Well, cash is king. You must make every dollar last as long as possible. First, have a plan to try to take care of your employees. The government is offering forgivable loans (PPPs) to encourage employers to try to keep more people on their payrolls. Investigate and apply. Second, stay in touch with your customers, lenders, landlords and venders. You need to call your landlords and lenders BEFORE you miss any payments. Let them know your problems are all attributed to the coronavirus. Federal regulators are giving banks some room to negotiate modifications to loans as long as the modifications are clearly needed due to hardships resulting from the pandemic. You need to make this very clear from the beginning. You can try to negotiate loan forebearances of between 3 to 6 months. As far as landlords and rent relief, hopefully more landlords will follow the lead of Publix who stepped up to offer tenants in their company owned centers, a couple months rent relief.
It should be no surprise to anyone that it will be very difficult and next to impossible for you and everyone else to perform prior contracts, whether it be to pay bills or to provide previously agreed goods or services services. This is not the time for anyone to try to squeeze blood from a stone, declare defaults, impose penalties or file lawsuits. Instead, this is a time for rational businessmen, lenders and creditors to sit down, review their situations and all give a little to preserve not break business relationships. If that doesn't work, I would expect to see a flood of new Chapter 11 bankruptcy filings to restructure debts and other contracts through the courts.