The Coronavirus (COVID-19) is quickly spreading throughout the US and some businesses are already seeing significant impacts. There has been significant economic impact within specific industries especially travel, entertainment, and conference industries. The impact on other businesses is not fully known but business owners should expect some impacts on their business. Some businesses could see opportunities in the short term while other businesses may see reduced sales or interruptions in their supply chain. At a minimum, expect a slowdown in business decisions as many businesses shift their resources to managing the coronavirus and redirecting how and where their employees work. President Trump in his address to the country on 3/11 announced proposed economic relief to businesses and individuals including:
Expansion of low-interest loans from the Small Business Administration (SBA)
A delay in filing and paying taxes for individuals (1040 returns)
A temporary reduction of payroll taxes
These proposals have not been fully detailed, and most require congressional approval before they are put in place. We will continue to post updates.
As a business owner, what can you do? 1) Don’t panic. Now is the time to think through potential opportunities and impacts using the best information available to make decisions. Talk with your business partners and other trusted advisors. 2) Talk with your customers and suppliers to understand what changes they are considering or making that may impact you. 3) Monitor cash closely. Divide cash outlays into must-have vs like to have. Delay any unnecessary expenditures or large purchases if possible. Stay on top of your overdue accounts receivable.
If you need someone to talk to about what is going on and how this may impact your business, please set up a free 15-minute call or Zoom meeting to discuss. We also offer a 90-minute session where we can discuss your business and plans in detail. Normally this session is $149 but through April 30 the 90-minute session cost will be reduced to $79. Schedule your session today. In times of uncertainty, planning is critical to helping your business get through these changing times. The team at EDGE is here to help.
The EDGe team – Eric, Paula, and Molly