Here in Portland folks are being crushed by this financially and small and large business are already folding like paper airplanes.. A good friend, who owns a pretty large food related business, almost 200 employees, laid off all but a skeleton crew yesterday. They went from being a financially solvent successful 27 year old business to unable to buy inventory and pay employees and the bank, in just three days.
I was also speaking with a friend who is a yacht broker and he said he has fielded calls from about 20 boatowners in the last two days alone who want out. He normally lists one to four boats per month. This could drive prices down for sure, but who's buying.
My neighbor who owns a hotel franchise for Maine and part of NH, which is normally a booming huge money making business, had an occupancy, as of yesterday, of 6%. They normally have no rooms available and are typically booked sold. He just finished a 7 figure mandatory renovation project (mandated by the company) and he is pretty scared right now. He also laid off some employees yesterday.
The washout from this is going to sting for a while I suspect. If you have any cash, I would spend it very wisely.