Financial Self Care – Concrete Options for COVID-19 Relief
You are on my mind and I am a bit beside myself with concern for my inner circle, my tribe, my community of women in business, my country. Sheltering at Home combined with the shift in life and business as we knew it has landed the gravity of our common plight with a heavy handed dose of wondering “when will this end” and “what’s next”. What’s next for us as individuals, as business owners, as families, as states, and as a country? I have taken pause this past month to contemplate the situation we are facing so I could determine how best to serve you.
Having been successfully self-employed for 40 years, I have weathered every economic, political and terrorist event since 1980 and let me tell you, there have been a lot of them! Most recently, I added natural disasters to my list. Here in northern California, the last few years have been tough. Two major fires ravaged my community and just as we’re beginning to get to the other side of that, COVID 19 lands on all of us! The upside is I have made it through each challenge and come out on the other side with more knowledge, skills, and abilities than I had before. This leads me to believe that you will too.
The good news is you don’t have to move through this alone. Even though this situation might be really overwhelming, there are next steps to take and places/people/organizations offering support. Maybe you’re in “waiting mode” hoping your path will become clear. I believe that moving forward and figuring out what you can do is probably the best way to proceed. What you need to do will come as a result of knowing what is possible for yourself, your business, and your family.
You’ve got a lot going on so I want to share what I’ve figured out that might be helpful. Below are some of my pragmatic ideas about what you can do to find some financial relief during the Shelter at Home mandate. Please take a look and see if there are actions you can take that feel supportive and/or are likely to improve your situation.
The Federal Relief bill allows self-employed people to collect unemployment benefits. There is new site, especially for business owners and the self-employed called the Pandemic Unemployed Assistance (PUA). Here is the link for California. It opens for business on April 28th.
If you have a banking relationship with a bank that funds SBA loans, they are likely to be accepting round two of the PAYCHECK PROTECTION PROGRAM (PPP) loan forgiveness applications. This program is available to both corporations and solopreneurs. Time is of the essence. If you haven’t already applied, do so immediately as the funds will run out again.
If you are homeowner and/or own your business property, call your mortgage lender and ask for relief from monthly payments. I know that there are banks delaying mortgage payments for up to 6 months.
If you are a renter, either personally or on behalf of your business, ask your landlord for a break in your rent or a delay in your rent payments. Not everyone will be able or willing to accommodate you but it is worth the ask.
If you have credit card debt, contact your credit card company (most have the options available on their website) and find out what they can do for you. Many are allowing deferred payments, and some are even deferring the accrual of interest!
If you have a car loan, contact your lender and ask for deferment or temporary reduction on your payments.
Getting a break from your insurance companies is worth the try - auto, healthcare, and etcetera.
If you find you are relying on your credit cards to get through these challenging times and/or need to do some debt consolidation, I recommend asking your bank about applying for a federal disaster loan. They are low interest and will help keep you above water at a much lower interest rate.
Any monthly payment I haven’t mentioned, attempt to negotiate some relief for yourself.
Review your expenses, including any online subscriptions and determine what you aren’t using and what you can let go of. Even in the best of times it is a good idea to cut expenses and right now it’s an excellent way to have less money going out every month.
If you are an Xfinity customer, Xfinity Mobile is available to you. You can get up to five lines, with unlimited talk and text. No phone line access fees. You only pay for data! I switched over about six months ago and it saves me over $100/month.
If you have student loans that haven’t already been paused, contact your bank and ask for deferment.
Federal and California State Income tax deadlines have been postponed until July 15, 2020. Not only were your tax returns not due this month, it also means that you don’t have to make ANY payments to the federal government until mid-July! This includes funding your retirement!
The Federal Relief bill allows employers to postpone payment of 2020 payroll taxes through the end of 2022. You will have to pay 50% by the end of 2021.
Get Your 30 Minute Complimentary Conversation
If you are in need of problem solving, advice, conversation, or support, I am offering a 30 minute complimentary conversation to the first 20 women who email me and request a phone call to talk about what steps you can take to keep yourself and your business moving forward.
Once received, I will send you the link to schedule your call. I have already made this offer to my inner circle of clients and colleagues and the calls have been beneficial in more ways than you might imagine. I promise that this will not be a sales call! I am here to support you in whatever way you need!