The coronavirus pandemic has introduced uncertainty into every facet of our lives. We are concerned about the health and safety of our families and friends, and many of us are grappling with significant business issues such as cancelled orders, slow collections of accounts receivable, layoffs, supply chain interruptions and other sudden and unforeseen impacts to our workforce, operations and revenue.
There are no simple answers, but there are a variety of options to consider. We are here to help. WBL partners and staff continue to work to help our clients understand new legislation such as the CARES Act and the Paycheck Protection Program, meet compliance obligations and develop strategies to withstand the growing economic turbulence.
We’ve prepared a number of resources to keep everyone up-to-date (red indicates the file has been updated since initial publication, with the date of the most recent addition or update in green):
Updates on COVID-19 Relief [4/23/2020: Presented to the CFO Leadership Council]
SBA PPP Guidance and Forms:
SBA PPP Loan Forgiveness Application [5/15/20]
SBA Paycheck Protection Program FAQs [5/13/20]
Main Street Loans:
WBL is here to help. Schedule a call or video meeting with us to discuss your specific business challenges and the variety of options you may need to consider, including:
- Proactive communication with customers, debtors, suppliers, landlords and regulators
- Refinancing term debt to take advantage of low interest rates and/or increasing lines of credit
- Disaster assistance financing from the Small Business Administration
- Immediate steps to shore up cash flow
- Expense management, including workforce analysis
- Proactive communication with employees and providing assistance where possible
- When and whether to file a business-interruption insurance claim
- Delaying April 15, 2020 income tax payments as permitted by the IRS
- Reviewing and revising 2020 tax planning and estimates
- Transfer pricing options for international companies
- Initiating long-term recovery planning now
- Short-term assistance with accounting services, payroll or bookkeeping
Your Williams Benator & Libby team continues to monitor the local, national and international news as well as detailed communications from government organizations. We will share updates and recommendations with you as quickly as we can. When we say we’re as invested in the success of your business as you are, it’s not lip service. Please contact us today if we can be of help.