Have you modeled your cash position?
- Cash is king: Do you know if you have enough? If you come up short, reach out to your bank to try and leverage your line of credit.
- Do “zero-based budgeting.” Examine your entire P&L to determine what is essential vs. non-essential. Then look at headcount; who are your A-players? Do whatever you can to keep them, even if they aren’t productive right now. They are impossibly hard to find, so do whatever it takes.
- And, if after you leverage your line of credit you still don’t have enough, check out:
- SBA’s disaster relief loans (up to $2M) –we have more information we can share if you need it. Start here: https://www.sba.gov/funding-programs/disaster-assistance.
- Low-interest loans of up to $2 million are available for small businesses and private non-profits.
- Loans may be used to pay fixed debts, payroll, accounts payable and other bills and have repayment options of up to 30 years.
- Interest rates are 3.75% for small businesses and 2.75% for private non-profits.
- Need help filling out the application? Access these step-by-step instructions
- Layoff Assistance and Aversion Services – https://www.worksmartnetwork.org/?page_id=78
Consider contacting WMEP regarding a PRA® (Profit Risk Assessment) for your company.