Illinois

This very small college (c. 570 students) had been in trouble for some time:

The coronavirus outbreak and resulting economic disruption “complicated MacMurray’s financial condition” but were not primary reasons for the closure, according to a statement.

MacMurray's leadership team worked to develop a sustainable financial model for more than a year. The model would have included expanding the college's professional degree programs and working to admit more nontraditional students.
...

"The Board pursued and prepared several different scenarios for more than a year, including merger with another college, financial remedies, development of a strategic plan to reshape MacMurray’s business and academic model, and closure," she wrote in an email. "After that extensive process, it became clear MacMurray could not secure the capital needed to keep the college open and had no viable financial path forward."

https://www.insidehighered.com/news/2020/04/02/two-small-colleges-winding-down-operations-coronavirus-impact-looms-over-higher-ed

MacMurray has struggled financially in recent years, having failed the U.S. Department of Education's annual financial responsibility test in 2011, 2012, and 2013, and in 2016 was placed on probation for a two-year period by its accreditor, the Higher Learning Commission, which cited "concerns related to governance, assessment of student learning, institutional resources, planning, and performance improvement.”

https://en.wikipedia.org/wiki/MacMurray_College