- Call all lenders, suppliers, labs, credit cards, leases, etc. Ask for a forbearance or partial payments during this time. Companies are most likely going to accept some payment vs. no payment, as they are running a business too and are most likely affected by this crisis as well.
- Get your taxes in order (especially if you are expecting a refund). Though the deadlines have been moved from April 15 to July 15 (penalties and interest are waived as well), if you are expecting a refund, get those taxes in now and get that refund under way. If you are expecting to pay taxes, then have your accountant hold on to the submission for now.
- Apply for an SBA loan, if needed. As a result of the crisis, you can now apply for a small business loan through the Small Business Administration’s (SBA) Economic Injury Disaster Loan program (disasterloan.sba.gov). It has a maximum interest rate of 4%. The application takes about 30 minutes to complete and may be just the little line of credit or loan needed to get through this.
- Maintain basic operations. Be sure to have someone answering the telephone daily, setting or moving appointments and receiving mail (and collections).
- Tackle that long-term to-do list. Review office protocols and job descriptions, do online training, take a look and document current inventory and any other tasks that you may have previously been too busy to accomplish. One that can be particularly helpful: Look into your insurance AR; spend some time recovering those monies and refiling claims.
— Scot Morris, O.D., editorial board member
Find more COVID-19 coverage here.