As COVID-19 Crisis Rages, Ask Your Accounting Firm About Your Options

 

In July 2020, just a few weeks after Nashville started reopening the economy, the White House recommended that the city and other COVID-19 “red zones” in Tennessee adopt tighter restrictions, including closing businesses. For small entrepreneurs in the city, this means the road to recovery may take even longer than expected. 

With this new development, waiting for the situation to resolve itself is simply not enough. It’s time to revisit your options with your accounting firm and take a closer look at what you can do to survive and even thrive in the “new normal”. Here are a few things to consider:

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Nonprofits: Finding the Way Forward from the Pandemic With a CPA Firm

Undoubtedly, nonprofits play an important role in Nashville’s economy. In the wake of the COVID-19 pandemic, however, they’re more likely to get left by the wayside due to a number of factors.

In addition to being a health crisis, the pandemic has also resulted in a financial crisis, limiting many donors’ ability to give to social organizations. Furthermore, most nonprofits get funding through fundraising events, which had to be postponed or canceled due to social distancing protocols.

Nonprofits may be mission oriented, but just like small businesses, they also have expenses to pay, including salary for the staff, rent, utilities, and other overhead costs. If you’re a nonprofit in Nashville and are currently feeling the pinch caused by the pandemic, it’s important to consult your CPA firm about surviving the crisis, and hopefully thriving through it.

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