Look For The Helpers

“When I was a boy and I would see scary things in the news, my mother would say to me, ‘Look for the helpers. You will always find people who are helping.’” – Mr. Rogers

We’re all in this together!  So, we wanted to put together some information for you to have on hand whether you currently own a business or you’re considering the purchase of a business.  Times are rough right now, but we see light at the end of this tunnel.

Important Information for Current Business Owners:

• Families First Corona Virus Response Act – What Employers Need to Know
• Florida Disaster Loans:
  • Up to $50,000 dollars
  • 1 year loan
  • 0% Loan for 12 months, 12% interest on any unpaid balance thereafter.
• SBA Economic Injury Disaster Loans:
  • Up to $2 million dollar loans
  • Up to 30 year amortization
  • 3.75% interest
  • Unsecured up to $25,000.00
  • SBA takes real estate as collateral when it is available but will not decline a loan for lack of collateral.
  • First Payment deferred 12 months, interest only or accruing interest
  • Funded by the Treasury Department, not by Banks
  • Apply Here
• Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”)
• Paycheck Protection Program
• Small Business Action Plan – specific steps you can take to find solutions and protect your business
• Restaurant Action Plan – specific steps you can take to find solutions and protect your business
• Open lines of communications with your professional advisors
  • Investment Advisor – discuss your personal liquidity and a reasonable (not impulsive) investment strategy
  • Legal – contact your employment lawyer to discuss how any workforce reductions are impacted by any employment agreements
  • Commercial Banker – ask for an extension of time to submit your 2019 financial statements and a waiver of the 2020 loan covenants
  • Insurance – do you have business interruption insurance and can you file a claim?
  • Payroll – discuss how the provisions in the Families First Coronavirus Response Act apply to your business.
• Preserve current cash and future cash flow
  • Lines of credit – consider borrowing up to the maximum on existing lines of credit (interest rates are historically low and the credit may not be available later)
  • Cut Costs – cut discretionary spending as much as possible
  • Employees – consider essential vs. non-essential personnel.  To the extent that some members of your workforce may not be needed, utilize the resources above to help provide them with as much financial relief as possible
  • Federal Tax Returns and Income Tax liabilities otherwise due April 15, 2020 can be postponed until July 15, 2020 without penalties or interest
  • Delay funding any discretionary retirement plans to avoid potential penalties on any withdrawls
  • Delay capital expenditures
  • Take this challenging time as an opportunity to evaluate your business model, and define clearly your business’ competitive advantages and how you can make it sustainable in the future.
• 10 Tips for Working From Home
• Tech Tips To Make Your Remote Team More Successful
• 5 Keys To Managing Remote Teams During Crisis

If you have questions about ANY of this – please reach out.  We’re here to help.

Important Information For New (or not so new…) Buyers

Like so many Americans, you’ve probably had a lot of time to sit and think about what the future holds for you and your family.  Are you ready to put your fate into your own hands?  Are you looking to make a change?  We have really great news for you.

The SBA is looking to stimulate the economy, they are offering deals that usually are not available. This might be the best time to invest in a GOOD business that is SBA qualified.  Let us help you find that business and help you navigate through the purchase process.