For the past decade, the United States and world economies were operating and humming along in harmony. Then, almost overnight, COVID-19 paralyzed all of us us. The impact of the crisis on our families, businesses, employees, and the economy continues to evolve and create havoc. In uncertain times, it is important to remain calm and maintain a sense of composure when making important financial decisions.
Though the Coronavirus pandemic is changing the face of the world, one thing that has not changed is how businesses should address difficult situations. It is imperative that businesses gather information to properly address fiscal operations of their companies, while maintaining the health, safety and well-being of their employees, customers and business partners.
Below is a list of 10 key items business owners should immediately address during these challenging times:
While taking these steps is critical during these uncertain times, it is just as critical for both employers and employees to utilize the resources provided by both federal and state governments to help businesses during this unprecedented time. For more information on what is available to you at the federal and state level, visit Your COVID-19 Loan Resource Guide.
As always, Ellin & Tucker will be here to listen, consult and support you during these unprecedented times. Our best wishes to all!