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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Be Guided by Your CPA in Thoroughly Understanding Your PPP Loan

If you’re one of the small business owners in Nashville who received a Paycheck Protection Program (PPP) loan under the government’s CARES program, it’s important to make sure you fully understand what you signed up for to avoid unpleasant surprises down the road. Don’t hesitate to consult your CPA if you’re unsure about anything related to the loan. Many of those who received the loan are now finding themselves uncertain about its actual benefits.

Here are some of the things you need to know.

Will the loan be forgiven?

Loan forgiveness is one of the major goals of the PPP loans. The government and your lender don’t expect you to pay back the loan as it was designed to help you and your employees tide over the crisis. However, you do need to show that you adhered to the guidelines for loan forgiveness.
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Tips from a Nashville Accounting Firm on Rebooting Your Business

On April 16, 2020, Tennessee Governor Bill Lee announced plans to reopen the state sometime in May, more than a month after he issued stay-at-home orders to mitigate the spread of the COVID-19 virus. Although the guidelines for the reopening are still being planned, it would be wise for business owners to start preparing for their reopening, as well.

If you have a small or medium-sized business in Nashville, consult with your partners, suppliers, and accounting firm about the steps you need to take to make sure you hit the ground running when the economy reopens.

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Ask Your CPA Firm About Measures to Address the COVID-19 Crisis

The world is currently facing an unprecedented challenge with the COVID-19 pandemic. No one is being spared from the havoc it is bringing, including businesses in Nashville. As alarm over the virus spreads and people are choosing to stay indoors, many small and medium enterprises in the city are finding it hard to stay afloat.

If you’re a business owner in Nashville, don’t hesitate to call your CPA firm and get financial advice in this time of difficulty. Your CPA can provide the guidance you need in making decisions and taking the right steps to help tide you over during this situation.

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Ask Your CPA About Forming a Corporation for Your New Business

Starting a business in Nashville? One of the things you need to discuss with your CPA is how to structure your company. You have several options,  and your choice can factor greatly into how you do business on a day-to-day basis.

In many cases, it’s highly advisable to register your business as a separate entity that will protect your personal assets from your business’s debts and actions. An LLC or limited liability company is often considered as the best choice for small and medium-sized businesses. However, it might also be worth looking into forming a corporation, especially if you’re hoping to grow your business and attract more investors in the future.

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Starting Nashville Small Healthcare Businesses with an Accounting Firm

Looking for small business ideas in Nashville? Explore your opportunities in the city’s healthcare industry. Generating an income of more than $92 billion and providing more than 570,000 jobs, Nashville’s healthcare industry greatly impacts the economy not only locally, but also globally.

In an economy largely driven by healthcare, it makes perfect sense to find small business opportunities in this industry. Many have already found success, but there’s always room for more. The key is to identify the services or products that the industry currently needs. You then have to ensure you’re fully trained and equipped to offer those services or products, and work with the right resources, including an accounting firm who can provide you with the financial guidance you need throughout the various stages of your enterprise.

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