As the coronavirus continues to spread, small businesses everywhere are feeling the effects. For many, the virus threatens more than their health. Health organizations around the world have advised employees and consumers to practice social distancing and avoid contact with other people. And business owners have lost profits as a result of the resulting slump in foot traffic. Some say they’ve even had to lay off employees due to the economic effects of the virus.
It stands to reason that, due to a coronavirus-related cash flow problem, companies of all sizes may lapse on payroll. So what should you do if you can’t make payroll? Whatever you do, don’t stress out. Read on for seven options for paying your employees when you think you can’t make payroll—and three options should you miss payroll.