SMALL BUSINESS RESOURCES
Our aim is to make sure business owners are empowered with confidence, financial freedom, and flexibility.
Our top resources to get you there... all right here.
We're in your corner.
COVID-19
Up-to-date resources to help you navigate today's uncertain times.
SBA LOANS + DISASTER ASSISTANCE
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Gusto: Resource page and spreadsheet with info organized by state.
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Small Business Guide and Checklist: Emergency loans [PDF download]
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[UPDATED] SBA Economic Injury Disaster Loan: SBA EIDL application
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Paycheck Protection Program: Treasury.gov info and a break-down of info from Amy Northard CPA
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Economic Injury Disaster Loans: The U.S. Small Business Administration is offering low-interest federal disaster loans to small businesses suffering economic injury related to Covid-19. The interest rate is 3.75% for small businesses, and 2.75% for non-profits. Additional loan terms are determined on a case-by-case basis and are based upon each borrower’s ability to repay. If your business has suffered a loss of revenue and (or) major disruption in operations due to Covid-19, our personal recommendation is to go ahead and apply. Before applying, you must have your most recent tax return, Income, Balance Sheet including a schedule of liabilities listing all fixed debts, cash flow documents, and monthly sales figures. Click here for more info and to start your application.
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Small Business Guidance & Loan Resources: Continue checking the SBA's resource page for the latest inf
ECONOMIC RELIEF
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Stimulus checks: Use this calculator to find out how much your household will receive.
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CARES Act [Whitehouse.gov]: Details on the type of assistance that's been approved and what you can expect.
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Families First Coronavirus Response Act [Congress.gov]: This package requires that employers provide 2 weeks of paid sick leave and up to 3 months of paid family leave for employees affected by the virus. Employers can expect to claim a tax credit for this cost.
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Federal Student Loan relief: Coronavirus and Forbearance Info for Students, Borrowers, and Parents.
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Tax and stimulus payment checks [IRS.gov]: Extended tax deadlines and the latest from the IRS
NAVIGATING YOUR BIZ & FINANCIALS IN A CRISIS
DO THIS FIRST...
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Minimize the impact if you're losing clients/revenue... offer payment extensions or plans, lower services offered so that payments fit within their budget, offer services you don't normally offer (and that are needed right now).
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Work with your bookkeeper to build a cash flow forecast and determine your break-even point... doing this lets you see how long you can go with zero additional revenue and is critical to know at all times.
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Even if you don't think you'll need an emergency loan... have your latest tax and financial statements ready, just in case.
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Reach out to credit card companies and other liability accounts holders... request flexibility on payment terms and lower interest rates.
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Contact your business insurance policyholder... determine if you're covered for lost revenue due to business interruption.
HOW TO SET UP A BUDGET QUICKLY
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List all income... consider monthly, quarterly, annual.
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List ALL expenses... even if only an annual expense!
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For expenses... divide into Fixed or Variable.
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Subtract expenses from income
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Compare the numbers... is too much going out? What's non-essential right now? Adjust expenses so that you have more coming IN and less going OUT.
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Check out the free budget spreadsheet and resources at NerdWallet.
CASH FLOW
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Cut non-essentials costs... look at subscriptions and apps on autopay. Truebill can help you find hidden recurring costs.
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Explore loan options... SBA, banks and credit union business loans, etc.
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Consider credit cards... look for 0% promo periods like AMEX Blue Business.
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Check your business insurance... what can they do to help you?
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Consider alternative revenue streams... is there something you don't usually offer that others need right now?