We are here to help you and your small business start developing a “PLAN” to manage during this challenging time and resume operations once things begin to reopen. Which is now starting across the country!
We can help you take a breath, see the big picture and start making a “PLAN” for a comeback.
Besides THE CARES ACT, SBA Loan, PPP’s, EDIL, Express Bridge Loans and SCORE, there are several tax incentives and credits you can consider at this time:
1. Employee retention credit
2. Payroll tax deferrals
3. Net operating loss carry backs
4. Acceleration of alternative minimum tax credits or increased percentage of leasehold improvements available for accelerated depreciation. Some of these options are not available to those who have received PPP funding, but we can you on which, if any, are appropriate options.
5. We can also work with you to find other means for accessing capital or reducing their current costs. For example, look to see how much can be saved on utility and rental costs, such as reduced internet service or temporarily halting television services. Even talk with your insurance company about a discount.
6. Consider negotiating with your landlords or mortgage holders to discuss deferring rent or principal payments. This increase costs later on, but it may be enough to allow the business to survive, and be built into a long term plan for the business.