Welcome to our weekly communication to share what BudgetEase is seeing and also find ways to help during this challenging time. Informative prior Weekly Updates can be found here.
The biggest challenges in the past week have been:
- Coping with too many weeks of "shelter in place." Finding ways to be productive and keep positive with ever increasing emails (like this one) and news.
- Working on how to safely reopen offices.
- Waiting for guidelines from the SBA on what documents are needed for PPP funding forgiveness. No, they are not out yet.
- Making sure you maximize your PPP loan forgiveness - view the guidelines here - by checking when allowed expenses are made within the allotted eight-week period. Intuit has a PPP forgiveness calculator or you can use our simplified form.
What can you do this week:
- Take a needed day off.
- Connect again with your clients.
- Plan for the uncertain future. Start a Scenario Planning Worksheet, including a calculated Burn Rate. Use our Simple Burn Rate Scenario Planning Worksheet.
- Take your business to the next level: Consider the Next Step Program in University Circle, starting in June. There are scholarships for organizations impacted by COVID-19. Apply by May 21st. Next Step is great for family businesses in transition.
If cash is tight, here is what you can do:
- In light of depleted funds for PPP and EIDL loans, some small businesses can apply for an SBA Express Bridge Loan. These loans are designed for businesses that have a relationship with an SBA Express Lender. Bridge Loans are up to $25,000, with a fast turnaround, and may be paid in full or part by an EIDL loan, should you receive one. Bridge Loan information can be found here. Apply through an SBA Express Lender or check with your bank.
- There are still options for PPP financing. Call us (216-333-1303) if you want assistance. Many of our sole proprietors and self-employed individual clients have received financing. If you fall into this category, you too should qualify.
What our nonprofit clients are doing:
- Check out the new website WeCareforCle.org, dedicated to helping the Greater Cleveland nonprofit community assess, respond, and recover from the COVID-19 pandemic. There is a section where you can share your story and suggest ways others can help your organization right now.
What BudgetEase is doing:
- Buying local. Four of us are now using stand-up desks from SOS Office Products. We are supporting the local economy while being more active.
- Getting ready to open the office next week. Hopefully, the office will be open three days a week, starting May 11th. We will not be seeing clients in person yet. Only 1/3 of our staff will be in the office each day we are open.
We hope you're staying healthy! If we can be of service, please contact us.