As we are slowly reaching the light at the end of the tunnel,  many business owners are at the crossroads of which route to take next. Common questions: “Will we be able to recover from the financial loss?” “Will business return to some type of normalcy when we reopen?” “Will we have enough resources to resume normal business?”

Many of them already taking the approach of applying for the right funding for their business during these detrimental times with tools such as the Payroll Protection Program (PPP), and the Economic Injury Disaster Loan ( EIDL), implementing a plan on what to do next is crucial! 

Banks & Associates has already taken the approach of what every business owner needs to keep in mind when it comes to sustaining operational capability and capitalizing on potential opportunities. And we can’t stress enough the need for preparation and planning during times of such economic uncertainty. 

Here are the steps you should take moving forward:

1. If you’ve applied for EIDL, be prepared. An SBA Case Manager will contact you.  You will need a cash flow forecast that supports your needs and SBA can understand. EIDL is being managed by SBA’s Disaster Relief Direct Lending Program – the requirements are just like applying for an SBA 7(a).  We’re happy to manage that process for you.*
2. If your PPP has been funded, keep good records. Open a separate bank account if you have to. If your PPP has been delayed because SBA ran out of money, we can manage it for you.*  Everyone is on board with PPP because it is touted as a forgiven loan.  While that is true, there are guidelines about “how and when” you use those funds and what can and cannot be forgiven.  The final rules and guidelines about applying for forgiveness have not been completely written.  
3. Re-think your business model and plan for the future. Much has changed in the last 6-8 weeks. What change will continue? What policy, process and procedure adjustments need to be made? How do I pay for it? What adjustments need to be made today, next month, next quarter and for future? How do I communicate the changes?
4. Examine your capital and debt structure and match it to your business model. What are my working capital needs not satisfied by EIDL and PPP? When does my current debt mature and will I be eligible to renew? What acquisition and expansion opportunities are available because of the economic crisis?
5. The need for strategic business planning and accountability has never been greater. It is important that your business uses tools to understand what the future direction will be and how you intend to reach your goals in the coming months. 

Change is stressful in normal times and these aren’t normal times. As a strategic advisor, we’re here to help you thrive, not just survive. With many years of experience in Strategic Planning, SBA Lending and Marketing, Banks & Associates is your business’s solution!