Can millions of Americans and thousands of businesses seek redress from the federal and state governments? Now that we are aware the coronavirus has a 99.6 percent survivability rate, the pandemic has seemed all for nothing.
And now Americans are paying the price for listening to the government, particularly New Yorkers.
According to Bloomberg News, the COVID-19 pandemic has forced 60 percent of New York City businesses to close down, and about 40 percent to file for bankruptcy across the region.
Expect things to get worse, says Al Togut, a lawyer who has handled insolvencies for small businesses and huge corporations like Enron. He told the business news network:
“By late fall, there will be an avalanche of bankruptcies. When the cold weather comes, that’s when we’ll start to see a surge in bankruptcies in New York City.”
Plus, with the state witnessing a resurgence in cases, Governor Andrew Cuomo and various mayors might return to tight coronavirus restrictions in the months to come.
Should that happen, it is the end of prosperity for The Empire State.
Thanks, government!
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