<![CDATA[The Number Nerd™, LLC - Small Business Accountant - Nerdy Talk]]>Tue, 18 Mar 2025 06:58:29 -0400Weebly<![CDATA[Communities Unite]]>Mon, 23 Mar 2020 14:30:00 GMThttps://www.thenumbernerd.com/nerdy-talk/march-23rd-2020
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As COVID-19 continues to disrupt the lives of the world, small business owners are hit hard. It's difficult to predict the outcome of this storm, but there are actionable tasks you can do right now.
  • ALLOW EMPLOYEES FLEXIBILITY. Your most valuable asset is your employees. Now is the time to be flexible. They are stressed with changes to everyday life. Do they have children with no daycare? Do they have elderly parents/grandparents? Do they have a compromised immune system? The answers to these questions may not be apparent. You will never know the full extent of their struggles. Allowing flexibility will free up the head space they need to take care of their livelihood. Just be patient, your employees will work harder knowing your care for them.
  • ALLOW PAID TIME OFF. The passage of Families First Coronavirus Response Act enabled employers to be reimbursed for employee time off due to COVID-19. The maximum reimbursement is $5,110 for each employee based on certain criteria with additional added benefits.
  • CHANGE DEDUCTIONS. During this time, you and your employees should consider changing elective deductions such as retirement contributions. You should consider reducing or eliminating the employee portion of other deductions such as health and dental.
  • FURLOUGH NON-ESSENTIAL PERSONNEL. If your cash flow will not allow a full staff, you should temporarily lay off employees. Unemployment offices have made changes to accommodate employee claims due to COVID-19. Note: there is a risk you may loose employees. Make sure you have a contingency plan.
  • SERVE THE COMMUNITY. Take this opportunity to change your community. Small businesses are changing their business model to accommodate the world around them. Think about ways you can help. Do you have essential supplies to donate or sell? Are you able to deliver your products? Can you manufacture essential items? Think through ways your business can help the community.
  • TAKE ADVANTAGE OF TAX BREAKS. The IRS extended the tax filing/payment deadline. States are following. In order to sustain cash flow, take advantage of these changes. Remember this is a delay not a dismissal of tax liability. DON'T use this opportunity to ignore tax responsibility.​
  • ​​APPLY FOR UNEMPLOYMENT. Check with your state unemployment office to determine if you can apply for unemployment as a business owner.
  • APPLY FOR SBA LOANS. The Small Business Administration is granting low interest loans. As a last resort, contact your local SBA office to get the cash flow you need.
The most important thing is to take care of yourself and your employees. Your business needs you all to thrive in the coming months.

Should you need more guidance, please feel free to contact me.

Kind Regards,
Lindsay, The Number Nerd™
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