{"id":140,"date":"2020-03-22T15:05:22","date_gmt":"2020-03-22T15:05:22","guid":{"rendered":"https:\/\/www.sz-cpas.com\/blog\/?p=140"},"modified":"2020-03-23T15:31:06","modified_gmt":"2020-03-23T15:31:06","slug":"the-next-phase-update","status":"publish","type":"post","link":"https:\/\/sasserath.vglmarketing.pro\/index.php\/2020\/03\/22\/the-next-phase-update\/","title":{"rendered":"The Next Phase: Update"},"content":{"rendered":"

By\u00a0Alan R. Sasserath<\/a>, CPA, MS<\/strong><\/p>\n

As you are aware, since my last writing<\/a> this past Tuesday, the health and economic issues regarding Covid-19 have changed for the worse and will most likely continue to change for the worse in the short term.<\/p>\n

I have to admit, when I saw that accountants were on the list of essential businesses in NYS, I wasn\u2019t exactly sure why.\u00a0 After reviewing the legislation that has already come, drafts of the stimulus packages that are to come and seeing what our clients faced this past week and what we believe they will be facing in the coming weeks, I completely understand why we are on the list.\u00a0 We are here to help.<\/p>\n

So we are clear, we view our response to assist you through this dark phase in our country\u2019s history as part of our civic duty.\u00a0 Our firm is going through many of the same things that you are going through.\u00a0 While we cannot work for free, we understand everyone\u2019s predicament as it relates to this type of work and will be reasonable with all of our clients with regards to our fees and ask them to be reasonable with us.\u00a0 We are not viewing this as a windfall opportunity for us, but rather we are asking that we end up in no worse shape than any of you when this is all said and done.\u00a0 We will be making the same tough decisions internally that we believe many of you will be making in the coming days\/weeks.<\/p>\n

We are writing now to help you understand the resources available to small\/mid-sized businesses \u2013 We are here for you and want to help you through this<\/strong>.\u00a0 There are resources available to businesses.\u00a0 We are waiting to hear about what we hope will be the largest piece of legislation \u2013 the Coronavirus Stimulus Package (Expected to be in the range of $1.4 – $1.8 trillion.) being negotiated by congress\/senate\/president and hope to see that passed as early as tomorrow.\u00a0 As soon as that comes out, we will digest it and explain how it will apply to many of you.\u00a0 Before we get that legislation, here is what we know:<\/p>\n

    \n
  1. Tax Filings<\/u>:<\/strong> The April 15th<\/sup> tax filing deadline was extended until July 15th<\/sup>.\u00a0 This includes 2019 personal income tax, corporate income tax, trust and estate income tax as well as first quarter 2020 estimated tax payments.<\/li>\n
  2. Families First Coronavirus Response Act<\/u>:<\/strong> This is a piece of legislation that gives employers\/employees relief if the employee or their families have been diagnosed with the Coronavirus.<\/li>\n
  3. SBA Disaster Loans<\/u>:<\/strong> \u00a0These are not the typical SBA loan that you apply for from your bank.\u00a0 These are loans that need to be applied for direct with the SBA.\u00a0 The website to apply for such a loan is located here<\/a>.\u00a0We will have a list available tomorrow of the items\/information required to complete the application.<\/li>\n<\/ol>\n

    What else should you be thinking about?\u00a0 Please see my post earlier this week here<\/a>, especially the highlighted areas, with an update immediately below on certain items:<\/p>\n

      \n
    1. Cashflow\/Cashflow\/Cashflow<\/u>:<\/strong>\n
        \n
      1. Make a cashflow budget.\u00a0 What cash do you have?\u00a0 What cash do you expect to come in over the next week, 4 weeks and 8 weeks?\u00a0 What cash do you need to pay out over the next week, 4 weeks, 8 weeks?\u00a0 That is the budget, plain and simple.\u00a0 We can help you with this.<\/strong>\u00a0 Please don\u2019t hesitate to lean on us.\u00a0 Update that every week for the subsequent week, 4 weeks, 8 weeks.\u00a0 Just like the healthcare community is now being very aggressive in fighting the Coronavirus, you need to be very aggressive in managing your cashflow.\u00a0 You need to take these steps immediately.\u00a0 Many of those that waited to address this when previous disasters struck were the ones that didn\u2019t make it to the other side.<\/strong><\/li>\n
      2. Based on the budget, control your cash.\u00a0 Take vendor payments off autopay.\u00a0 Review your credit line availability.\u00a0 Defer expenses where possible. \u00a0Stay close to your bank, customers and vendors.\u00a0 Review vendor contracts.<\/li>\n
      3. If your business has significantly dropped off and you own a pass through entity consider stopping withholding on your salary, possibly stopping your salary altogether.<\/li>\n<\/ol>\n<\/li>\n
      4. Insurance<\/u><\/strong>: \u00a0Review your policies to see if there is any coverage for this type of event.<\/li>\n
      5. Supply Chain<\/u>:<\/strong> Many supply chains have shut down.\u00a0 Monitor the chain and find out when vendors expect it to open up, whether they have or will have product once it does open up.\u00a0 You need to understand the timing that you expect to be back in business.<\/li>\n<\/ol>\n

        If things get worse from the health and economic perspective, as we expect it to, keep in mind that scams will most likely increase.\u00a0 Trust your gut \u2013 If something doesn\u2019t seem right, it probably isn\u2019t right.\u00a0 Protect your personal and business information.<\/p>\n

        As I said below, keep communications open with: customers, staff, your team, vendors, bank, attorney, …<\/p>\n

        We are all in this together.\u00a0 We are here for you.\u00a0 We will get through this together.<\/strong><\/em><\/p>\n

        We will continue to communicate via direct email from me and our constant contact database.<\/p>\n

        Thank you for your time.<\/p>\n","protected":false},"excerpt":{"rendered":"

        By\u00a0Alan R. Sasserath, CPA, MS As you are aware, since my last writing this past Tuesday, the health and economic issues regarding Covid-19 have changed for the worse and will most likely continue to change for the worse in the short term. I have to admit, when I saw that accountants were on the list […]<\/p>\n","protected":false},"author":2,"featured_media":144,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[32],"acf":[],"_links":{"self":[{"href":"https:\/\/sasserath.vglmarketing.pro\/index.php\/wp-json\/wp\/v2\/posts\/140"}],"collection":[{"href":"https:\/\/sasserath.vglmarketing.pro\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sasserath.vglmarketing.pro\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sasserath.vglmarketing.pro\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sasserath.vglmarketing.pro\/index.php\/wp-json\/wp\/v2\/comments?post=140"}],"version-history":[{"count":1,"href":"https:\/\/sasserath.vglmarketing.pro\/index.php\/wp-json\/wp\/v2\/posts\/140\/revisions"}],"predecessor-version":[{"id":141,"href":"https:\/\/sasserath.vglmarketing.pro\/index.php\/wp-json\/wp\/v2\/posts\/140\/revisions\/141"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sasserath.vglmarketing.pro\/index.php\/wp-json\/wp\/v2\/media\/144"}],"wp:attachment":[{"href":"https:\/\/sasserath.vglmarketing.pro\/index.php\/wp-json\/wp\/v2\/media?parent=140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sasserath.vglmarketing.pro\/index.php\/wp-json\/wp\/v2\/categories?post=140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sasserath.vglmarketing.pro\/index.php\/wp-json\/wp\/v2\/tags?post=140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}