The COVID-19 crisis has forced some companies to close their doors and others to see lucrative contracts cancelled, supply lines dry up and customer demand plummet. Many small businesses are wondering how they can keep paying employees with revenues taking a hit. With no clear timeline as to how long social distancing might last, most owners are racking their brains to figure out how to manage payroll right now.
“Everything is ten times harder right now,” says David Wood, a Toronto-based controller and finance manager. While staff are worried about their jobs, customers are few and far between, yet the work might be taking longer, often because people now have to work from home.
Fortunately, businesses do have options, though they may have to think more carefully than they usually do about how to keep their staff paid. The FBC has put together some things to consider.