Congratulations for making it thus far through a tough year. With a pandemic, fires and social unrest, we have certainly been challenged. Let’s hope the worst is behind us and we can look to rebuild for the future.
Here are some important questions our clients are asking:
- Is PPP loan forgiveness taxable?
- Should I plan to take the forgiveness in 2020 or 2021?
- How shall I handle layoffs and furloughs?
- How long should my staff expect to work from home?
- Is our county purple or red?
- Can I still get rent relief/should I renegotiate with my landlord?
- Do I still need so much office space?
- Will I have enough cash?
- What are the tax implications of the president’s payroll tax deferral?
- How will the elections impact tax policy?
- What is happening with tariffs and my Asian vendors?
- When will things be back to normal?
With all this uncertainty, how does a company plan for the future? Many are being cautious, borrowing money and stockpiling cash. Some vendor payments are getting stretched, but that pushes the pain down the supply chain.
One client called to say it has successfully worked remotely since March, but cannot pay rent on its empty office this month. Although we suggest starting with a call to the landlord, a good backup plan might be to officially vacate the space. This second step was a surprise to the client (“can we do that?”), which was a surprise to us.
To paraphrase Winston Churchill and Rahm Emanuel:
“You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.”
Maybe you just need a fresh perspective. In difficult times, we need to plan ahead, evaluate and execute. We are here to help business owners plot a course through these storms.
To get started and review our process, reach out to Jim Burke at (650) 579-5699. Or email us at: firstname.lastname@example.org
About Burke Capital Corporation
Burke Capital Corporation is one of the region’s most highly respected catalysts to business prosperity. For over 20 years, Burke Capital Corporation has provided capital, expertise and management support to enable significant client performance gains, often in very challenging times. For more information, go to burkecapital.net or call us at (650) 579-5699. The company’s corporate headquarters is located in Burlingame, California.