Here's another aspect to it: we're about to have the mother of all recessions because on top of looming inflation from all the money printer go brrrr policies, we've been keeping a lot of marginal businesses afloat with gibs and those gibs will end soon. When they do, there'll be a wave of bankruptcy that cascades through the market and people will sell off assets all at the same time, which will depress prices and push people who were keeping afloat just on asset price bubbles below the line and cause them to go bankrupt. It's going to be a fucking bloodbath.
Much of this describes my current situation. The government forced us to close our restaurant for 3 months. Zero sales/income. They offered us PPP to reopen, which we did. But the landscape had changed. Small mom/pop place that served breakfast/lunch to the surrounding office parks. What didn't change/reopen were the office parks we served. They remained work from home/closed and largely are still empty. Made a go of it for a couple of months, all our employees came back to work but what didn't come back were the customers. Once the PPP ran out, we weren't bringing in enough to keep the fucking lights on in the place. We had to shut it down because we were bleeding money, plain and simple. We had been doing fine before the Coof.
Sold off what we could, paid all our vendors and employees and shut the doors. Leasing company sued us for breaking lease to the tune of over 100k. Only option was to file bankruptcy. We tried to do it under our LLC, but our lawyer said they could break through that in court, so we ended up having to file as personal bankruptcy.
Had our creditor hearing earlier this month. We have nothing but our home at this point and the court is considering tapping our equity in that. Don't know how it will all play out until July.
Yes, to your point, an absolute shitshow is coming. Our lawyer said we are just the tip of the tsunami wave of bankruptcies that are coming. And the worst part is it's something we had zero control over. Shutting us down killed us, but even moreso, evaporating our customer base was the true nail in the coffin.
The level of stress on my family is off the charts. Of course I'm angry but even playing the scenario over and over again in my mind, there's simply no way I could have played the cards any differently against a deck the government stacked.
And what little condolence there is in knowing I'm only one of many in this shitstorm means nothing.