Here we go again. In spite of ample evidence that shut downs do not work, many states and cities are now locking down again. My Illinois clients are being subjected to this while draconian stay at home orders push Thanksgiving gatherings into criminal territory.
Although I have things I could say about the heavy hand being used by our politicians, I am focussing here on the ways to survive a new shutdown.
1. If your local rules say you can serve a limited number of clients do it and keep some cash flowing
2. Contact ALL vendors and tell them you may be running behind on payments
3. get a moratorium on your rent and/or mortgage
4. if furloughing staff get agreement to return
5. watch for any new PPP loans or other SBA type business help...APPLY
6. Be totally frugal
If your personal survival gets challenging, dipping into IRAs or savings is ok in an emergency. The IRS might waive the early withdrawal penalty too so watch for announcements. Family is crucial in tough times so stay involved and stay together. You'll make it through.. Some business owners do not contribute into their State's UI system but apply anyhow. The system requirements might broaden like before so there is a shot.
If you have any specifics you want to discuss, call me.
Good Luck! Stay Well.
Donn Marier
DM-Your Own CFO