01 Jun Letters to Vendors

If you’re a business owner during this challenging time caused by the COVID-19 situation, you may be facing some hard decisions for your business. What bills to pay first, how long can you last on money in the bank, and how to help your business survive the uncertainty are just a few!

It may be a good time to reach out to some of your landlord, lenders, banks, insurance companies, vendors, and suppliers to communicate your concerns. In some cases you may be able to work out a defer payment plan or lower interest. Please consider your specific situation before using the tips below. It’s important to have good communication and talk about the difficulties you’re facing with your business partners.

• The COVID-19 situation might affect your ability to pay expenses on a timely basis. If you are unable to pay these items, contact the company you owe.
• If you communicate honestly, there is a chance they might defer payment or lower their interest rates, and maintain your relationship in good standing.
• Keep it simple and concise.
• Stay up-to-date on information about federal, state and local COVID-19 relief ordinances, and provide any required documentation as an attachment to your letter.
• Send the original letter as soon as possible and give them a call.
• Include copies of any documents that may support your request, such as hospital paperwork, financials, or job/employee termination notices. Make sure to take out any personal information the recipient does not need to see.
• Keep a copy of all your letters, as well as any correspondence. You might attach copies of your communication as part of future requests or need it for reference.

Please contact us if you have questions or would like a template letter to help you.