Getting Through COVID-19

We are all doing our best to settle into the temporary normal, whether we are working from home or unfortunately out of work. For businesses and individuals alike, staying afloat is top of mind. In this month’s blog, we want to give you a few tips on what you can do to keep your life on track.

For businesses:

  • If you haven’t already, consider applying for the Paycheck Protection Program loan. Take a look at our COVID-19 Update page to learn more about the loan and how to sign up.
  • Review your finances often. Keep track of the financial status of your business, and if you foresee the need for assistance, reach out to your bank to discuss options.
  • Review all of your bills. See if there are any services or subscriptions that your business uses that you can put on hold or eliminate completely.
  • If your business offers gift cards, encourage your customers to buy them now to be used once stay-at-home orders are lifted. Consider offering a gift card special that would encourage more people to purchase.
  • If your business is still operating, stay in communication with your customers so that they know they can still count on you for the services you provide.

For individuals:

  • If you are out of work, sign up for unemployment. Although there is a backlog when it comes to receiving benefits, unemployment offices are working diligently to process everyone’s submissions.
  • If you are an out-of-work self-employed person or subcontractor, you are eligible for benefits but cannot apply at this time. A separate website that has yet to be rolled out will allow you to apply for unemployment. Eligible individuals will be able to receive backdated payments to the first week they were unable to work because of COVID-19.
  • Review all of your bills. See if there are any services or subscriptions that you can put on hold or eliminate completely.
  • Get your tax return completed, if you haven’t already done so. While you have until July 15th to file and to make payments, it’s a good idea to file as soon as possible so that if you have a refund, the money can get to you sooner. If you need assistance with preparing your tax return, contact us today.
  • Reach out to your creditors and lenders to see if they can postpone your payments. Many are already offering this as an option.
  • As much as you can, avoid putting expenses you cannot pay off on a credit card. Relying on a credit card for expenses now will create debt that could follow you long after we make it through this situation.
  • If you are capable, put some money in a savings account every week. Having a little extra cash in a savings account will help you in an emergency, and will also be beneficial if the lockdown is extended further.

Stay healthy, stay safe, and if you need any assistance with your taxes or accounting, don’t hesitate to reach out.

Ryder & Company is located in West Lawn, PA and offers a variety of accounting services, part-time CFO services, payroll preparation, and much more! We also offer tax preparation for individuals, as well as businesses and nonprofit entities. We assist many individuals and businesses in and around Wyomissing, Exeter, and Reading.

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