Between the reverberations of the stock market and the uncertainty of the scale and length of the coronavirus (COVID-19) pandemic, many businesses have been pushed close to their breaking points. Business owners have to constantly weigh the health and safety of their employees against complex pressures that come with making decisions that can help their operations stay afloat.
To help provide a critical lifeline to a wide range of businesses and blunt the impact to their bottom lines, the federal government passed the CARES Act tax relief legislation, which provides stimulus payments to individuals, expands unemployment insurance, and creates a range of business lending programs.
However, the many stipulations attached to the CARES Act’s lending programs are still being interpreted, which can cause future financial and administrative burdens for businesses once the public health crisis abates. To help businesses proactively prepare to track the many details tied to these relief funds, Decisions can help create software for tracking accounting changes, monitoring relief funding, and ensuring compliance with new standards.
One Law, Unique Business Challenges
When its loan programs and compliance standards were developed, the CARES Act attempted to account for a wide range of industries with an equally wide range of constraints and challenges. This means businesses are left trying to incorporate a one-size-fits-all solution into their multifaceted operations in order to comply with both the spirit of the law and their operational realities. And they’re doing all this, of course, using the processes and technology they already have.
Fortunately, with a platform like Decisions, you can create custom workflows with a pre-existing, comprehensive rules platform, interactive dashboards, end user portals, and APIs that ease system integration. Decisions can help your business and its unique operations meet the specificity of the CARES Act’s compliance and reporting standards without having to reengineer your existing business processes and systems.
