As you all know, the COVID-19 pandemic has significantly impacted our nation as a whole. On March 6, 2020, Governor Beshear declared a State of Emergency for Kentucky. On March 13, 2020, President Trump issued an Emergency Declaration for the Commonwealth of Kentucky.
Regardless of the size of your business, you are probably feeling the effects the virus has had on our economy. If you are experiencing a financial loss it is important to document daily how your business is being affected.
This information will be vital to receiving any relief funds that may become available in the future.Since the “incident period” in the federal emergency declaration begins on January 20, 2020, we recommend that any relevant COVID-19 record keeping begin on that date. Key information includes:
• Date(s) of impact on your business revenues and/or employees• Employee hours lost due to illness or social distancing
• Employee hours lost due to layoffs• Additional employee costs due to COVID-19 impacts
• Any time spent by employees on COVID-19 preparation or mitigation measures
• Loss of revenue
• Increased expenditures for preventing the spread of the virus • Any negative impact to your business related directly to Covid-19
• Any expenditures related to Covid-19
This list is not exhaustive and many items could be added depending on the nature of your business. It is advised to keep these records up to date, detailed, and available.
The more information that is available the higher probability of recovery.