By Gary Pittsford, CFP®
President and CEO, Castle Wealth Advisors, LLC
In the last two months our personal lives and our business lives have been completely altered. All of the closely held businesses and the industries that we work with have been devastated financially because of this COVID-19 worldwide pandemic. In this article we have tried to outline briefly ideas that can be used by businesses, business owners, business employees, and others affected by this coronavirus.
The index below outlines ideas for business owners and employees that you need to read immediately pertaining to the new law that was passed by Congress last week and signed by the president on Friday. In order to implement sections of this new law and all of our business planning ideas you need to consult with several individuals.
First, make sure that your business accountant has read the CARES Act. Your accountant is going to be a very important source of information for you to qualify for different sections of the new tax law outlined below.
Second, your corporate attorney can also be helpful in preparing any documents to qualify for parts of the new tax law.
Third, for all of the industries that Castle Wealth Advisors specializes in, we will make ourselves available to talk with business owners and association leaders about ideas that will help everyone through this pandemic disaster with financial ideas to implement.
Fourth, there are a lot of national organizations that have quickly gotten themselves ready to help you. Consider asking your local Chamber of Commerce if they have someone on staff who can help you apply for benefits from this new CARES Act. Consider contacting the National Federation of Independent Businesses and find out if they have a local office that can help you. Also, you might think about the SCORE Association which has offices in many cities and states.
Fifth, contact your state Small Business Administration (SBA) and find out if they have a local field office near you. Many of the CARES Act provisions for small businesses will be handled by the SBA.
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