COVID-19: Business Insights

  • Getting Back to Business: The Role Cash Flow Budgets Play in Obtaining Bank Financing
    It is clear that most businesses felt the financial impact of the pandemic during the last few months and are now experiencing the stress of getting their businesses up and running again. While PPP loans and SBA disaster loans helped businesses through the roughest months of the pandemic, now the … Read more
  • Business Interruption Insurance Update
    In a recent article, Gettry Marcus described the hurdles that the policyholder will most likely face regarding the consideration of a business interruption claim due to COVID-19. Insurance carriers are quick to point out that business losses arising from COVID-19 are not due to a “direct physical loss” or “direct … Read more
  • Getting Back to Business: Business Interruption Insurance For The Professional Service Firm
    As our professional service firm clientele begin to return to some semblance of normalcy, we are being asked for advice as to the protocols for submitting a business interruption insurance claim. Whether our client be a law firm, engineering firm, architectural firm, or other professional service firm, the methodology used … Read more
  • Getting Back to Business: The Road Back to Recovery (and the “New Normal”) for Medical Practices
    Even though medical practices were considered “essential businesses” during the worst parts of the COVID-19 Pandemic, stay-at-home orders and general social distancing guidelines kept patient volume down for most practices. This was especially true for those practices that rely on elective-type procedures as their primary source of revenue. While loans … Read more
  • Getting Back to Business: Keeping Your Non-Profit Organization Economically Viable in a COVID-19 World
    Your Organization and its vital programs are needed now more than ever. The demand for the types of services non-profits typically provide continues to increase while the availability of donor funds declines. Just as any for-profit business, non-profits must focus on long-term strategies, potentially reinventing their methods of providing services … Read more
  • Getting Back to Business: Communicating Business Difficulties with Creditors
    As businesses start to slowly reopen in the COVID-19 world, they are facing new challenges; both externally and internally. Some examples of external challenges consist of government regulations, rising unemployment rates, lack of discretionary cash flow by consumers, and volatile economic markets. Examples of internal challenges consist of operational inefficiencies, human … Read more
  • Getting Back to Business: CARES Act Tax Provisions for the Real Estate Industry
    The real estate industry has been hit hard by the COVID-19 Pandemic. One of the major issues faced by landlords is the uncertainty of rent collection due by tenants. This could be caused by businesses being shut down due to the stay at home orders, tenants' inability to pay rent … Read more
  • Business Interruption Insurance Update
    Now that we are over two months into the economic shutdown it has become abundantly clear that insurance carriers are taking the position that business interruption losses arising out of the COVID-19 pandemic will likely not be covered.  This is evidenced not only by actual denial letters mailed out to … Read more
  • FASB’s Quick Reaction to Pandemic
    Yesterday, the Financial Accounting Standards Board (“FASB”) met to cover several matters that arose over the viral pandemic that has overrun the economy. Specifically, FASB: voted to defer the effective date to adopt the Revenue Recognition Standards (Topic 606) for non-public entities for another year. Topic 606  will be now be … Read more
  • Getting Back to Business: Rolling Cash Flow
    Every business has been impacted in some way by Covid-19. However, business owners must accept this changed environment and pivot to the new reality by moving forward to remain competitive, and stay in business. To meet this challenge, it is imperative that business owners adopt a new philosophy for this … Read more
  • Reorganization and Bankruptcy
    Due to the impact of the current health crisis, a business owner may need additional time or an amicable arrangement to pay its creditors. At difficult times like these, it is advantageous for creditors to cooperate with their debtors, including forgiving or postponing the payment of debt. Although working through this … Read more
  • SBA Programs – Scams and Fraud Alerts
    From the U.S. Small Business Administration*: The Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19). The Coronavirus Aid, … Read more
  • Getting Back to Business – “Business Owners – Start Your Engines”
    Not today, not this week, likely not next week, but soon your business will be asked to participate in the greatest race to restart an economy in history. In an Indianapolis 500 car-race that’s been red-flagged due to an extraordinary large crash, a restart with a green flag occurs and all … Read more
  • WEBINAR: Business Interruption Insurance Related to the Current Health Crisis
    Gettry Marcus CPA, P.C. presented: Business Interruption Insurance Related to the Current Health Crisis Learn the tactics and strategies of business interruption and contingent business interruption coverages, logistics of submitting a business interruption claim, how to support the monetary damages as part of a business interruption claim, and more Topics that … Read more
  • Managing Cash Flow During the Financial Crisis
    Overview Managing cash flow has always been challenging. In this unprecedented current financial crisis, with the root cause being a health pandemic, planning for the uncertain future is even more difficult. With many companies seeing significantly diminished business activity due to government mandates to stay at home, budgeting and planning … Read more
  • Business Interruption Insurance
    There are potential issues that may arise when contemplating a business interruption insurance claim. Every client situation is different, and we are here to help guide you.  One possible form of relief for the financial stress caused by the outbreak of COVID-19 is business insurance, including business interruption and contingent … Read more
  • Launching of COVID-19 Crisis Advisory Task Force
    In an unprecedented manner, the world economy has unilaterally greatly reduced its industrial and economic output as a result of the Coronavirus pandemic (COVID-19). To help you through some of the unknowns and difficulties this created, Gettry Marcus CPA, P.C. has launched a COVID-19 crisis advisory task force to help … Read more
  • Essential Businesses Update
    Dear Clients and Friends, We wanted to share some important information with you.   On Friday, March 20th Governor Andrew M. Cuomo announced he is signing the "New York State on PAUSE" executive order, a 10-point policy to assure uniform safety for everyone. It includes a new directive that all non-essential … Read more
  • COVID-19 Update
    Dear Valued Clients & Friends, As we continue to monitor the news surrounding the coronavirus (COVID-19) and its growing impact, we want to keep you informed that we have taken steps to ensure the safety of our employees while still maintaining the level of personalized service you are accustomed to … Read more

Please contact your Gettry Marcus Advisor if you would like additional information.

Disclaimer: Nothing herein should be construed as being Gettry Marcus’ views as to whether this economic global crisis will be short-lived (a V recovery), take only a few calendar quarters to unwind (a U recovery), or create a longer-lived recession. Further, the above and all future communications from our task force provides information for you to consider as a menu of thoughts as no one strategy works for all.