Stephanie Lieb spoke with the Tampa Bay Times for its May 2, 2020 story on the economic impact COVID-19 is having on Florida, and she addressed the potential rise in bankruptcies in the coming months.
Industries that were already teetering, like retail and restaurants, were hit hard by the shutdown, but businesses with models like medical practices could be harmed over the next three to six months as client payments become delinquent and diminish revenue streams.
Commercial real estate could be at the mercy of other industries as a “trickle-up effect” diminishes revenue for real estate owners if businesses are unable to pay rent.
Businesses need to communicate with lenders and work on realistic plans for reopening in a time of diminished spending, according to Lieb. “They’re going to have to adapt to the new normal.”
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