Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.
Filing for bankruptcy is about to become a lot more accessible for many small businesses, thanks to a new law that goes into effect next week. Baltimore SBOs are tired of their city getting a bad rap — and think that a little chocolate might help change peoples’ perceptions. And speaking of perceptions, unfounded fears about the coronavirus are hurting small businesses in New York City’s Chinatown.
Small business bankruptcies about to get easier & cheaper
On February 19, 2020, the Small Business Reorganization Act of 2020 will go into effect, making it easier for small businesses to file for bankruptcy. The new law seeks to bypass the aspects of the Chapter 11 process that makes filing for bankruptcy cost-prohibitive for many small businesses.
The Number: $2,725,625. The new bankruptcy laws apply to small businesses with less than $2,725,625 in debt.
The Quote: “Today, small businesses that cannot afford a bankruptcy reorganization are generally forced to shut down or liquidate under Chapter 7 of the Bankruptcy Code. On Feb. 19, many of those small businesses will finally get a fighting chance to stay alive …”
Baltimore SBOs hand out valentines to drivers, no strings attached
A group of Baltimore small business owners decided to spread love and positivity by giving Valentine’s Day chocolates and flowers to drivers passing by. The group is seeking to counteract a lot of the negative perceptions and attitudes about the city — and to remind people that there are a lot of great businesses in the area worth checking out and supporting.
The Number: 4. On Monday the 10th, only 4 small business owners were handing out chocolate and flowers to people stuck in traffic. By Wednesday the 12th, 20 SBOs were out spreading love to people passing by.
The Quote: “But we’ve got a lot of great businesses in the city. We’re still down here surviving, and we could use more folks to come visit us — on Valentine’s Day and any other day of the year.”
NYC’s Chinatown small businesses suffer amidst coronavirus fears
Fear and misinformation are the culprits behind a recent drop in revenue for many small businesses in New York City’s Chinatown. While New York has not had a single confirmed case of the highly-contagious virus that has caused tens of thousands of people in China’s Hubei province to become ill, widespread fear has prevented people from visiting and shopping in Chinatown.
The Number: 40%. Business owners in NYC’s Chinatown estimate that their revenues have fallen by as much as 40% since the outbreak of the virus.
The Quote: “Consumers should not be afraid to go to Chinatowns across cities and support small businesses.”