We’re feeling it, too.
To Our Valued Clients and Friends,
The stimulus package and relief programs hit at a very crucial time for many businesses, including our own. But even with some relief provided for the near-term future, we know it continues to be a struggle and for many, there’s still a large concern with the longer-term risks in this uncertain economy.
We’re hearing a myriad of questions and challenges from our clients and wanted to discuss some of the top concerns we’re hearing and how we’re working to address these challenges with them.
Maximizing Your Loan Forgiveness
Financial support is out there for small businesses struggling to keep their business going, but the process to obtain financial relief comes with its own set of hurdles. While stimulus program loans don’t need to be paid back if the money is used to keep your business going, timing the loan to align with your 8-week payroll cycle can mean the difference between total loan forgiveness or the need for some repayment.
- We’re facilitating discussions with businesses and lenders to maximize loan forgiveness and to ensure all the appropriate documentation is in place.
Improve Your Financial Reporting
With the speed at which things are evolving, companies not only want to get their monthly financial statements back to their lenders in a timely manner, they also want better reports on a day-to-day basis.
- We’re helping clients deliver timely reports to their owners and their financial institutions while also providing up-to-date reports on cash flow and financial standing. We can also develop flash reports to ensure key stakeholders have an up-to-date picture of the critical drivers of their business results.
Optimize Your Cash Flow
Owners aren’t just looking at the next four weeks, they’re looking months and months ahead about where their company will be and planning for the best recovery. Understanding top-line revenue reductions and working with your lenders to find solutions is critical in helping your business endure and prosper.
- We’re providing clients with analyses to help optimize their working capital and 13-week cash flow modeling to determine the impact of revenue reductions under various scenarios. We’re also working with their lenders to increase lines of credit and/or modify terms of debt.
We’re here with you.
We’ve devoted significant resources to helping businesses take full advantage of the programs available, providing projections for both the short- and long-term impact, working with financial institutions and assisting with understanding the impact of the decisions made. While these critical business needs have taken a priority, we are still working to process tax returns as quickly as possible.
If you have questions related to any of the points addressed above or otherwise, your BMF Advisor remains positioned and ready to help you steer your business through these challenging times.
We thank you for your continued patience, flexibility and understanding.
Richard C. Fedorovich, CPA
Visit our COVID-19 Resource Center for information and resources for you and your business
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