💸CONTROLLED FINANCIAL COALLPSE A COVID GUIDE

I’m experiencing much doubt in the response to this situation beyond healthcare outcomes. I have documented my journey and sharing some tools below if you’re a small business person, independent contractor or were recently laid off of a “real” job. I’ve included my situtaiton and how I’m dealing with each of the pieces. From the CARES ACT through unemployment and bankruptcy. Here is your guide.

🚨NOTE:I had someone say to me on reddit: "You should have a rainy-day fund" —-This isn't a rainy-day we are entering, it's at minimum monsoon season or most a biblical yearlong flood.

 

📑OVERVIEW: 

  • M/52/Married / Houston / Writer / Public Speaker / Consultant

  • 200K annual small business, Sole Proprietor

  • All events / consulting canceled through fall 2020

🛠OPTIONS:

  1. EIDL (🇺🇸Federal Program)-10K grant

  2. PPP(🇺🇸Federal Program)- Forgivable 20K loan

  3. Unemployment(🏛State Program)- -3-4K a month

  4. Ride It Out with Savings(🏡Personal Program)-- Deferrals and Expense Reduction

  5. Bankruptcy (👨🏻‍⚖️Legal Program)-Wipe out current credit card and other debt, resort to option number 4.

 

PLAN:

 

I created a database in Airtable to track my options and contacts with different agencies and tasks and due dates to follow up on. This allows me to see quickly where the different plans and options are in relationship to status, bill due dates and or dependeies. There is NO difference between your personal bills and the business programs. Chase offering you a mortage deferment needs to be tracked as well as your unemployment, or goverment CARES programs. It’s easier to see it in a single database.

 
CleanShot 2020-04-07 at 12.26.51@2x.png

✅RESULTS:

 

🇺🇸FEDERAL PROGRAMS

  • EIDL - Is not going to workout because it's not 10K, it's just 1K for me, if and when they ever figure it out.

  • PPP-Small banks are only taking their own customers, and my bank Wells Fargo, decided they can't handle the demand.

🏛STATE PROGRAMS

CleanShot 2020-04-07 at 11.57.53@2x.png

  • Unemployment -

    • Filed April 2, 2020-Application number granted.

    • Check April 3, 2020 -“TWC needs additional information to complete your claim for Unemployment Benefits."

    • April 3, 2020 -Start calling and tracking results and options for TWC and Unemployment

    • April 7, 2020 - Reached operator. Sole Proprietors need to have TWC MANUALLY push their claim through. My operator pushed it through. Now I need to wait until the 12th to request payment. NOTE: TWC has NOT received guidance from the federal government for INDEPENDENT CONTRACTORS / SOLE PROPS for Texas yet. 

🏡PERSONAL PROGRAMS

Ride It Out - I created a view of my monthly bills tied to Maslow's Hierarchy of Needs  so I could focus on what HAD to be paid, vs what we could defer or request help on. Keep track of WHO you contact for bills, their business program

CleanShot 2020-04-07 at 13.12.24@2x.png


Bankrupcy- Investiaging local lawyers and preparing my bills, and debt in another database to attend a 341 hearing to make this process go as quickly as possible. Don’t wait to prepare your bankrupcty now, you’re doing the work while preparing for the programs anyway.

🚀SUMMARY

 

NET/NET: If you're feeling overwhelmed and you want guidance, you can use my templates I mentioned above.

  1. Shoot me a message here https://www.chrisdancy.com/contact and I'll forward you the templates to create something yourself. 

  2. If you need one/one help, I can walk you through anything via a zoom or phone call. Text messages back and forth make my brain hurt.

  3. You WILL feel alone, you're not. There are people like me who want you to benefit from what we are learning.



Chris DancyComment