Have you modeled your cash position?

  1. 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.
  2. 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.
  3. And, if after you leverage your line of credit you still don’t have enough, check out:
    1. 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.
    2. Low-interest loans of up to $2 million are available for small businesses and private non-profits.
    3. Loans may be used to pay fixed debts, payroll, accounts payable and other bills and have repayment options of up to 30 years.
    4. Interest rates are 3.75% for small businesses and 2.75% for private non-profits.
    5. Need help filling out the application? Access these step-by-step instructions
    6. Layoff Assistance and Aversion Services –  https://www.worksmartnetwork.org/?page_id=78

Consider contacting WMEP regarding a PRA® (Profit Risk Assessment) for your company.