The Pandemic is Killing Small Businesses

SALT LAKE CITY, Dec. 4, 2020 /PRNewswire/ -- 2020 has seen thousands of businesses close due to the COVID-19 Pandemic. According to a Yelp Economic Impact Report, 30% of US businesses closed during this period were forced to file bankruptcy. JCPenney to Gold's Gym and Hertz have all had to go through legal processes to deal with their debts.

"The focus of US government and state economic relief programs formulated during the Pandemic was to alleviate largescale unemployment – but not to per se support the businesses that actually employ employees. Enhanced unemployment benefits, the Paycheck Protection Program, airline loans and subsidies were for the most part aimed at keeping individuals afloat. Small businesses have been left to their own devices to weather the storm, and even forced to close their doors by Draconian government mandates. Decisis Law www.decisis.law was founded and organized around the construct of guided bankruptcy (through Chapter 11 and 7) for small businesses," says Roger LeFevre, Senior Legal Analyst and Managing Member.

Seasoned business management and bankruptcy legal advisors are invaluable components of the healing process and even metaphoric death of a business. As sole proprietors, small and medium businesses find themselves in financial distress, a couple of options must be considered to make the best decisions for their stakeholders. An experienced bankruptcy firm plays a key role through advice, representation in court, and defending a business's interests against creditor assaults.

Chapter 11 is meant to "reorganize" a business where a second chance appears feasible. Management continues to run the day-to-day business operations, but all significant business decisions must be approved by a bankruptcy court. A more drastic alternative is found in Chapter 7, in which the company stops all operations and goes completely out of business. A Trustee is appointed to liquidate the company's assets to pay what can be recovered for creditors and investors.

According to Lesta M Simmons, Lead Attorney, "Decisis Law PLLC is a law firm headquartered in Salt Lake City, Utah with attorneys licensed to practice in Georgia, Texas, and Utah. Decisis Law professionals identify solutions that are crafted to address more granular business operational problems causing losses. Our lawyers and support team possess both broad and specialized expertise, including business formation and reorganization, contracts, settlements, real estate, IRS problems, government affairs, financial crimes and white-collar defense."

Media Contact:
Roger LeFevre
[email protected]
801-875-4010

SOURCE Decisis Law PLLC

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