1. Rental income- rental income is a very effective way of earning passive income. However, it takes a lot of work. Your investment could go all in vain if you do not invest in some profitable business. You need to take care of some things such as return on your investment, total costs of property, and the risks involved. Make sure that you consider all the risks involved while making such an investment. You can rent your property, car or anything you wish to.
2. Savings account- this is the most comfortable option that you have to make some extra money. Put in your money in a savings account and then watch the amount hike once the interest rate starts adding. This kind of income might be a long process, but it is effortless. You can also invest in some bank or any other financial site that offers excellent interest.
3. Peer to peer lending- in this form of passive income, you just need to lend money to individuals for some period of time and then you receive it back with the interest. This is just a low-key loan giving system. You should check their credit history, income and other things before lending them money.
4. Royalty income- you can also earn royalty income by writing e-books and publish it on Amazon. Amazon has made it easy for writers to publish their work. If you are someone who can write 10,000 words, then do it. Put your work in the form of e-book, and you will earn some royalty whenever someone purchases your book.
5. Affiliate marketing- this marketing is more relatable to influencers, bloggers, and social media celebrities who promote some third party’ products or items. Not just big brands, even budding brands look for bloggers who can promote their products. Every time a buyer clicks on the link uploaded by the blogger, the brand will give a small commission to the blogger. So, if you are a social media influencer, then affiliate marketing is a good option for you.
6. Outsourcing your business- this is another way of generating more income. Outsourcing one’s business means hiring freelancers who can work as contractual workers rather than hiring regular employees who can provide the same quality of result.
7. Create a blog- for all the creative writers out there; blogging is a fantastic way to earn. You need very little investment, and if you get traffic on your website, then you can make way too much. The more you post content, the more you generate traffic, and the more you earn. Thus, you can opt for this method.
8. Invest in the stock market- the stock market can be a great source of income. You can invest your money in stocks, and they will pay you quarterly depending upon the number of shares you possess. Another way of earning through stocks is to sell your shares when their price increases.
9. Sell your products or services online- you can even sell your products or services on the internet. You can create a website where you can sell a product that you have created. If people like your product or even your service, then you can earn just by sitting at your home.
10. Dropshipping- it is a very new and unique way of earning that requires zero capital investment. You just have to be a middleman between the product seller and the buyer. All you need to do is take orders from the customers and pass it on to the supplier. Once the order is confirmed, you the supplier will directly send the product to the customer and you will earn a little commission. You do not even have to bear the cost of transportation. This is a very smooth way of earning money without taking any kind of stress.

These were some passive income ideas that you can opt for. All these ways are an excellent source to earn some extra cash apart from your regular income.

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There are a few tips that you can work wonders:

Choose your clients carefully: We all love making new clients and increasing our sales. But a deal may only prove to be helpful if you get the money within a reasonable time. If someone wants to do big projects with you, you should first try doing a small project first. By this, you can get to know how much time they take to make payments. You may want to work with a client who pays well and that too on time. There are many ways by which freelancers can make sure that they get paid on time.

Increase your client base: You are making a huge mistake if you are dependent on a single client. That client becomes your sole source of income. If there goes something wrong with the payment process of the client, then you will have to go in a loss as well. If that client hits downfall or delays your payment, you will be prone to run out of money. You can add a few clients in your work list so that you have diverse options.

Introduce a third party for handling payments: A straight forward way to avoid delay of cash is to onboard your clients to a freelance platform. You may have to pay a little money to the platform. But you will have options for collecting payment from the clients on time. You must ensure that the site is secured.

Negotiate contracts with caution: You can opt for substantial payments as the project keeps going. This will avoid the total billing at the end. You can ask for the amount at the beginning of the month. The clients also understand that a small business may not be in the position to finance a project for the client.

Complete the projects on time: You may get into the situation of having many incomplete projects at the end of the month. This will delay your invoice and payment. You must target on finishing as many projects as possible while still providing good quality content. Even if you finish a small project, you will get money for it. As soon as you complete a project, you can request the payment.

Send invoices on time: You might have set a 30-day payment contract to a client. The payment process starts after you send your invoice. If you send the invoice for your whole month’s work, then you will have to wait to receive money. You may ensure that you send an invoice as you complete the task. So then your payment will keep coming, although in crunches.

Follow your payments: Sometimes, your unpaid invoice may get lost in a client’s inbox. You should find it sooner and then further bring this in the client’s notice. You can use the email function to check if they have read the email. You can mention it to the client if he has not viewed your email. You can politely offer to send it again in some other format. There is a chance of getting the invoice lost in the mails, causing your payment delay.

Focus on the Safety: You can opt for a credit card only for the purpose of the business. It is not essential to use it. But you can have it as a backup option, especially if you have a payroll for your business. Many banks can help you with this if your credit is good and you have not reached the maximum limit of debt. Keep in mind your Backup plans: In the situation of a cash crunch, you can make a last attempt to collect seriously late invoices. You should try reaching out to the company’s accounts payable team. You can consider putting your receivables to work for you such as Fundbox. The borrowing may not seem cheap, but you can use it when you have no other option.

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We all are well aware of the fact that the world is facing a global crisis. During such times, it becomes essential for our businesses to survive. It is even more critical for middle-class people to save money so that they have enough at the time of recession or any other global or local crisis. So, here we have specific ways by which you can ensure that you do not face any problem economically.

Points that you should note

• Cost-cutting- cost-cutting is a vital step to save money. For cost-cutting, you need to categorize your needs into two parts:
• Essential needs- essential requirements include your daily necessities such as food items, groceries, water, and so on. You can not cut down on them. Thus, fundamental requirements are out of the question. However, you can try not to incorporate a lot of things in your diet. Try to make one food item per meal. This way, you can save on food.
• Non-essential needs- these include all the other expenses such as any services that you are taking, subscriptions that you have chosen, etc. When you cut down on these, you definitely will have something to save.
• Try to negotiate with your landlord- when it is the time of a global crisis, everyone is facing one or the other problem. Thus, you can always ask your landlord to give you some rebate on maybe your house rent, rent of your workspace. Negotiation is another way to save money.
• Go online- a lot of business and startup ideas fail to establish in our country because of the lack of support from the people. However, this is the time when people can take help of online services such as salon services, food, and grocery delivery at your doorstep, and many more. If you have a business like this, it is the best time to boost your sales since all the people are on the internet these days.
• Connect with kins- this is also an excellent time to build a market for your business. Try to connect as much as you can with your friends, relatives, near and dear ones and make them understand your product. This time can prove to be very fruitful for building an audience for your brand. So that whenever the market sets up again, you will be ready with your audience.

These were some particular points that you can try to implement in your daily lives. If you want your business to stand firm, then all these points will surely come in handy. Once everything goes back to normal, you will emerge out successfully with obviously inevitable but very little loss. Other than that, you will have a well-built market, an audience, and some good sales in your hand. We understand that everything has become quite complicated and challenging, but you need to stay firm. Time is tough, but you need to remain tougher!

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As an enterprise our foremost concern is to address all your concerns. We would love for you to stay at home and abide by the rules of quarantine and self-isolation and take care of yourself and your loved ones. The humanity is in tough times and we are in this together. Hotlines and helplines have been set up and a lot of help is being provided by NGO’s and NPO’s and in times of crisis this is what we should take advantage of. Considering we are together going to get through this, we have lined up 25 Strategies that will help you get through the times of current crisis.

1. Pay check Protection Program (PPP) SBA Loan:
   Pay checks for employees is proving to be the biggest expense increasing matter and is also extremely important for the sustainability of the employees in the current case. In this case the Congress has introduced the PPP loan program, a trustable option to help employees in this time of distress and also the owners in the same time and move forward steadily. Small businesses of any C Corp, LLC, sole proprietorship, type–S Corp, or independent contractor—only those with employees less than 500 qualify for the above. If the money mounts over $10,000 then it would not be considered as a payroll for any employee. Also, the loan receivable is based on 2.5 time of the average of company’s payroll policy including other benefits like health and retirement. Any kind of surety or guarantee is not requiring. 75% of the sanctioned loan must be used for employee pay check and the remaining can be used for rent, necessities, and basic utilities. And, if used in the suggested manner the entire loan shall be pardoned. Such excusing will not be considered “forgiveness of income debt”.
2. SBA Economic Injury Disaster Loans (EIDL):
   In case your business has been hit by the COVID-19, you can apply for an EIDL loan directly from the SBA instead of your regular bank. You can be lent up to $2 million at a lower interest rates of 3.75% (2.75% for non-profits); the rates remain fixed for the full 30-year tenure of the loan received. EIDL are supposed to be used for working capital (i.e., to pay fixed debts, payroll, accounts payable), and not lost sales or profits or for expansion of the current capital or to pay off already existing debts. EIDL does not have any kind of policy that excuses the loan. 20% shareholders or owners of the business must give a surety or any form of guarantee but at the same time no property will be ceased. You can definitely apply for PPP and EIDL, instead you must as in just the case of applying our democratic government can grant you a sum of $10,000.
3. Medium Sized Loans for Businesses:
   The COVID-19 Aid, Relief, and Economic Security Act (CARES) Act policy is providing loans for smaller businesses and NPO’s at a low interest at 2% with a condition of having employees only up to 10,000. The loan must be put in use to look after the employer’s workforce which counts to 90% of the money with full compensation and benefits, till September 30, 2020. Paying off debts and instalments would be pardoned for a period of at least 6 months.
4. Main Street $600 Billion Lending:
   This has been introduced for businesses with a taskforce of less than 10,000 people. The maximum sanctionable amount is $25 million where the minimum is $15 million with the interest capped at 4% that being the maximum. This requires no repayment for one year in a term of four year. The recipient can only use it to pay payroll and not for the clearance of any other existing debts. This also limits purchasing of stocks or any kind of compensation including declaring the dividends.
5. Large Loans for businesses:
   These are specifically for businesses that have been hit hard in the midst of the progressing pandemic, and for such enterprises where credit cannot be availed. The loan will be sanctioned at the current market rate, will be secured with the condition of the term being five years. Employment levels of at least 90% before COVID-19 is suggested to be kept by the business.
6. $5,000 per Employee for all Businesses:
   The condition for this scheme is that the firm is supposed to lay off the employees and not fire them and hire them back as soon the conditions stabilise. On this condition they are eligible to receive $5,000 per employee. Any business that gets a PPP loan is not eligible for this, no double cross happens. For the first $10,000 retention credit is also available for up to 50%.
7. Loan Forbearance from SBA:
   If there is a previously existing SBA loan that has been accounted for your business, the CARES Act requires the Government to automatically make payments for the period of 6 months for starting from the 1^st of April for you. Free payments should not be put forward as income. This is for real.
8. Extensions to Pay Employer Payroll Taxes:
   Owners are allowed to extend the deadline for the dollars that parts for the business owner for Social Security taxes, which is an accountable sum. Extension is provided to pay the sum- until December 31^st, 2021 to pay only half of it and the rest half can be paid until December 31^st, 2022.
9. Modifying Net Operating Losses:
   Net operating losses (NOL) in the existing year cannot be taken back for reductions. This currently a subject of limitations on taxable income. According to the policies of the new ACT, the NOL that arose in the previous years can be put back to at least five years. Looking back at tax returns starting from 2013 onwards the policy can be leveraged upon by using the losses and fixing all the returns. You can be eligible for a quick refund before fixing returns, all you need to do is ask for it.
10. Lottery ticket for Real Estate investors:
    You can use the devaluation of real estate to set up to an amount of $500k in terms of capital gains in a year. This, now hold no limit for the year 2018 and throughout 2020. Which also means the returns in the year 2018 and 2019 can be fixed to leverage the most out the current situation.
11. Emergency Paid Sick Leave (EPSL) Two Weeks:
    Employers are now supposed to sanction sick leave for employees if they account for less than 500 in counting. The FFCRA requires that the employees that qualify can receive paid leave from work for up to two weeks, where the federal government is responsible for the pay check through payroll tax credits. Employees that qualify are those that cannot afford to work or even telework because of stay-at-home orders, doctor’s recommendations, or are responsible for looking after an individual or children with schools closed due to COVID-19.
12. Family Medical Leave (FMLA) 10 Weeks Leave:
    An employee has the right to ask for a paid leave foe up to 10 weeks of time with limiting benefits and 2/3^rd of the totally payroll. In this case a reimbursement to the owner is made with a reduction in taxes that he is liable to pay. Any employee is eligible for the leave who cannot work or work from home due to certain limitations like looking after a child that is minor or other child care issues like schools not functioning for safety reasons or the place of the childcare.
13. Section 139 Tax-Free Deductible Payments:
    The current scenario in regards to COVID-19 is worsening and people need money to sustain, considering the owner is liable to pay the employees to cover basic necessities for family and self. Reimbursable expenses include unreimbursed existing medical expenses, increased utilities, funeral expenses, work from home expenses such as internet connections, computers, office supplies, and increased childcare expenses in the progressing pandemic situation.
14. $1,200 Checks to 125 Million People:
    Pay checks for adults with a sum of $1,200 and $500 for kids below the age of 17 will be provided to people who make $75,000 as individuals and $150,000 as a household. The direct grants phase out to almost zero if the individual earning more than $99,000 or $198,000 for married couples. The cash payments will be based on your tax filling from previous two years. People who claim Social Security benefits but are not tax payers are still eligible for it. Although non-residents are not eligible, but H-1 and L-1 visa holders are eligible to receive the check as they are tax paying citizens. A requirement for the same is also having a social security number. The partners of H-1 and L-1 visa holders that with no SSN won’t be eligible for the pay check. The others who are not legally citizens and also don’t hold an SSN are also not eligible for the same.
15. Benefits for Unemployed:
    Usually the unemployment benefits lasted for up to 26 weeks but in the light of the current situation around the world the same has been extended 39 weeks with and addition of extra 13 weeks. This also includes adding an amount of $600 by the government for up to 4 months. Earlier the benefits could not be claimed by contract workers, uber drivers or freelance employees and other self-employed people but according to the current policies they are now eligible for the same. Also do not forget that all the benefits for unemployment are tax- imposed income. Many employees whose job hours were cut or full-time work put to half time can also apply for these benefits.
16. Retirement Money:
    We do not ideally suggest that you should dive into your future saving unless the situation is completely out of hands. But in times of crisis following a certain rule and finding a new solution might help like the following: I) With an interest rate of 5% a sum of $100,000 dollars can be received and paid back in equal instalments with 10% penalty. II) A penalty free distribution is also possible with money mounting up to $100,000. This money can be kept or paid back. III) For citizens over the age of 72 years old the mandatory distributions for 2020 have been suspended.
17. Reporting the Credit:
    The loan sanctioning party or the lender must allow the suffering borrower/ consumer to skip loan payments of pay a portion of it, and not report the skipped payment to credit reporting agencies so that there is no negative impact on the consumers credit report standing.
18. Student Loans:
    If you are already indebted with a federal student loan, your monthly payments can be suspended through Sept. 30, 2020, without any extra interest. Deductible contributions up to $5000 can be made by the employers for any student loan payments. Taxes will not be imposed on these contributions.
19. Tax Deadline Extended:
    Almost all the States including IRS have revised the deadline for the 15^th July for tax filing which was earlier scheduled for the 15^th April. In other cases, as well any kind of instalments and returns due to IRS are due for 15^th July, 2020. Almost all the states have been following the above timeline.
20. Deadline extension for IRA Contribution:
    A 90-day extension of time for everyone to make their 2019 IRA contribution, of up to $6,000 (or $7,000 if over age 50), until July 15, 2020 has been announced by the IRA for the time being.
21. Charitable Contribution Deduction Limitation Eliminated:
    (AGI) has been adjusted in the gross income limitations on charitable contributions that have been suspended for 2020. In this case more charitable contributions will be deducted if the deductions are itemized.
22. H-1, L-1 Visas, Green Cards, I-9s all Have Help:
    Different types of Visa holder like the H-1 are also allowed to telework where LCA’s can be provided at home according to the ongoing policies. Where physical presence rules have also been pardoned for I-9. USCIS will excuse the delays and will provide flexible timelines.
23. Get Out of Contracts:
    Major clauses help the parties to be free of the contractual obligations in scenarios like the current Coronavirus pandemic where the obligations stated in the clauses re beyond control and cannot be neglected that have eventually led to the delay in the fulfilling of any term. The fact that it’s impossible to perm any stated obligations in times like these should be proved. Theories of commercial disfunction can be used in the current case for excusing no performance.
24. Take a look at your Insurance Policies:
    What we first need to see is how much the business and the revenue has suffered due to the pandemic. Analyse if your Insurance policies have any claim terms or coverage for this particular loss caused by the pandemic in terms of business loss claim, commercial liability, errors or Omissions, and employee compensation.
25. Don’t give up already:
    Several states have restricted commercial and residential evacuation by the landlords, a break has been forces to put on monthly payments to lenders, cities and counties are providing aid and help for those affected by the COVID-19 which is almost all of us whether financially, emotionally or physically. Let’s be in this together and maintain distance.

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