We Hear You. And We Are Here to Help.
DHJJ remains committed to helping our clients through the COVID-19 Pandemic. A few months ago, we asked business owners to take a survey on how the pandemic is impacting their business in several different areas. We understand the pandemic has made shifts to how companies plan for the future. Our advisors are here to offer assistance.
Here is what we heard:
29.46% of businesses are over 25% down in Company Revenue (only 17% were up in revenue)
Whether you were up or down in revenue, we encourage you to have a conversation with your accountant on your current revenue. Your accountant can then recommend the best path forward.
Over 40% saw a significant or critical impact to their workforce.
- Consider Employee Retention Credits before applying for PPP loan forgiveness. Learn more here: How ERC may help your business
- If you are looking to enhance the retirement plan benefits for your employees, DHJJ Financial Advisors can assist your company in the selection and monitoring of investment alternatives for your plan’s participants. This allows your employees to choose the investments that are right for them while identifying if there is an opportunity for cost savings for your company.
Operations and Supply Chain
36.6% saw a significant or critical impact to their Operations and Supply Chain.
- If your business needed to make changes in operations or supply chain, please talk to your accountant so they can understand your changes.
- If your business began shipping to different states or your supply chain has changed, you may want to check your compliance with State and Local Taxation.
Finance and Liquidity
39.29% saw a significant or critical impact to their finance and liquidity. Luckily, Just over 49% saw no or limited impact. 8.93% saw an increase to finance and liquidity.
- Whether you took a Paycheck Protection Program loan or are looking into the PPP2, ensure you are working with your accountant on PPP forgiveness or other options available to help your businesses. Even if your finance and liquidity increased, there are options to plan for the future.
Strategy and Brand
25.89% expected a significant or critical impact to their strategy and brand, while 8% didn’t know if there would be an impact.
- Your accountant can offer you a business health assessment through our Innovative Business Services group. Recommendations may include how to improve the management of financials, operation plans, and strategic implementation.
In our survey, 76.79% of respondents took a PPP loan.
DHJJ continues to monitor any new information on PPP loans and forgiveness. For a listing of all Business resources surrounding the COVID-19 pandemic, please visit our COVID-19 Resource Page.
Most Requested Services
The top requested services in the survey were:
- 41.07% Tax Strategy
- 37.5% Business Consulting, including PPP Forgiveness
- 13.39% Financial Advisory
How DHJJ Can Help
DHJJ aims to keep you and your business safe and compliant as we help you to get to the other side of this pandemic. If you have any questions or wish to engage with one of our advisors, please contact us at 630-420-1360.