Bankruptcy filings in New York City have risen dramatically since the pandemic, and will likely increase even more as the emergency loan money runs out and the cold weather brings both new infections and a chill to social activities, said Bloomberg. Since the middle of March the Southern and Eastern Districts of New York saw 610 filings for bankruptcy, 40 percent more than the same period in 2019, and the most for any year since the financial crisis. Over 4,000 NYC businesses have shut down entirely, a sum that the Partnership for New York City believes will eventually grow to include as many as a third of the city's 230,000 businesses.

A major problem has been the lack of workers in the office, which has been a blow to the businesses that cater to them, such as the falafel carts they'd get their lunch and the bars they'd go to for happy hour. The Wall Street Journal said that, as of the middle of this month, only 10 percent of office workers had returned to Manhattan, which is still an improvement over the 6 to 8 percent we saw in July, but still far below the national average of 25 percent. The Journal said that New Yorkers' reliance on public transport has kept many from returning to the office, versus in other cities where most people drive.

While many businesses kept the lights on through the use of emergency grants and loans, that money is running out as the pandemic wears on with no end in sight, which will prompt more business closures. Bloomberg noted that many won't even file for bankruptcy, a process which can come with expensive legal fees, and will just shut their doors forever.

Speakers at the NYSSCPA's upcoming Business and Industry Conference on Oct. 21 will speak in-depth on how businesses have been affected by the pandemic and what they are doing to make it in the COVID-19 era.