No matter what you call it, COVID-19 or coronavirus, 2020 will undoubtedly go down in history as the modern-day year of the plague. With the pandemic’s assault on the world’s population and normal life, our ability to work as usual was gravely affected as well. It seemed as though the whole world came to a standstill, and the domino effect across the global economy is still looming overhead. So even with the tick of the New Year, we have yet to kick this virus and the changes to our daily lives it provided.
The U.S. saw many changes to the way we work. Businesses moved to remote or work from home (WFH) and this change not only mitigated the spread of the virus in the workplace, it provided a way to trim the fat to the bottom-line for many businesses. This is a huge benefit to small to mid-sized businesses due to the cuts in overhead to allow for more operating cash for things like payroll, for instance. But just as we started to adjust and recover, the election provided new initiatives that could prove equally as challenging to the SMB community.
Within Government contracting, access to working capital has been an ever-present need for the SMB community. Business owners are faced with unique financing needs and few options. The recent multi-state increase to minimum wage rates could be the next issue SMB GovCons face regarding the need for alternative financing. Contracts awarded last year that require work this year will have an added expense with this recent implementation in many states across our Nation.
Did the state where you work recently vote for this wage increase? Does your company have a plan on how you will finance this increase as you begin working your new contracts? Do you know the options available to you, and how long it will take and what it will cost? With all the unknowns surrounding this issue wouldn’t it be convenient to have a team behind you that knows what you’re going through, and can help put the best plan together for your needs? Maybe now is the best time to call us. Parabilis proudly serves the government contracting community! We are a team led by former federal contractors and veterans, and we are ready to help!
Contact us today to learn more about a Parabilis line of credit.