Coronavirus Destroying Your Business? We Can Help!
For the past few weeks, the Novel Coronavirus has caused tremendous stress for U.S. businesses and those businesses that don’t meet the challenge will not survive. One place American businesses have always turned to for assistance are their local CPAs. They can help your business identify and obtain resources to get through this crisis. CPAs have been historically been instrumental in helping their clients and communities recover from disastrous events such as a natural disaster and will undoubtedly have a role to play in the present emergency.
Maybe the biggest issues we are now faced with is that we don’t know how long this predicament will last. Shelter-in-place regulations could last a couple of weeks or it could be months. And when they are lifted, they could be relaxed slowly rather than all at once. Some industries will be hit harder than others. Some areas will suffer more than others.
If your business’ revenues have been dramatically affected, there are two Small Business Administration programs you should be aware of, the Economic Injury Disaster Loan and the Payroll Protection Program. EIDL is ready to go now and would take approximately three or four weeks for funding after the application is complete. EIDL is administered directly by SBA. PPP is not yet set up and is administered by the banking system. There are substantial differences between the two programs. The Express Bridge Loan Pilot Program allows businesses to access $25,000 with less paperwork while waiting for the two aforementioned loans to go through.
As I mentioned above, CPAs are ready to help you save your business now and grow it in the future by accessing these and other resources. Let me know how we can help.