#justakeystrokeaway COVID19 Assistance for SMB’s
Circumstances beyond all of our control, force innovation and changes to the way we all do business. Remote Tax Accounting is uniquely positioned to be your one stop resource for financial services and data management during an ever changing business ecosystem. Together, we can grow, we can succeed,.
In the meantime, we have included below a summary of the various government programs available to small businesses:
Here is the link and information concerning the emergency relief available to businesses (https://www.sba.gov/funding-programs/disaster-assistance). (Note- the process to apply takes no more than 15 minutes to complete. To complete the application you need: (1)legal corporate name, (2) EIN (3) date corporation was started (4) Gross receipts for last 12 months as of 1/31/2020 (5) cost of goods sold (6) SSN and home address of person filing the application (7) corporate bank account # and bank’s routing number (if approved, funds will be wired to corp. account). We have attached relevant copies of relevant documents associated with emergency relief in below links. It appears that there are two programs (and it appears that you can apply for both programs)- (1) advance (“Advance”) of up to $10,000- cover payroll and short term operating expenses etc. and (2) loans up to $2,000,000—interest rate not to exceed 3.75%.
(See below for information related to the Payroll Protection Program- see link Payroll Protection Program- Overview, which includes a link to the application.)
Our understanding is the Advance of up to $10,000 does not need to be repaid. Below I have highlighted the relevant information related specifically to the advance up to $10,000: below is a portion of information from SBA website regarding the Advance:
“The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid. “
The Payroll Protection Program (“PPP”): The link below overview provides a comprehensive summary of the program (includes links to website to apply). I have attached a sample application. Today, April 3rd, is the first day businesses can apply for relief under PPP. If approved, and if a business complies with the terms of the grant, then the funds will not need to be paid back. (this program will involve local banks; if you have existing relationships).
COVID - 19 SBA Disaster Assistance Resources for Businesses - 508
Payroll Protection Program Overview