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COVID-19 has had an unprecedented impact on all aspects of American businesses, but perhaps none have been as severely affected as small business owners. Surviving this disaster will require more than just time: you will need to take a pragmatic view of what has happened and what steps you are willing and able to take in order to bounce back. Here are our suggestions:

“[T]he challenge for all investors is to consume the news without being consumed by it.” — Jason Zweig

In the face of the global pandemic and the subsequent economic crisis it has spurred, the federal government has taken several steps to protect small business owners. One of the most notable of these steps is the offering of Paycheck Protection Program (PPP) loans, which are being trumpeted as forgivable loans.

President Trump has signed the Paycheck Protection Program and Health Care Enhancement Act (PPP & HCE Act), a $484 billion package which was passed by both the Senate and the House the week of April 20, 2020.

PPP & The CARES Act

For years, experts have been saying that everyone - including average citizens - needs to have some type of emergency fund in place to help them get through any "rainy days" that may lie ahead.

With the impact of the COVID-19 crisis affecting people all over the country, the Internal Revenue Service and the Treasury Department have said that the monies promised to Americans will begin being distributed within the next three weeks, providing a lifeline to those whose financial lives have been upended by the pandemic.

With much of the country in self-isolation, perhaps you’ve got time to read the entire H.R. 748 Coronavirus Aid, Relief and Economic Security Act or CARES Act. If you’d prefer, here is a summary of many of the key provisions we’d be happy to discuss with you in person (virtually), depending on which ones apply to you. Questions?

“What the imagination can’t conjure, reality delivers with a shrug.”

—Trumbo (movie voice-over)

“I’m not an optimist. That makes me sound naïve. I’m a very serious ‘possibilist.’ That’s something I made up. It means someone who neither hopes without reason, nor fears without reason - someone who constantly resists the overdramatic worldview.”

The “Coronavirus Aid, Relief and Economic Security Act” (CARES Act) includes many tax and financial breaks for both individuals and businesses. We broke down many of the essential elements and how they can assist you and your business during this troubling time.