The federal government released new guidelines, formally known as Opening Up America Again, for states to plan to reopen the economy and business activity. The guidelines suggest data dependency (based on COVID-19 cases and statistics) and follow 14-day trends. The final decisions on reopening plans will be issued by state and local government, but businesses can start or modify contingency planning now.
We encourage business owners to identify where they fall in the Opening Up America Again plan, and project what level of business revenue will allow for that reopening under each phase. From there, businesses can build staffing plans that can overlay with PPP loans to project, and hopefully maximize, the forgiveness amount.
While these plans are highly contingent upon criteria being met—and the exact dates for reopening will remain uncertain—having a staffing plan in place is vital. Even more important is communicating that plan with your staff to reduce their uncertainty and be ready to ramp up operations successfully.
During your planning process, you can build in scenarios to hold or possibly reverse rehiring if COVID-19 cases spike upward again and your state reverts to stricter social distancing standards.
While these are challenging times all around, we are here to help with your financial modeling and forecasting planning. Our Solutions Services and small business consulting services team help set up your business, employees, and our communities for success in future years.
You may also be interested in our blog post about PPP Loans.