The crisis we find ourselves in today puts businesses in the position of having to make the ‘best bad decision’ they can. Now, more than ever, business leaders should be rapidly planning their next moves to plan for the worst while hoping for the best
In our recent webinar “Your Business’ Rapid Response to COVID-19,” we covered several topics that all businesses should be addressing NOW.
- Merging your 2020 planning with crisis management
- Planning for a protracted period of reduced demand and constrained supply
- Extreme conservation of cash and other resources
- Open communication with customers, employees, suppliers, financial partners and others
- Making tough decisions: what you have to do vs. what you want to do
- Psychological factors:
- The markets & uncertainty
- People & change
- Fear and anxiety & bad and irrational actions
- Predicting the future:
- You can predict the event, but not the timeline
- Arbitrary dates lead to disappointment and set false expectations
- Trying times for nonprofits
Over the next several days, we are going to explore these key issues in detail and provide you with the information you need to keep up with the rapidly changing business world we currently find ourselves in.
UNDERSTANDING AND UTILIZING GOVERNMENT PROGRAMS
One of the first steps to your rapid response is understanding what government programs are now or will soon be available. We advise you to learn about these programs and decide which are best suited for your needs. PBO Advisory’s team of financial and accounting professionals are ready to assist you with your decision making.
Additionally, if a program requires an application, such as SBA loans and grants, we advise you to apply as soon as possible.
These programs include:
- SBA loans and grants
- IRS payment deferrals
- California state income tax payment deferrals
- California sales tax payment deferrals
- California state employment tax deposits
Remember: The optics of filing extensions, deferrals, etc. are good, but you still need to prepare your returns now so you can plan for the payments that you will eventually have to make. While the IRS and state and local governments are offering tax payment “holidays” there are no tax forgiveness programs (at least not yet).
A NEW RESOURCE
You can find links to government programs and more information about deferral dates by visiting our newly established PBO Advisory COVID-19 Resources Center. We’ve complied significant business and employment resources to help you with your rapid response, including:
- General business tools
- Loan assistance resources, including assistance for nonprofits
- Tax resources
- CDC materials
- DOL materials
- HHS materials
- OSHA materials
- California resources
- San Diego County resources
- Resources from San Diego County cities
- City of Temecula resources
We are continually updating our resource center with new information, so we encourage you to return often.
OUR NEXT BLOG POST
On Tuesday, March 31, we will be addressing the issues surrounding your employees including layoffs, furloughs, payroll, 401k plans and how to communicate with employees during this time.
WE ARE ALL IN THIS TOGETHER