If you are the owner of a small business you are already well aware of the devastation that the coronavirus has caused, particularly for those with four or fewer employees. You’re not alone. As this outbreak continues U.S. businesses are struggling to survive. The pandemic has resulted in layoffs, closures and loss of income for business owners across the country.
A survey of 1,600 businesses covering over 30 different industries within the U.S. shows that small businesses have been impacted disproportionately compared to those that have a larger staff. The survey also identified an array of challenges including the impacts of the pandemic on staffing, revenues, sales, headcount and overall financial wellbeing. Both economic and health-driven demands – including social distancing restrictions – have contributed to the challenges faced by many small businesses and have affected future growth potential.
Small business owners are also concerned about the welfare of their staff due to wage and benefit cuts. There is also the concern over future relationships with suppliers.
The future looks brighter for US small business
Nowadays, the future is brighter and businesses are finding ways to respond to the challenges.
The government has responded by offering including stimulus payments, payment protection programs (PPP), more liberal rules and filing dates, IRA distribution, required minimum distribution waivers and more. Income tax payments for businesses and individuals owing particular amounts have been deferred.
Get Your Tax and Accounting Questions Answered by Our CPA Firm in El Paso, TX
For professional assistance contact a CPA firm in El Paso, TX or call Marcus, Fairall, Bristol + Co., PLLC.
Our professional staff at Marcus, Fairall, Bristol + Co., PLLC is here to assist with your accounting-related questions including income taxes, IRS deadlines, PPP applications and to consult with you on other business accounting concerns. We offer our clients a variety of accounting services such as the following:
- Forensic Accounting
- Tax Problems and Resolution
- Tax Planning for Individuals
- Small Business Accounting
- Non-Profit Accounting
Marcus, Fairall, Bristol + Co., PLLC
230 Thunderbird Dr Ste G, El Paso, TX 79912
Phone: (915) 775-1040