BANKRUPTCY, CORONAVIRUS AND OUR ECONOMY


02 Aug

According to the Tennessee Department of the Governor website. "As a result of COVID-19 mitigation, Tennesseans filed 465,951 unemployment claims with the Department of Labor and Workforce Development between March 1 and May 2, 2020."

"While these challenges started first for many of the Tennesseans who work in entertainment, recreation, and accommodation, they have now spread to impact almost every industry and every county across Tennessee"

"Some industries were impacted more dramatically than others including: a $408 million decline in restaurant sales, a $177 million decline in hotel and accommodation sales, a $218 million decline in motor vehicle related sales, and a $64 million decline in entertainment and recreation sales year over year. April losses will be significantly greater."

"New business applications are down 53% in April 2020. Additionally, the number of licensed professionals and businesses declined by 13% compared to the same time last year."

"Tennessee Gross Domestic Product is projected to decline $5 billion during 2020 as a result of closures and joblessness related to the pandemic, assuming businesses begin to reopen on May 1, 2020."

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