It's hard for me to talk about without breaking confidences, but this type of stuff is happening everywhere. Banker called me panicked today and said he had three borrowers warn of default. Two business owner friends called to discuss layoffs and how much "runway" they have.
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No small business has a fortress balance sheet. In practice most business owners don't live month-to-month, but they do live quarter-to-quarter. And, most are low-margin businesses with customer concentration. Most small businesses, and especially hospitality-based, are toast.
9:41 PM · Mar 17, 2020
There's so much pain here, or coming soon. Our businesses will still suffer, but should be fine. I'm just devastated for so many owners who have worked a lifetime to build and will lose everything. And, for the many long-time employees who will soon be jobless.