It is important for any business, anywhere, to be mindful of the cost and availability of cash. Independent consultants are no exceptions! Whether needed or not, this webinar from marketplace leaders and one of LifeSciHub’s aspirational models, MBO Partners, is an excellent overview of the most important points for independent workers and individuals:

MBO Partner Webinar: TOC and smj commentary follows:

Implications for business:

14:15-17:23: Cash you don’t have to lay out for taxes! You still have to pay SS tax, just not until 2021 and maybe 2022. Very cool!

17:25-18:50: If you operated at a loss this year, or 2019 & 2018, you can apply those losses to taxes you paid on profits for 5 years prior to that. This is called…wait for it…”Net Operating Loss Carrybacks”

18:50-22:20: Stack up! Grants and loans. Unheard-of rates. Potential forgiveness. I am not sure the lens of history has ever seen so much money become available, at such favorable terms, like, ever.

22:29-29:15: “Paycheck Protection Program” for the small business owner who’s more than their own payroll. This loan is up to $2M, designed to replace payroll under certain conditions.   This could be a lifeline in the COVID19 business disruption storm!

29:15-38:00 : Personal implications

·       Personal implications such as Pandemic Unemployment Assistance which, for the first time, self employed, partially employed and gig workers can claim! This is unprecedented. Incredible!

·       Early, penalty-free, tax-deferred retirement account withdrawals.

·       Direct cash: for singles & married couples under 75-99K, and $150-199K, respectively