Hello, friends. I hope everyone is doing well in these difficult times. Social distancing is helping to slow the spread of the virus, but its collateral damage to local businesses has been swift and hard for some people to manage.
Government funding is available, as many of you know. But the various advice and newsletters that you may be receiving in your email leave you unsure what to do. So far, I have had a few of my clients obtain relief funding from the government.
At the link below is a new government web site that gathers together links to all the various program under the CARE Act, which includes the Payroll Protection Program (PPP), Disaster Relief Loans from the SBA, emergency help with utility bills, and how to file for unemployment, among many other programs. https://www.usa.gov/disaster-financial-help
The fastest way to access these government programs for business owners is through your local banker, or your accountant. You accountant will advise you as to what business records will be required (payroll expenses, tax returns, etc.), and then the banker has the application forms that she or he approves and then submits through the SBA website.
Here is the link to the SBA Disaster Relief website: https://www.sba.gov/funding-programs/disaster-assistance
Most of these business programs consist of loans, but unlike the usual SBA Loan quagmire that bogs down applications, due to the uncertain times facing most business owners, the SBA has temporarily eliminated requirements for collateral and personal guarantees. This is the closest thing to “free money” than any business owner is likely to see in our lifetimes.
If you need assistance and don’t have a personal relationship with a business banker, let me recommend two professionals who I have known and respected for years. From a finance and management perspective, you can contact Jon Verbeck, and from an accounting and tax perspective, I highly recommend Alan Sherman. Their contact information is below.
Jon Verbeck, Verbeck Associates: https://www.verbeckassociates.com/
Alan Sherman: Email firstname.lastname@example.org
Alan shot a video while working from home to take you through the workbook calculations of qualifying for the Paycheck Protection Program. Here’s first hand evidence that while accounting isn’t fun, it is the lifeblood of every business. This is very useful information. I hope you find it to be helpful.
Finally, I wish you all the best during these difficult times. Remember, local businesses have the greatest impact on our local economy. To the extent that you can, please try to continue to patronize our local businesses, because they create the most jobs, employ the most people, and help make up the heart of our community.
Thank you and good luck.