Report: More than 3,500 Kansas businesses closed or filed for bankruptcy so far in 2020
WICHITA, Kan. (KWCH) - So far in 2020, nearly 3,600 Kansas businesses have shut down or filed for bankruptcy. That’s according to a report from the Kansas Secretary of State’s Office. What that report doesn’t show is just how many more businesses are struggling to survive.
The latest blow comes with the announcement that Regal Cinemas across the U.S. (including in Wichita) are soon closing. The struggling movie industry is only part of the much larger problem.
“Unprecedented in our area. We have really seen the equivalent of about 30 years of lending if not more. A lot of businesses, a lot of industries are hurting,” said U.S. Small Business Administration Wichita Office District Director Wayne Bell.
Experts believe the only way some businesses can survive another six months is with another stimulus package from the federal government.
“There are resources in place, but we’re hopeful they’re going to be more incentives and more resources available through the legislative process,” Bell said. “That’s what it’s going to take for businesses to survive the next few months until we get a vaccine in place.”
Until then, business owners across the U.S. can only hope for a vaccine in the next couple of months. If not, experts warn, more closures and bankruptcies are inevitable.
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