6 Things Small Businesses Need to Do Now (COVID-19)

Updated: Mar 27

We encourage you to contact our office to discuss how these strategies may be useful or if you have any questions. 503-786-7320 or info@tdcpagroup.com


1. Consolidate as many liquid financial resources as possible

  • Apply for and obtain an SBA loan (See details below)

  • Evaluate open lines of credit

  • Consolidate cash savings

  • Consider home equity financing

2. Prepare and update a crisis budget

  • Identify critical costs

         ○Fixed

         ○Variable

         ○Payroll

  • Contact banks for loan deferral options

3. Develop an employment strategy

  • Make a list of vital and non-vital employees

  • Consult an employee attorney regarding the following requirements:

       ○Time tracking

       ○Furloughs

       ○Layoffs

       ○Voluntary unpaid time

4. Prepare and maintain a cash flow burn rate analysis

  • Create and maintain a spreadsheet, either weekly or monthly, with the following:

       ○Beginning cash available

       ○Anticipated inflows

       ○Anticipated outflows

       ○Ending cash available

  • Calculate burn rate (beginning cash minus ending cash each period)

5. Track qualified loan forgiveness expenses

  • Identify qualified loan forgiveness expenses

  • Maintain a spreadsheet of SBA loan proceeds and qualified

       forgiveness expenses

6. Implement cloud-connected technology

  • Video conferencing

  • Internal communications

  • Cloud-based accounting

       ○QuickBooks Online

       ○Hosted QuickBooks

  • Ensure all technologies support secure two-factor authentication

18 views