COVID-19 

Up-to-date resources to help you navigate today's uncertain times.

SBA LOANS + DISASTER ASSISTANCE 

• Gusto: Resource page and spreadsheet with info organized by state.

• Small Business Guide and Checklist: Emergency loans [PDF download]

• [UPDATED] SBA Economic Injury Disaster Loan: SBA EIDL application

• Paycheck Protection Program: Treasury.gov info and a break-down of info from Amy Northard CPA  

• 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.

• Small Business Guidance & Loan Resources: Continue checking the SBA's resource page for the latest inf

ECONOMIC RELIEF

• Stimulus checks: Use this calculator to find out how much your household will receive.

• CARES Act [Whitehouse.gov]: Details on the type of assistance that's been approved and what you can expect.

• 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.

• Federal Student Loan relief: Coronavirus and Forbearance Info for Students, Borrowers, and Parents.

• 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...

• 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).

• 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. 

• Even if you don't think you'll need an emergency loan... have your latest tax and financial statements ready, just in case.

• Reach out to credit card companies and other liability accounts holders... request flexibility on payment terms and lower interest rates.

• Contact your business insurance policyholder... determine if you're covered for lost revenue due to business interruption.

HOW TO SET UP A BUDGET QUICKLY

• List all income... consider monthly, quarterly, annual.

• List ALL expenses... even if only an annual expense!

• For expenses... divide into Fixed or Variable.

• Subtract expenses from income

• 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.

• Check out the free budget spreadsheet and resources at NerdWallet.

CASH FLOW

• Cut non-essentials costs... look at subscriptions and apps on autopay. Truebill can help you find hidden recurring costs.

• Explore loan options... SBA, banks and credit union business loans, etc.

• Consider credit cards... look for 0% promo periods like AMEX Blue Business.

• Check your business insurance... what can they do to help you?

• Consider alternative revenue streams... is there something you don't usually offer that others need right now?