Las Vegas Economy Takes a Hit as Coronavirus Spreads
On March 16, 2020, experienced bankruptcy attorneys at The Law Offices of Erik Severino wrote:
Whether you are reading this article from your desk at work, or from your home quarantine, you have probably noticed the spread of COVID-19 in the past few weeks. It has affected many lives in Las Vegas
, and throughout Nevada. Many are not infected but are victims of casinos and businesses closing because of the Coronavirus.
As more events are cancelled and more people begin to self-quarantine, people worldwide are worrying about the economic effects this pandemic will have. Though many may disagree about the severity of COVID-19’s impact. It is undeniable that the Nevada economy will soon see the results of the virus. Additionally, the impact will have consequences on Nevada Unemployment rates, the stock market, housing prices, interest rates, and this is quite possibly the tip of the proverbial iceberg.
Some Nevadans are self-quarantining, while others are working from home per their employer’s instructions. Currently, gatherings of more than ten people are discouraged. More people are holing up at home instead of going out for activities, such as bars and restaurants. Plus, employees in this industry are often rely on tips. Wages and tips may be significantly less moving forward. Many expect greatly diminished income for at least the near future.
Also in Nevada, business owners of almost every type should be expecting reduced income and a drop in business. Employees in other sectors can expect a change in their work life- for example, the bankruptcy courts are closed for the rest of the month- but may work remote and receive their normal income. Detriments of the COVID-19 and it’s affect on Nevada employers and workers is going to be staggering across the board.
Las Vegas and Coronavirus, the Impact is Real
Large events such as Coachella and professional sporting events have been canceled. Sports fans aren’t the only ones who will suffer from this- these events can bring up to hundreds of millions in tourism to the city where they are located. Not only will the arenas and restaurants nearby lose money, but hotel bookings and transportation will drop as well. Cities that were expecting a dramatic influx in tourism economy due to special events will suffer for months to come.
If you have been to the grocery store lately, you will know that that industry is seemingly booming. Shelves are cleared of essential items such as toilet paper, canned goods, and frozen vegetables. However, grocery leaders are urging the American public to only buy the amount they normally would to prevent shortages. They also may need to shorten their hours to allow for more time to clean and to be prepared for staff shortages due to illness. Most large businesses can expect extra expenses due to employees being out sick from work.
It is almost impossible to have no aspect of your life affected by the spread of coronavirus. While it is important to remain calm, it is also important to prepare for how your livelihood may be affected. If you were struggling financially before this crisis, now might be a good time to take advantage of being at home and get started towards filing a bankruptcy
Coronavirus and Las Vegas Bankruptcy:
While 341 Meetings of Creditors are off the calendar at the moment. Your bankruptcy be it chapter 7, chapter 11, or chapter 13 can still be filed by your experienced Las Vegas bankruptcy attorney. Additionally, once you have a bankruptcy case number, an automatic stay of protection goes into effect preventing collection from creditors. Therefore, don’t wait until everyone else is scrambling to deal with the financial setbacks caused by coronavirus- call and schedule a free consultation today. Our Las Vegas debt relief team is able to assist you with your current financial situation. Call (702) 370-0155 for a free debt evaluation.