This time it is is different. To recap: In February, the economy was hitting new highs, and the unemployment rate was 3.5%. By mid-March, we were experiencing a global pandemic. Millions of people were thrown out of work, and much of the country was hit with stay-at-home orders and restrictions on businesses and gatherings. Since that time, we have had several rounds of stimulus, and additional programs have become available for small businesses. It appears that this time, the government is going to take whatever action is necessary to plug the hole in the dyke to prevent the dam from failing. The government has already invested trillions of dollars into the economy to keep things running as smoothly as possible, with more relief on the way.

If your business is worried about collecting its accounts receivable (A/R) during the pandemic, you might not have as large a problem as you think. These enormous stimulus programs have created a situation where many consumers and business owners are paying down their debts. The fact is that some of that stimulus money may be helping your collections. So, when negative headlines fill the news, just think about what has been accomplished in a short time and how quickly our government has reacted to support small businesses.