Is your business interrupted or closed due to COVID-19?
COVID-19 pandemic has affected businesses significantly no matter the size or industry. It is important for all businesses to calculate and document their losses due to the pandemic. This will help you when you apply for local or federal grants, loans, or other areas of potential recovery.
Here are a few tips:
- Establish a separate account number or billing code in your cost accounting system under which all Coronavirus loss-related costs will be captured.
- Calculate your business’ operating “baseline”. This can be done by averaging a 2-3-year lookback of the business performance for comparative purposes during the disruption period.
- Consult your trusted business advisers including attorneys, insurance brokers, risk management professionals, business bankers, and CPAs.
- Continue to monitor the news and sign up for local text alerts or email distribution lists in your area to stay informed as the situation continues to develop.
- Keep track of all local, state or federal directives that impact your business.
- Track all payroll. This includes working and non-working payroll.
I hope these tips will help you and your business recover from this pandemic.
Commerical Lines Manager