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  • Small Business Crisis Relief Program

    Analytix Launches COVID-19 Crisis Relief Program for Small Businesses

    Due to the current pandemic we are all experiencing, many businesses have been forced to shut down and many others have had significant decreases in revenue. In response, Analytix is launching a program to help our clients and other business owners gain a better understanding of their financial models to ensure that they’re able to respond appropriately in order to survive these challenges. Before getting into the particulars, below is a high-level overview.

    Program Purpose

    Today, business owners are answering “I don’t know” to many critical questions. And Analytix employees are rolling up their sleeves to help business owners find the answers to those questions – tough questions, such as:

    • Should you stay open or close your business operations? Are you operating above or below your break-even point?
    • What expenses should you cut to survive?
    • What type of relief is available from various sources that you can take advantage of?
    • How much money can you afford to borrow?
    • How can you negotiate with different vendors? What payments should you defer?
    • What options are available to help you retain good employees? What can you do to help your laid-off employees in terms of unemployment insurance?
    • What type of tax benefits available under The CARES Act $2.2 trillion relief plan?

    Analytix Solutions is now offering these services to help you answer some of those questions. These services are designed to help manage your financial instability and maximize your chances of receiving government relief funding.

    Program Services

    Prior to considering any loan, grant or other government relief, your business must have a plan and your books must be in order. We have experience in both areas, so we’re well-positioned to help you with the following:

    • Break-Even Analysis – Determining at what point your company will be profitable.
    • Cash Flow Planning – Forecasting weekly cash flows to help manage and prioritize vendor payments and debt pay-down.
    • Spend Analysis – Reviewing spending by various vendors to decrease the costs. Delaying or removing unnecessary expenses or negotiating payment terms.
    • Burn Rate – Determining how much money you will require until your business resumes normal activity.
    • Impact Analysis – Running different impact scenarios and exploring various options to help you develop a strategy for a fast recovery.
    • Payroll Expense Management – Optimizing payroll through various strategies (fixed vs. hourly, overtime, unemployment benefits, employment tax credits, etc)
    • Other Analytix Services – Our team is also available to help you with remote work setup, IT, HR and administrator services.

    Government and Private Relief Help

    The federal and local governments, along with several other organizations, are offering relief packages that your business should strongly consider. The decision around awarding the packages resides with the individual entities, but providing the accurate data and completing the applications correctly can increase your probability of receiving that assistance. Here are some of the relief opportunities with which Analytix can help you:

    • Qualification, data gathering and applying
      • SBA Economic Injury Disaster Loan (EIDL)
      • The CARES Act Federal Relief Package ($2.2 trillion in aid / relief)
      • Rebates and Relief Application processing for any penalties and interests
      • Employer Tax credit for paid family/sick leave
      • Relief available from State level
      • Private grants (large public companies like Yelp, etc)
    • Guidance
      • Unemployment insurance
      • Any other tax savings available by Federal and State government

    As you consider the list of options presented above, know that our intent is to help you manage this crisis by applying our expertise and skilled resources. 

    Finally, here’s to the ongoing health of your workers, the upcoming relief to your operations, and the unwavering resiliency of your business in the weeks and months to come.

    Next Steps

    • If you are new to Analytix, please send your inquiries to [email protected] , else contact your Analytix account manager to discuss further.
    • Forward this email to any business owners or colleagues who need help and may benefit from this program.
    • Visit our COVID-19 Resources Site for articles and resources that can educate you on dealing with many aspects of the pandemic.
  • A Guide to Applying for Small Business Government Relief

    There’s no sugarcoating it; these are devastating times for small businesses. That’s quite clear. What remains unclear to many small business owners is a plausible path to recovery. Here’s a clear step in that direction.

    The recently signed $2 trillion federal coronavirus relief package, officially known as the CARES Act, includes nearly $349 billion in a small business loan program called the Paycheck Protection Program (PPP). An additional $2 million under the Economic Injury Disaster Loan (EIDL) program is available to help small businesses weather the impact of this pandemic.

    The application form is now available on the Treasury Department’s CARES Act webpage. Once the necessary information is supplied, small business owners can contact their bank or an approved lending institution to initiate the application process.

    To become eligible, applicants applying to EIDL or PPP loans must provide the following paperwork:

    A Completed SBA Form 5 (Loan Application)

    This provides basic information about the business including the address and ownership structure. Ensure you include all appropriate information in this form.

    Signed Tax Form Authorization IRS Form 4506T

    This form allows SBA to obtain tax return transcripts from the IRS.

    Personal Financial Statement (SBA Form 413) and Schedule of Liabilities (SBA Form 2202)

    The business owners included on the SBA Form 5 must provide a personal financial statement that details the personal information regarding asset holdings and liabilities.

    Federal Income Tax Returns

    You will need to provide a copy of your most recent federal income tax return. If you do not have the latest income tax return available, you will have to explain your circumstances.

    In addition, small business owners are required to organize their payroll records and accounting records, as well as demonstrate a healthy cash flow. Moreover, if you are an independent contractor, sole proprietor, or self-employed individual, lenders will require certain documents such as payroll tax filings, Form 1099-MISC, and income and expenses documentation.

    Prior to considering any loan, grant, or government relief, your business must have a plan and your books must be in order. By providing accurate data and completing the applications correctly, you can increase the probability of receiving this assistance as well as determine long term repayment options.

    Next Steps

  • Analytix COVID-19 Article

    There’s evidence that restaurants with a documented disaster recovery plan are more likely to pull through a crisis. This planning guide is designed to help you consider your restaurant’s options, mitigate risks, and survive the current crisis.  
    COVID-19 Restaurant Recovery Guide

  • Maintaining a Healthy Business Environment During the COVID-19 Outbreak

    As a small business owner, you should plan, prepare, and respond to help decrease the spread of the COVID-19 virus in your workplace. For those small business owners who remain open during this crisis, the CDC recently published the following office protective measures.

    • Place posters that encourage appropriate coughing techniques and proper handwashing hygiene for employees, customers, and visitors.
    • Make sure that the workers, staff, and visitors have access to places where they can wash their hands with soap and water.
    • Promote frequent and thorough handwashing with soap and water for at least 20 seconds. In addition, provide hand sanitizers with at least 60% alcohol if soap and water is not available. Consider placing hand sanitizers and dispensers in multiple locations and common areas to encourage hand hygiene around the workplace.
    • Actively encourage workers to stay at home if they are sick.
    • If feasible, promote remote working and adopt flexible working hours to encourage social distancing and to minimize crowding the workplace. Remote working will help your business keep operating while your employees stay safe.
    • Check body temperature when entering the office buildings. Avoid crowded elevators.
    • Avoid large scale meetings and reduce face-to-face contact among co-workers. Consider replacing face-to-face meetings with virtual communications and implementing telework if feasible.
    • Establish alternate days or extra shifts to reduce the total number of employees in a facility at any given time. Similarly, arrange flexible meal hours and avoid meal gatherings.
    • Routinely clean and disinfect all frequently touched surfaces in the workspace such as workstations, keyboards, handrails, and doorknobs.
    • If surfaces are dirty, clean the area with detergents. Preferably, use EPA-registered household disinfectants that meet the EPA’s criteria for use against COVID-19.
    • Ensure that the housekeeping staff wears gloves to clean and disinfect. Provide disposable alcohol-based wipes or sprays that contain at least 70% alcohol, so employees can wipe commonly used surfaces and electronics such as tablets, touchscreens, and keyboards before each use.
    • Develop policies for worker protection and provide training to all cleaning staff prior to assigning cleaning tasks. Training should include the correct use of PPE (Personal Protective Equipment) to help prevent exposure.

    If Employees Show Symptoms of COVID19

    • Most importantly, isolate the employee from other employees and customers. Cover the mouth and nose of the symptomatic employee to limit the generation of respiratory droplets.
    • Self-isolate the employee, or if they are ill, work with a medical team to determine if they need hospital care.
    • Notify other employees immediately and ensure they follow appropriate steps to isolate away from symptomatic employees.

    These simple precautions and a proactive response will help to prevent the spread of COVID-19 and protect your employees and your business. For more COVID-19 updates and resources for small businesses, check out Analytix’s COVID-19 Resource Center

    Next Steps

  • Five Steps to Business Resilience During COVID-19

    Business Continuity Planning for Covid-19

    Many regions of the U.S. are under lockdown and small businesses are increasingly facing the challenge of managing their day-to-day operations. From putting new ventures on hold to rescheduling important meetings and events, the crisis has pushed most firms to revisit their Business Continuity Plan (BCP). As the COVID-19 pandemic grows, it is important to act fast to mitigate the business impact and protect your small business.

    Five ways small businesses can build enterprise resilience during this crisis include:

    1) Prioritize Employee Safety

    Your foremost priority is to ensure employee safety and wellbeing. Establish a team or assign an individual to oversee, support, and direct the BCP process. The team or individual should implement fundamental emergency measures for the current situation, including recommendations from the WHO and the CDC. In addition, initiate flexible work arrangements that allow employees to work remotely.

    2) Identify Critical Functions

    The objective of BCP is to prevent the suspension of critical operations and services for any reason such as the current crisis. If you have yet to do so,  analyze key roles that provide essential services and are critical to the operation of the business. Consider identifying:

    • the position and employee responsible for each function.
    • special requirements necessary to perform critical services and functions.

    3) Consider Alternative Workforce Options

    Not all small businesses are well-equipped for a large, emergency rollout of remote workers. High employee absenteeism and inadequate technical capabilities can increase costs, cause delays, and even bring business operations to a grinding halt. Outsourcing your non-critical activities in these challenging times can:

    • reduce the burden on your employees.
    • prevent congestion on your IT infrastructure due to increased remote traffic.
    • optimize your IT structure to ensure critical processes remain uninterrupted.
    • help cut costs that your business would otherwise incur in support of remote work and smooth operations.

    4) Prepare an Action Plan

    If you have yet to do so due to the sheer chaos this crisis has created, prepare a plan that details how each critical service and function is maintained or modified. The plan should specify key decision-makers, a communication strategy,  necessary actions, and expected solutions. The plan should be documented for each critical process and function.

    5) Review Your Action Plan

    Once your plan is prepared, regularly assess how it is working. In case of discrepancies, identify and fix the root cause immediately. Evaluate the plans to increase preparedness. Creating a business continuity plan ensures business resilience and will help your organization withstand this ongoing crisis and future disasters.

    Another way to get help is by reaching out to Analytix Solutions. We realize The CARES Act sets aside $350 billion in government-backed loans for small businesses like yours. Analytix can help you assess, apply for, and administer these loans. For more information, email us at [email protected] You can also visit our COVID-19 Resources Site for articles and resources on many aspects of the pandemic.