Survival Tips for Small Businesses on the Edge Awaiting Stimulus Help

The CARES Act could put money in Americans' pockets soon, but those checks and the relief for small businesses may not come soon enough for some. To hold them over, here are some strategies to try in the meantime.

In the midst of the COVID-19 pandemic, we’re breaking records in all the wrong ways. On the same day the U.S. Senate approved the largest economic legislation in history, we also found out that a record number of people filed for unemployment: more than 3 million.

There are lots of things in the CARES Act — aka the Coronavirus Aid, Relief, and Economic Security Act — that are nice. Checks to Americans are nice. Forgivable loans are nice. Tax breaks are nice. But as not only someone who advises small businesses, but a small-business owner myself, I can tell you that the CARES Act, while nice, isn’t going to provide the immediate relief small businesses need.

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Bruce Willey, JD, CPA
Founder, American Tax and Business Planning

Bruce Willey has been working with small to midsize businesses across the country for more than a decade, helping them navigate business and tax law in a variety of situations. His services include assisting with business start-ups, operations, growth, asset protection, exit planning and estate planning.