The Coronavirus outbreak took the entire world by storm and we are all feeling the effects of it. Small businesses are taking the brunt of the hit as they are being asked to shut down, send employees to work remotely, and figure out how to pay expenses with no or limited income.
With the ever-changing restrictions and recommendations from the government, there are many things that business owners should be doing at this time.
1. Keep employees and customers safe
Your top priority right now is to make sure your employees and customers are safe from spreading the virus. Most states have a stay-at-home order in place for non-essential businesses. For example, if you are in the medical or dental industry, you can technically practice, but all elective procedures should be put on hold until the restrictions are lifted. It’s important that if you are an essential business and still working, that you have protocols in place to keep your employees and customers from being exposed.
2. Set up employees to work remotely
Non-essential businesses don’t have to shut their production down as long as they can do it remotely. This can be a daunting task for companies that have not set up their employees to work from home before. Also, if you work in a sector that requires HIPAA compliance, it can be even more of a challenge. Since the restrictions will likely not be lifted for several weeks at minimum, you have time to figure out how to get them set up remotely.
3. Apply for the SBA Coronavirus PPP Loan
Don’t wait to apply for the SBA Coronavirus PPP Loan. This loan is on a first-come, first-served basis. Most certified public accountants are reading up on this loan and advising their clients on how they can apply.
When you fill out the application, you’ll need to know your gross revenue and the cost of selling goods for your business for the 12 months prior to the event. This is information that your small business bookkeeper can provide to you. If you don’t already have an accountant, this is the best time to get one. They will be valuable to you in the coming months as new laws and resources are made available to you.
4. Business tax planning and preparation
At this time, there is a three-month extension in place for tax filing this year. That doesn’t mean you should hold off on your filing. If you are eligible to get a return, don’t hold off on filing. However, if you are going to owe, you can push off paying for three months. You’ll need to consult with your small business accounting office for the numbers from your business to see if now is the best time to file or whether you should wait.
5. Invest in bookkeeping now
If you don’t already have a bookkeeper, it’s time for you to invest in one. Many businesses are taking the extra time they have right now to sure up their strategies for the coming year. This unprecedented time in our economy has shown owners where they are weak and what issues need to be addressed.