10 Tips To Manage Your Business During The COVID-19 Emergency
TIPS FOR YOUR ORGANIZATION:
- 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.
- 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
- 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!
- Stop automatic payments! It is important to have control over disbursements, so consider stopping automatic withdraws and cancelling non-critical service subscriptions.
- Ask for payment deferrals or reductions! Contact lenders, credit card companies, vendors and service providers to discuss their policies to assist customers.
- Carefully manage purchases! Communicate with staff to monitor and manage spending.
- 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.
- Contact your insurance agent! Ask if you have business interruption insurance.
- Communicate often with your employees, contractors and customers! Problems and confusion can often be avoided by simply talking to each other.
- Understand your obligations to keep people safe! https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-2
Let’s hope and pray the virus gets contained quickly! Be safe and be smart, carefully considering all decisions.