*Continuously Updated As More Information Becomes Available*
Video Below Updated 4/2/20
NOTE: UPDATE TO PPP PROGRAM AFTER RECORDING
-Interest Rate: 0.5% – Updated as of 3/31/20
-Term: 2 Years – Updated as of 3/31/20
NOTES FROM 3/18/20 PODCAST:
These next few weeks (or months?) for business owners and individuals alike will be tough. However, as business owners this poses an opportunity for leadership.
I touch on this specific topic in this weeks Small Business Tax Savings Podcast episode which I have provided before. Here is a brief summary:
1. Be A Leader
To your employees, clients, and community.
2. Embrace the Situation
Think of ways you can modify your business to maintain during this tough time. Do not just stick your head in the sand and give up. INNOVATE!
3. Do Planning
Plan for the various situations (good, bad, ugly) and determine what your business will do if you hit those certain benchmarks.
As we are navigating these unexpected waters together, let us know how we can help. We are that partner on your team to get through this together!
NOTES FROM 3/25/20 PODCAST:
1. Do Planning
Put together a plan on how your business will react at certain thresholds. Do a Good (3 weeks), Bad (2 months), Ugly (3-4+ months) plan so you know ahead of time what actions your business needs to take depending on how long this lasts.
2. Expense Cutting
Go down your income statement and see what items you can cut or downgrade. If you have any software fees is there any you can move down a package (Premium to Standard) temporarily. Start implementing these cuts today to maintain cash.
3. Slow Down Cash Outflow
Do you have any bills or rent payments that you can negotiate for short period of time? Reach out to loan providers and see if you can move to interest only payments temporarily. If they say no today, try again in a couple days.
Look into an SBA loan if you need cash now. Look into zero interest credit cards to see if those may be an option for you.