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.
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.
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)
- 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.
- 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.