I read somewhere online that the US goverment may close the stock market because of Covid2019. Is the upshot the same as a company going bankrupt?
You own one $10 put option on SNAP
If SNAP goes to $1, than you have the RIGHT to exercise your contract and buy 100 shares for $1 and sell it immediately for $10. If the stock price goes to $0 (in case of bankruptcy) you still have the RIGHT (and the person that sold you the option the OBLIGATION) to buy the shares for $0 so it can be sold for $10 a share.
So, if when SNAP goes bankrupt whom ever wrote you that contract is obligated to give you $1000 dollars, no ifs/ands/ or buts.