This is basically what my life has been the last two months or so. I think it was someone else's idea, but we took it and ran with it.
If you're already involved in some way, great!
If you're not, what are you waiting for? It's a good deal. Sign up to accept it, buy some for gifts, or look into sponsoring the program. A combination of the above options would be even better.
If you're like most, your business is a huge part of your life, a major component of your identity, not just 'something you do for money'. We get that, and we're here to help.
Some of you may be able to weather this with little ill effect. Some may be busier than ever. More than a few of you are struggling, and may not make it through with your business or your personal finances intact. That's a hard truth for many, but we're seeing more and more of it as the days roll on.
We're focusing on a more fullsome approach to advising our existing and new clients during this disaster. We're working through the disaster relief and loan programs, yes, but that is not going to be enough of a difference for many businesses. Below are a list of ideas for both your business and personal health as this nightmare drags on.
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Things are changing every day. New programs are rolled out and a week later they have completely different guidelines, applications, and channels they have to go through. Our office is getting updates on a daily basis and it's like drinking out of a fire hose.If you're like most, your business is a huge part of your life, a major component of your identity, not just 'something you do for money'. We get that, and we're here to help.
Some of you may be able to weather this with little ill effect. Some may be busier than ever. More than a few of you are struggling, and may not make it through with your business or your personal finances intact. That's a hard truth for many, but we're seeing more and more of it as the days roll on.
We're focusing on a more fullsome approach to advising our existing and new clients during this disaster. We're working through the disaster relief and loan programs, yes, but that is not going to be enough of a difference for many businesses. Below are a list of ideas for both your business and personal health as this nightmare drags on.
- Seek out mentors. Even during social distancing, you need to have folks that you can run ideas by that will give you dispassionate feedback and honest advice from a perspective that is removed from, but still interested in the success of your business.
- Know where your business is at and where you would like it to be next week, next month, next year.
- Pivot. Most businesses have had to shift operations, the ones that are doing it well have been the most successful thus far financially. For example:
- Simplify your food menu, focusing on items that carry out well
- Adjust/upgrade your ordering and payment systems to make social distancing easier
- Discounts for volume to increase profit per transaction
- Communicating with customer base regularly via social media to keep them engaged
- Reaching out to help others in the community as you are able
- Building in systems that will remain strong options if this happens again
- Utilize the programs that are out there, as appropriate. Not all businesses are going to qualify for every program. Not all businesses want to take on debt. Not all forgiveable loans are forgiveable for everyone. Do your homework, read the fine print even if someone is helping you through the process.
- Hug your kids. Your business is important, but your family is the reason your business exists, or it should be. Enjoy the time you are able to spend together, if that's the case.
- Call your friends. Make a point to reach out and talk to three people who aren't in your house every day. We're social animals, this isolation, even with family, can be more damaging than many realize.
- Check on an 'essential worker' if you aren't one. They're powering through this for all of us.
- Be mindful of what you consume, both physically and mentally during this time. It's easy to go the wrong direction with less real contact with the outside world.
- Keep learning. There are free and inexpensive classes to take online that can help you both personally and professionally.
- Stay positive! None of us are going to make it out of this life alive, but the vast majority of us will push through this disaster. Who knows what adventures will await us on the other side? Clean air, realigned priorities, and a stronger sense of community could make the future that much better.
The program does require some financial documents, to include verification of:
Average monthly payroll costs (including benefits) for 2019 on an annualized basis for each employee (including full and part-time employees and salary cap of 100k per employee)
Seasonal businesses may elect to provide average monthly payroll from February 15, 2019 to June 30, 2019 excluding costs on an annualized basis for each employee
New businesses: average monthly payroll may be calculated using the time period from January 1, 2020 to February 29, 2020 excluding costs over $100,000 on an annualized basis for each employee
Payroll can be verified with:
Form 941 for 2019: Employer’s QUARTERLY Federal Tax Return, for all four quarters of 2019 or
Form 944 for 2019: Employer’s ANNUAL Federal Tax Return, or
2019 Complete 1040 Tax Returns, if filed (2018 Complete 1040 Tax Returns if 2019 not yet filed)
Annual Summary of the Borrower’s 2019 payroll registry
Entity documents including Articles of Incorporation or Organization, Bylaws and Partnership Agreements as applicable will likely be needed as well.
