By Angela Floyd, V&P Magazine Guest Contributor
As a business owner and/or entrepreneur, have you experienced loss in your business? Here are 12 tips to help you get through this difficult economic time.
REFINANCE: The Federal Reserve has reduced interest rates in attempt to control the economic downfall caused by the coronavirus
Get disaster unemployment insurance for yourself or employees (varies by state)
Apply for a business line of credit from your bank (new or increase current line)
Emergency SBA Loans SBA is providing Disaster Assistance Loans for small businesses impacted by the coronavirus. Also, if you have an SBA loan, you may request to suspend payments.
Negotiate free rent to be paid on the backend of your lease or lower rent, deferred rent, etc.
Apply to your bank for waivers of loans or mortgages
Put large projects on hold
Cut and/or suspend any unnecessary expenses (some companies are working with those directly affected by COVID-19)
Review the list of companies that are offering helping during the coronavirus.
Ration out your supplies (ex. cleaning supplies) and keep strict inventory
Apply for Online financing: PayPal, Quickbooks
Hold on to your cash as much as possible! Cash is KING! Credit may not always be an option.
Angela Floyd is an award winning speaker, and coach dedicated to raising awareness of financial and tax implications and its impact on our lives. She is recognized to have a strong understanding of positioning clients and business in a position to gain financial tax freedom through planning and understanding of the bigger picture. As seen in speaking engagements, Angela educates and empowers her clients to live a better life with income tax planning.
She is a partner of the prestigious income tax & accounting firm, Intelligent Tax Solution with 2 locations at the National Harbor and Forestville, MD. She is a contributing author for several magazines, newsletters and sits on the board of several for profit & nonprofits fostering invaluable connections which is moving clients closer to being income tax and debt free. Angela holds various master, undergraduate (BS), and master certifications (MSA) from North Carolina Central University, George Washington University, and Central Michigan University in Public Administration Management, Financial & Tax Management and Program Management. Angela is also an IRS registered tax professional, certified acceptance agent expert and certified project management professional (PMP).
She strongly believes that, education is the key to financial freedom. Her passion for sharing knowledge about the principles of tax management is delivered in an articulate way that is both engaging and inspiring to take the first steps toward financial freedom.
Angela is a wife and mother who speaks from a personal experience of overcoming obstacles, reaching her goals, and walking in her purpose. Her mission is to change generations by breaking the fear of the IRS with tax planning and educating clients.
Tax, Accounting, Office Support.