Questions are already pouring into our office about the Senate stimulus bill that was passed last night.  Be assured we will send updates about details as we are able, but two points we would like to make very quickly:

• First, the House has not yet voted on this bill. They are going to try to hold a vote tomorrow (Friday), so we’ll see then whether it passes as is, or whether there will be further changes or negotiations.
• Second, the bill is over 880 pages long. Our personal opinion is that Congress excels at making simple things complicated under the best of circumstances.  When they’re in a hurry, things get even more, shall we say, interesting.  It’s going to take a while to really digest the details and figure out the best way to navigate the various options.

What you are hearing in the news media are the high level summaries, but details matter.  For example, as it currently stands, there are credits available for keeping idled workers on the payroll.  That sounds great, but if you opt for this credit, you are disqualified from getting an SBA Economic Injury disaster loan.  Which one is going to be better in the long run to keep your business going when recovery gets underway?  That takes some thought and planning, don’t settle for a knee-jerk reaction that may not serve you well.

I liken this pandemic to a wildfire burning its way through several years’ worth of undergrowth.  Sadly, there is going to be destruction, tragedy and heartbreak.  Some businesses will close and never reopen.  Miraculously, some will come through unscathed.  Some will survive scorched, and take years to get back to where they were before.  But after a fire, there is also new growth, an opportunity for new plants to emerge and develop that never would have had a chance otherwise.

As hard as this situation is, I encourage all business owners to treat it as a time out.  It’s a forced pause from the day to day status quo, always doing the same thing, in the same way, as you did the day before and the year before.  It’s an opportunity to step back and look a good hard look at your business.  Ask yourself questions.  For example, when this is over, do you even want your business to be the same as it was before?  If so, what can and should you be doing now not only to survive the short term, but to thrive in the long term?  Are there opportunities to expand into new areas?  Or prune out certain lines you really should have exited long ago?  Should you shutter the old business and launch into something entirely different?  Will you be ready to handle increased business when things start moving again, either from pent up demand, or because fewer competitors survived?  Is this challenge revealing weaknesses or opportunities you didn’t see before?

We are here to help you chart a course through these uncharted waters and not only survive, but come out stronger and healthier.  Please get it touch if you would like to talk.