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Financial Advisors and Retirement Planners for Attorneys and Couples

How Small Business Owners Can Survive This Crisis

By Darren Wurz


Small businesses account for 99.7% of U.S. employer firms, (1) so the chances that you are employed by or own a small business are likely. As a small business owner, you are resilient and capable. You will survive a crisis because you have overcome insurmountable odds just by being a small business owner! Congratulations! With that said, there are some things that you can do during this time to not only survive, but thrive, even when there is uncertainty in the economy right now. Here are 3 ways you can survive a crisis as a small business owner.

1. Seek Community And Support

It is so easy for us business owners to neglect relationships during a time when we need them most, like during a pandemic. We need each other! It is important for us to find a community of other entrepreneurs with whom we can connect, share common ground, and ask questions. Social media and other online communities are a great way to do this. Also, it’s important to stay connected in your working relationships, such as with your accountant and financial advisor. We are here to help and serve you.

2. Serve Your Clients Or Customers

Businesses exist to solve problems. It’s why we have clients and customers. Whether you are a plumber, online business owner, restaurant owner, or therapist, your business exists because you solve customer problems. Now is not the time to back down. It’s time to get innovative in continuing to serve your customers and providing value even during a crisis, because your customers or clients need solutions now more than ever. While you are serving your customers, take time to evaluate your own needs, including your retirement, with your financial advisor and make sure that you are on the right track and being served as well. 

3. Take Advantage Of Programs For Small Business Owners, Self-Employed, And Independent Contractors

Last week, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This is a $2 trillion emergency stimulus package aimed at assisting individuals, businesses, and the U.S. economy at large. For small business owners, the self-employed, and independent contractors, one of the provisions is the Paycheck Protection Program.

This program authorizes up to $349 billion in forgivable loans (essentially grants), allowing small businesses to continue to pay themselves, their employees, and qualified expenses during the crisis. Qualified small businesses, self-employed, and independent contractors will be able to apply for one of these forgivable loans.

On April 3, 2020, small businesses and sole proprietors can start applying for these loans, and on April 10, 2020, independent contractors and other qualified self-employed individuals will be eligible to apply for these loans.

The nature of these loans are “first come, first served,” so you want to apply as soon as you are able.

What can I use these loans for?

You should use the proceeds from these loans on your:  

  • Payroll costs, including benefits  

  • Interest on mortgage obligations, incurred before February 15, 2020  

  • Rent, under lease agreements in force before February 15, 2020  

  • Utilities, for which service began before February 15, 2020 (2)

What counts as payroll costs? 

Payroll costs include:  

  • Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each employee)  

  • Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group healthcare benefits including insurance premiums; and payment of any retirement benefit  

  • State and local taxes assessed on compensation 

  • For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee (3)

Moving Forward

While we are living in unprecedented times, with many uncertainties, I know that you are committed to continuing to serve your clients and customers—and so are we. Our team at Wurz Financial Services would love to partner with you as you face the days ahead, giving you the confidence to move forward. Schedule a no-obligation consultation, and together we will find out if we’re the right people for you to depend on during your journey as a business owner and toward a comfortable retirement. Contact us at 859-291-9879 or today. We also invite you to join us at one or both of our free webinars:

About Darren

Darren Wurz is a co-owner and financial planner at Wurz Financial Services, an independent, family-owned and operated financial services firm dedicated to helping its clients transition from their working life to a comfortable retirement with confidence. Darren received his master’s of science in financial planning from Golden Gate University and also holds the CERTIFIED FINANCIAL PLANNER™ (CFP®) designation. He operates the Northern Kentucky/Cincinnati office of Wurz Financial Services and is an active member of the Covington, KY rotary club, the Northern Kentucky Chamber of Commerce, and the Covington Business Council. To learn more about Darren, connect with him on LinkedIn.





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