TO THE ESSENTIAL WORKERS
FOR KEEPING US ALL SAFE.
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*Please note we encourage you to follow the IRS Coronavirus Tax Relief page and the SBA Coronavirus Loan Resources page, as well as consult with a professional in this area. The information above and below is not to be relied upon as these provisions seem to be updated on a daily/weekly basis.
As a business owner, not sure what to do?
As a small business owner, we know that a lot is going through your mind right now. Taking care of your staff, serving your clients/customers/patients and managing expenses are your primary areas of focus. Now more than ever, your team at Summit Financial Consultants realizes how important it is for you to have our continued support. While we may not be directly involved or able to advise on certain topics, we are here to pass along information and knowledge that comes our way. Please know we are continuing to monitor updates and will communicate changes as they become available.
Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
On Friday, March 27, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The new law is a $2 trillion economic stimulus package designed to ease the economic damage caused by COVID-19 and provide additional protection to individuals and businesses who have lost income due to the pandemic. While most of the act pertains to direct payments and loans, there are some sections that affect employers.
We have attached a great resource - The U.S. Chamber’s Coronavirus Small Business Emergency Loan Guide
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In addition, here are a few ways to consider reducing your fixed costs:
- Rent. See if you can negotiate a lower monthly rent by either signing a long-term lease with your landlord or asking for a temporary price cut.
- Marketing. Reduce your marketing spend by leveraging social media. It is critical to communicate openly with your customers/clients/patients about the status of your operation
sand the protective measures you’ve implemented. Social media, email and phone calls provide youare a free way to communicate these messages.
- Inventory management. Try to negotiate a better deal from your current suppliers or find alternative sources who can provide the same service or product at a lower price. Also, if you believe your demand will decrease, try to optimize your supply to match it.
- Seller note. If you have a seller note, contact the seller to request a lower monthly payment.
- Refinance. With such low rates, consider refinancing your home mortgage and apply your cost savings back to your household or business.
- If you have Business Interruption Insurance, now is the time to contact your insurance agent to understand what your policy covers and doesn’t.
While we are unable to advise on these topics as they are outside the scope of our expertise, we do continue to search for helpful resources for you and your family. We encourage you to follow the IRS Coronavirus Tax Relief page and the SBA Coronavirus Loan Resources page, as well as consult with a professional in this area.
WE ARE HERE FOR YOU
- Know that we are actively monitoring the rapidly changing conditions with the COVID-19 outbreak. We speak daily to asset managers who keep us apprised of what is happening from both a local and global perspective.
- As of Monday, March 16th, all Summit team members started working remotely from their homes. With that said, we have a robust business continuity plan in place that will enable us to continue to provide you with the level of service you have come to expect from your team at Summit. All of our communications and systems are available in a secure manner online for our team’s use. We prepare for situations like this and have business continuity and disaster recovery plans for our team members in place, which can be adjusted, as needed, in response to this evolving situation.
- We will continue to keep you updated as the situation evolves. In the event we need to share pertinent and business-critical information, we will make sure to contact you personally.
- For the safety of our clients and team members, we will be refraining from in-person meetings for the time being. Please know we are here and happy to conduct regularly scheduled reviews via conference calls or video conferencing – really whatever you need.
- Given the overwhelming amount of emails being sent regarding COVID-19, we want to be able to provide an array of online resources relevant to the current crisis. Our website will now include links to upcoming and on-demand webinars, insights about the current market volatility, and helpful resources amid the Coronavirus and market volatility. We will be regularly updating it as things seem to be changing daily.
Your Team at Summit Financial.