10 Tips To Manage Your Business During The COVID-19 Emergency

TIPS FOR YOUR ORGANIZATION:

1. Immediately talk to your accountant or tax professional! The various programs being offered to assist businesses and non-profits are confusing. They can help you determine if you qualify and if it makes sense to apply. Ask about the Economic Injury Disaster Loan and Paycheck Protection Program. 
2. Find out if you are eligible for the Employee Retention Credit! Ask your accounting/tax professional or payroll service provider. This credit is not available if you receive a loan under the EIDL or PPP programs. https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act
3. Remove or temporarily lift credit freezes! If you are applying for a loan program, they may need to check your personal credit. If you have a credit freeze in place, contact your bank first to confirm, then if needed, Equifax, Experian and TransUnion to remove or lift it. Be sure to check all three!
4. Stop automatic payments! It is important to have control over disbursements, so consider stopping automatic withdraws and cancelling non-critical service subscriptions.
5. Ask for payment deferrals or reductions! Contact lenders, credit card companies, vendors and service providers to discuss their policies to assist customers.
6. Carefully manage purchases! Communicate with staff to monitor and manage spending.
7. Consider returning merchandise and supplies! Evaluate inventory levels and talk to vendors about their return policies. It may not make sense if the vendor charges re-stocking fees.
8. Contact your insurance agent! Ask if you have business interruption insurance.
9. Communicate often with your employees, contractors and customers! Problems and confusion can often be avoided by simply talking to each other.
10. Understand your obligations to keep people safe! https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-2