We are writing you from our locked down offices over here in South Austin to fill you in on what we know about the current financial/health crisis.
WHAT THE GOVERNMENT IS DOING
Here's a good break down on the latest legislation being considered currently: https://www.cnn.com/2020/03/25/politics/stimulus-package-details-coronavirus/index.html The issue is the timing-I don't have to tell most of you that help is needed like YESTERDAY for small businesses who have been closed for weeks. Abbott finally issued the emergency declaration we needed to start applying for loans https://gov.texas.gov/news/post/governor-abbott-announces-approval-of-emergency-designation-for-small-business-disaster-loans-from-u.s-small-business-administration however, so I am encouraging everyone to fill out a form for a loan NOW even if you're not sure you will need it. The SBA has set up a site just for these loans here https://www.sba.gov/disaster-assistance/coronavirus-covid-19 but be patient, I've been told the site is crashing due to the volume of folks seeking assistance. I just clicked on it and it's down right now.
WHAT REV ATX IS DOING
In order to get the loans above you will need up-to-date bookkeeping and answers to vital questions to fill out these forms. We are working diligently to get and keep everyone's books up-to-date to facilitate these requests for reports. Taxes will be taking a backseat at this time, since the deadline was extended for filing and paying to July 15th https://money.usnews.com/money/personal-finance/taxes/articles/tax-deadline-extension-what-you-need-to-know We will still be working on returns, but we want to focus our attention on getting you the best proof we can of a reduction in income to get you funded as quickly as possible. Our goal is to maintain 100% employee retention during this crisis. My advice to you is to hold on to cash if you can, and worry first about bills that directly affect other businesses and your essential survival. Use credit where possible. Revolutions is waiving any credit card fees during this time to help ease the burden on all our clients. We understand that you may not be able to pay us as timely as possible, and we want to work with people as much as we can on our bills to ease the pain you are all going through. We do have a team of hardworking bookkeepers to pay as well, so reach out if you need a payment plan or additional time to pay so we can work with you and keep you moving. Katie is available to talk to you about best practices during this time, and budget cuts that can be made https://letmetalktokatie.as.me/.
WHAT SHOULD YOUR EMPLOYEES DO
If you have employees that you simply can't keep busy it may be best to let them seek help from the government sooner rather than later, since unemployment claims are based on recent paystubs. We are still recommending laying off folks, in writing, so that they may seek assistance ASAP and you can hold on to cash. California has announced remediation for the State Unemployment Assessment so that gives us hope that small businesses in Texas will see similar relief. Let us know if you need help with the language of this letter.
WHAT SHOULD YOU DO
In addition to the above advice and best practices we are recommending following strict social distancing guidelines to protect yourself, your employees and your community. We are suggesting everyone get out for fresh air and exercise each day. We are also highly stressing the need for human contact every day. It may seem silly, but do a zoom or google hangout meeting. It's nice to see everyone's face and remember that we are still a community of people. Chat your loved ones, check on your elders and stay away from in-person interactions that are unnecessary as much as possible. Do art, bake, find joy. If you know a business owner or small gig employee that needs some kind of financial reports for loans please refer them to us for help. REV ATX is committed to helping small businesses as much as we can during this time. Please send us any new info you find out so we can continue to update everyone with as much information as we can. Continue to call and email your state and local representatives to push for the relief you think we need and deserve. Stay calm and be kind to one another.
-Katie and the REV ATX team --
* We've recently moved! You can now find us at 2111 W. Slaughter Ln, Austin, TX 78748 Need to talk to Katie on the phone or in person? Schedule some time here https://letmetalktokatie.as.me/