Businesses and individuals considering bankruptcy during the pandemic might be holding off for now while the crisis unfolds, but experts expect bankruptcies to rise as companies continue to struggle.

Soon after Black Lives Matter protests erupted across the country, requests for a directory of Black-owned businesses started flowing into the office of the Harrisburg-based African American Chamber of Commerce of Central Pennsylvania.

A list of 34 central Pennsylvania companies who received up to $10 million in Paycheck Protection Program (PPP) loan money was disclosed on Monday by the Small Business Administration.

“CDFIs are committed to supporting entrepreneurs and small businesses in low-income and underserved communities and that means collectively, these CDFIs will help keep paychecks flowing to employees who may need it the most.”

Employers can expect to be fully forgiven for their Paycheck Protection Program (PPP) loan if they make a “good-faith” effort to bring back laid-off employees onto their payrolls — even if an employee declines their offer.

This dual focus on present needs and long-term planning can help businesses successfully adapt not only to the current crisis but also the yet-to-be-defined new normal that awaits. Below is a guide through short and long-term impacts and corresponding areas of focus for business planning.

Federal officials are working with local lenders to help small businesses pay the bills and keep workers on furloughed status — a kind of induced economic freeze — so they are positioned to make a successful economic rebound on the other side of the COVID-19 pandemic.