Consider These 10 Adjustments Before Making Payroll Cuts | Best Company
Consider These 10 Adjustments Before Making Payroll Cuts - Best Company
The economic impact of COVID-19 and related stay-at-home orders has reached nearly unbelievable proportions. As of April 10, 31 percent of Americans were furloughed or had lost their job because of virus-related events, according to a survey by Freedom Debt Relief.
But many businesses are hoping they can hang on to their employees until they can secure Paycheck Protection Program (PPP) funds to temporarily cover payroll costs or the economy reopens to begin the long process of recovery.
To business owners looking for every possible place to cut costs and preserve cash before initiating layoffs, there are several budget adjustments to consider.
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"The Denver office recently hosted a “Summer Mixer”. We appreciate the efforts to keep our club engaged - especially during the covid era we are living. We setup a small “vendor booth” of our jewelry at the mixer - and we able to visit with our members and do some much needed “networking”. We actually live 3+ hours away in the mountains (towards Aspen) - so sometimes it can be challenging doing our business “remotely”. We appreciate our broker's efforts to help us do so. She is always responsive and strives to provide great customer service. "