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Coronavirus (COVID-19) - Small Business Considerations PowerPoint Presentation
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Coronavirus (COVID-19) - Small Business Considerations

Coronavirus (COVID-19) - Small Business Considerations

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Coronavirus (COVID-19) - Small Business Considerations

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  1. Covid-19 Small Business Considerations

  2. Check your business liability insurance policy and/or contact your insurance agent • Items typically covered include: Lost profits, fixed costs, temporary location, civil authority ingress / egress. Possibly the cost of additional commercial cleaning of your business location. • Often referred to as Contingent Business Interruption Insurance. Usually a rider to your existing policy. Pays out when a business is unable to operate because of a natural disaster or emergency that prevents it from engaging in normal trade. BUSINESS INTERRUPTION INSURANCE

  3. SBA Disaster Assistance Loans – low interest loans to declared disaster areas: • These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. • SBA’s Office of Disaster Assistance will coordinate with the state’s Governor to submit the request for Economic Injury Disaster Loan assistance. Information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities as well as updated on our website: SOURCES OF WORKING CAPITAL

  4. Sell any of your under-used assets. • Refinancing of business debt: rates are currently low and your finances are stronger right now than in a couple of months when the potential negative economic impact hits your numbers. Secure lines of credit; just in case you need it temporarily. • Set aside contingency funds. Even more important this year than in the past for typical Summer slowdowns in Florida. Treat this like an early hurricane season. • Pay down credit card balances. Less high-rate interest expense will improve cash flow. SOURCES OF WORKING CAPITAL

  5. Consider a reduction in staff hours or possibly temporary pay reductions to conserve cash flow. • Plan ahead for potential capital contributions or loans to the business from your personal funds. SOURCES OF WORKING CAPITAL

  6. Become more efficient in the operation of your business by leveraging technology to streamline processes. We can help! • Are you set up for your employees to effective work remotely if your business location is required to shut down? • See trends developing as HHH rolls out graphical/visual looks at your data. • You are not alone. At HHH, your Client Managers, Bookkeepers, and Payroll Department are here to help. We are assisting clients every day with issues like yours and we strive to provide answers and guidance in a way you can effectively apply to your business and individual decisions. TECHNOLOGY AND FINANCIAL INFORMATION FROM hhh

  7. We are here for you!