Times are hard right now as many small businesses struggle to stay afloat during the coronavirus pandemic plaguing America today. Let’s talk about the options to help you make it out.
As we are in the midst of the coronavirus/COVID-19 pandemic, employees and business owners alike are finding themselves in an unexpected financial crisis. While big corporations are able to continue business as usual for the most part, small businesses don’t have that luxury.
For a small restaurant, going to takeout options only might mean laying off the majority of their staff and the owners working nearly for free to keep the business afloat. It could mean losing a majority of your business because you weren’t originally setup to be a takeout only restaurant and you are trying to find unique ways to still keep people placing orders.
As a small business owner, you are likely beginning to have serious concerns about the piling up of rent, utilities and payroll during a time when your cash flow is limited.
We know these times are stressful, but first, take a moment to just take a deep breath. While it is easier said than done, try to keep calm, remain positive and keep in mind there will be a light at the end of this tunnel – even if it doesn’t appear as soon as you had hoped.
Next, start exploring your options for help during these hard times:
These are here to help you. While taking on a new loan sounds intimidating and like you are creating more debt, you have to consider the circumstances and what the financial ramifications might be if you decline this offer.
If the state or federal government is offering funds to help keep businesses like yours afloat, this is not the time to be hesitant in accepting the assistance. Take full advantage of these opportunities.
While bankruptcy is often associated with negative connotations, during a time like this it can not only keep your business operating but can also give you a fresh start when it is needed the most.
And, as of February 2020, one of your bankruptcy options – Chapter 11 – has become much easier because of the Small Business Reorganization Act of 2019 (SBRA) passed by Congress and signed by President Trump on August 23, 2019.
Your bankruptcy attorney can advise you of all the options available to you and your small business, what they mean, and what would be required.
We speak with both individuals and small businesses about bankruptcy all the time. We know it isn’t a fun conversation and it isn’t an easy one. But during these unprecedented and unsure times, we want to help you do what is financially smart for you, your business and your employees.
Let’s talk today about your options.