic
More than 500 companies filed for bankruptcy under the small-business bankruptcy rules since February, according to the American Bankruptcy Institute. June was the top month for filings with 131 cases; many were filed in states hit hard by the pandemic like Florida, Texas, California, New York and Illinois.
Unfortunately this is the tip of the proverbial iceberg.
A lot of people are going to need a lot of help over the upcoming years. Do what you can, in whatever capacity you have to help. We have increased our donations to a local charity called The Hope Center and have started sending small sums to the Food Bank of Oklahoma. Every little bit helps.