How can I safeguard my small business during coronavirus?

By Jessica Suotmaa 0

As the coronavirus pandemic continues to affect small businesses post-lockdown, many small business owners might wonder what can be done to safeguard the future of their business.  With new regulations for reopening during the COVID-19 pandemic (and the recent protests), you might question whether it is enough to continue the status quo.  If you’ve come to determine that business cannot continue as usual, then this article is for you. Here, we list six ways you can safeguard your small business during difficult times.

1. Business Strategy

When the economy is not doing well, it is a good time to review your current and past business strategies.  See how your business has grown, why you made the changes you made, and whether you need to make additional changes. Try to predict what the future will look like as a result of the pandemic, and simulate your business model–does it work? Is your business profitable? Or maybe you need to make adjustments.

Economic downturn can change the outlook of supply and demand, inventory, and prices. Make sure you leave nothing out of your review.

2. Regulations and Compliance

As conditions change, be sure to remain to up-to-date on business regulations, employment regulations, and any other regulations that require compliance.  This is also a good time to review tax compliance, and how you can minimize your end-of-your business taxes.

3. Contractual Obligations

If you have obligations to vendors, suppliers, or clients, ensure that you are able to meet your contractual obligations. Try to negotiate whenever possible if the reason you’re unable to meet requirements is due to circumstances out of your control, e.g. pandemic. If you need assistance with negotiations, feel free to consult a qualified business attorney.

In addition, it’s a good time to evaluate the relationships you have with vendors, suppliers, or clients, and prioritize those of more importance.  Add value to the important relationships by communicating more with them and finding out how they are also affected by current circumstances. You might discover new ways to serve your clients through these discussions.

4. Business Insurance

If you have a current policy, review the relevant insurance policies regarding business interruption and event cancellation.  If you do not have insurance policies for your business, this is a good time to consider adding a good insurance policy to your business arsenal.

5. Commercial Real Estate

If you have a mortgage, or commercial lease, identify and review updated policies. Remember to ask about repercussions on non-payment of rent due to impact on the business.

6. Employment

If your business has employees, be sure to remain up-to-date on current employment policies and benefits. Review your employee handbooks for policies on sick and family leave to ensure compliance with local regulations.

 

While we try to suggest what we can in our articles, we realize that every small business is different.  We welcome you to contact our office to discuss your business’ unique needs during these challenging times.

Can an Immigrant purchase a home?

By Lisa 0

Home ownership is an integral part of the American Dream, which we are encouraged to work hard towards.  Home ownership is a great source of pride in the U.S., and a huge source of gratitude for immigrants.  Striving towards home ownership can be considered a way of life for Americans born and raised in the United States.

Immigrants Can Buy A Home In The US

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There is good news for immigrants that want to own a home, too. It has long been said that America is the land of opportunity. Any realtor can tell you from experience that you do not have to be a U.S. citizen to buy a home in the States. With some hard work and with the right resources, the opportunity of home ownership awaits everyone. Immigrants can obtain homes in the US just like anyone else. There are millions of undocumented immigrants who already own homes in the United States. One obvious way to purchase a home as an immigrant would be to buy the house all in cash, without taking out a mortgage. Then, with the equity of their first home purchase, one can work up to a bigger, better home in the future.

If one does not have the cash to buy a home outright, there are mortgage programs that are set up to help an undocumented immigrant qualify for a home mortgage. Immigrants who do not qualify for social security numbers must apply for an Individual Tax Payer Identification Number (ITIN) through the Internal Revenue Service (IRS).  Some financial institutions can offer a mortgage to ITIN holders.

Green Card Holders Can Buy A Home In The US

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A green card holder is a legal permanent resident (LPR) of the United States, so they can purchase a home just like a U.S. citizen. They can apply for a traditional mortgage through a bank or credit union. Of course, they will be required to meet the down payment requirements and of all of the documentation that would be expected from all applicants. Like all mortgage applicants, everyone is required to qualify financially and must present proof of income, proof of residency, etc. to qualify.

Due to the time it takes to obtain a mortgage, it is strongly suggested to begin the process of applying for a mortgage before beginning to look for a home. Residential real estate is a fast-moving industry and many home sellers and realtors prefer to work with pre-qualified buyers only. Fortunately, immigrants can buy homes in the US just like anyone else.

If you, or someone you know, is interested in purchasing a home in the U.S. and have questions, feel free to contact Curtis Lum Team for real estate. 

If you have additional questions regarding what immigrants can and cannot do in the United States, do contact our office.