As updates regarding COVID-19 and the ‘Safer At Home’ order continue to pour in, we want to continue providing you important information for the success of your business moving forward.
Below are some suggestions all companies should immediately consider:
- Call your banker. Do not be concerned you will be tipping your hand by telling the bank you are facing challenges due to the COVID-19 virus. They already know this. Frequent communication is important.
- Many banks already put COVID-19 plans in place this week. There is some regulatory relief being provided which will allow banks to ease payment terms without creating the normal regulatory issues and costs that come with this. It is best to discuss this now even if you are unsure of the impact on your business. If you delay, the opportunity to get this done with minimal future consequences may lapse.
- Companies (including separate real estate entities) that currently have SBA guaranteed loans should call your banker and request deferrals of principal and interest. We understand this would have a good likelihood of being approved (we are hearing six month deferrals).
- We will release pertinent information related to the Senate bill passed early this morning after it passes the House and details become available. There was money earmarked for small businesses, but what that looks like after the negotiations is unknown.
- Please reach out to us with any questions/concerns you may have. We know some of you will need assistance in preparing forms related to banking and other issues. We are here to help!
- We will also be issuing an update on tax due date and payment extensions, sick leave provisions, direct checks to certain taxpayers and other tax matters as more information becomes available.