COVID-19: Hear From Our Experts

Five of our full-time experts took time out of their busy writing schedule to offer up some analysis and recommendations in wake of COVID-19. Here’s what they said: [Image]( Five of our full-time experts took time out of their busy writing schedule to offer up some analysis and recommendations in wake of COVID-19. Here’s what they said: Federal Income Tax Payments Deferred for 3 Months [Tim Yoder](, Writer & CPA In an effort to inject cash into the economy, the [IRS has extended the time]( to make all payments and file all tax returns from April 15, 2020 to July 15, 2020. Both individuals and corporations are granted the extension to file and pay. There is no maximum amount of payments that can be deferred. The deferral is for federal income and self-employment tax only. You must continue to pay other federal taxes, such payroll or excise taxes, by their normal due date. In addition to deferring the payment on any balance due with your 2019 return, your 1st quarter 2020 estimated taxes normally due on April 15, 2020 are now due July 15, 2020. The extension of time to file and pay is automatic and you do not need to file any forms. This does not necessarily extend the time to file and pay your state income taxes. Check with your state to see if they are offering a similar extension. Disaster Loan Assistance From The SBDC [Blake Stockton](, Writer & Former SBDC Consultant If you’re applying for an SBA Disaster Loan and have questions about the application, consider contacting your local SBDC (Small Business Development Center) for no-cost assistance. The SBDC is funded by the SBA. Think of them as the SBA’s “on-the-ground troops”. In a non-disaster environment, SBDC Consultants provide no-cost consulting to business owners with the goal of helping them grow their business. In times of disaster, the SBDC is charged with assisting business owners navigate the complexities of disaster loans. As a former SBDC Consultant who has been involved with hurricane disaster relief, I can tell you that the SBDC will be extremely busy. It may take 2-3 weeks to schedule an appointment. Schedule today before the onslaught of consultation requests. There are over 5,000 SBDC Consultants across 1,000 offices within the U.S. While many of the locations may be closed, most Consultants will be available to take over-the-phone and video consultations. To find your local office’s contact info, Google “SBDC near me”. Sales Management Best Practices During the Pandemic [Jessica Pingrey](, Writer & B2B Sales Expert No matter what your organization sells, there’s a fine line between maintaining an excellent customer experience and making your employees feel safe and supported. However, technology gives us plenty of ways to bridge the gap and keep customers happy while protecting your employees and ensuring they feel comfortable. Many sales organizations are fine-tuning work from home policies that enable them to continue working with prospects and customers efficiently while limiting face-to-face contact. If you choose to enact a work from home policy, give your employees the tools they need to stay connected and do their jobs effectively. This includes a laptop computer (and perhaps a monitor), a network connection, and software that gives them the ability to meet with prospects, customers, and co-workers. For example, [Zoom]( is a great video-conferencing platform for internal and external meetings, and [Slack]( is a useful tool for communicating within your team without crowding up email inboxes. Most of all, focus on frequent, transparent communication with your team and customers during this time. Quick Tips for Retailers [Meaghan Brophy](, Writer & Retail Expert Right now across the country, many storefronts not selling grocery, pharmacy, or other goods the government classifies as “essential” are forced to suspend operations for weeks, a month, or indefinitely in an attempt to stop the spread of COVID-19. For many small business owners, storefronts are your livelihood, with families and employees depending on that income. Here are a few quick tips to implement right away to keep your business running: Set up an online shop: Small businesses can get an online store up and running quickly (and for free) [using Square Online Store](. Even if you’re not able to sell products, get a website and sell digital gift cards. For small retailers - plan on fulfilling orders in-house: As COVID-19 continues to spread, some warehouses and fulfillment centers are starting to suspend or greatly slow down operations. If you can, plan on fulfilling online orders from your store to avoid disruptions and ensure faster deliveries. For Amazon sellers and larger ecommerce businesses: As of Tuesday evening, ShipBob is reporting that all seven of their North American fulfillment centers are open and operating at full capacity. This is a good [warehousing and fulfillment]( option for ecommerce businesses impacted by Amazon’s pivot to focus on essential goods. Host virtual events: Even though you can’t connect with your shoppers in-person, you can still keep the connection by hosting online events such as classes, workshops, or even happy hours. Encourage customers to leave reviews and sign up for your newsletter: Unfortunately, not every customer will be in a financial position to support your business. Leaving positive online reviews, sharing your posts, and signing up for your newsletter are all ways your customers can help your business even if they can’t shop. Contact your vendors: Many POS solutions and wholesale marketplaces are implementing programs to work with small businesses during this time - discounts, free tools, waived payments, and other options to help indie storefronts. Also, contact your product suppliers to arrange alternate payment plans on any outstanding invoices. Advice for Restaurants During COVID-19 [Mary King](, Writer & Hospitality Expert Stay in some form of business for as long as it is feasible. From a purely business standpoint, this will give you actual sales data to support any loss of business claims you make in the future. Beyond that, it can provide you with some revenue streams to pay unavoidable expenses like payroll, rent, mortgages, or sales tax. Keeping your restaurant functioning also serves to provide hope to your employees and your customers in this stressful time. This is a gift that restaurants are uniquely qualified to give. Staying in some form of business can take the form of shifting to take-out and delivery of a limited menu. In some locations, liquor control ordinances have been temporarily extended to allow restaurants to sell bottled spirits in take-out and delivery orders. Alternatively, you could shift to retail style sales to run through your food and beverage inventory that would otherwise spoil. Especially in densely populated cities, your neighbors will appreciate the chance to buy some eggs, meat, and wine nearer their homes. Check with your point of sale provider to see what additional services they are extending. Many POS platforms like Toast and Lavu are offering their online ordering modules to their restaurant partners for free during social distancing. Check with your POS provider to determine what options they may have unlocked. Sell gift cards to help bring in revenue when you are shuttered. If you already have a dedicated page on your website for gift card sales, share that link far and wide on your social media channels. If your Point of Sale offers a digital gift card module that you currently don’t use, contact your sales rep and ask if they will consider offering this module for free for a time. POS brands have a vested interest in helping your restaurant succeed, and many are offering these modules to their clients right now. Develop community-based solutions with other restaurants in your market. Restaurants have always been hubs for our communities. You may be able to pool resources with neighboring restaurants to share the labor burden as you shift to take out and to-go operations. Beyond the knowledge that your work is helping support those in need, community support work may actually bring in some revenue. Community foundations and community trust grants may be available to support kitchens that convert their operations to provide meals for schools, hospitals, or non-profits like Meals on Wheels. Extra Resources - [Best Business Phone Systems](fitsmallbusiness.com/best-business-phone-systems/) - [Free Business Email Address](fitsmallbusiness.com/free-business-email-address/) - [Home Office Setup](fitsmallbusiness.com/home-office-setup/) - [Set Up Online Store](fitsmallbusiness.com/set-up-square-online-store/) We hope that this newsletter was helpful for your business today. Keep fighting! Well wishes, The Fit Small Business Team We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Our business model allows us to bring you the best answers to your questions, without editorial biases or cluttering the site with banner ads that everyone hates. The solutions we recommend to business owners often include products and services. Our expert team of writers make recommendations in our buyer’s guides and reviews based on independent quantitative and qualitative assessments. To maintain editorial independence from our business operations, our writers and editors always have the final say on whether a partner is included anywhere on our site. [Read our editorial policy here](. When a product or service is included in an article or an email, we sometimes earn a fee or a commission from the advertising partner based on readers’ actions. Learn more about [how we make money]( and see a list of [our full list of partners](. This message was meant for: {EMAIL} Our HQ: Fit Small Business - 355 Lexington Ave, 18th Floor, New York, NY 10017, United States Want to give feedback? 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