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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"“I've been with IMS for 8 years. I'm always amazed at the new clients that find me through IMS. I use the IMS dollars I have accumulated on items such as hotels, sports tickets, comedy clubs, restaurants, airline flights, dental care, Lasik eye surgery, carpet cleaning, duct cleaning, lawncare, and Christmas gifts. I haven't had to take money out of pocket for many years because I use IMS trade dollars for all this. When I talk with a business, I always tell them not to pass up a new way to get their name and products in front of new customers. IMS is a great way to do that.”"