CARES ACT Updates

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1. The DC Circus: Congress and the President are wrestling over emergency aid. Republicans have one plan, and Democrats have another. Call your Representative and Senator and let them know you are not putting up with politics as usual shenanigans like adding riders for special interests or holding funding hostage to settle political scores.
2. The Latest Rumors from DC: You will probably see Federal money to individuals in the form of checks $1,200-$1,500 per adult taxpayer and $500-$1,500 per child. Nothing is settled yet but expect income phaseouts meaning if you earn too much (75-99K per individual), you will get less or nothing. As soon as we hear what the amount is going to be, we will let you know.

1. Act Fast Before its Gone! For small businesses, once Congress and the President come to an agreement, there will be 2 million per small business, or about $300 billion available in disaster assistance. Apply for an SBA (EIDL) Economic Injury Disaster loan ASAP! It is better to have it and not need it rather than to wait and then find yourself in a cash crunch. The loan will have an interest rate below 4% and can be repaid over 30 years and the first year can be deferred. It takes some time and some paperwork, so get started now. To get started you will need to gather up the following items:
   1. Last year’s Company tax return (be prepared for last 3 years)
   2. Last year’s personal tax return (be prepared for last 3 years)
   3. An income statement on a cash basis for 2019 and an income statement for 03/13/2019-03/12/2020 (If you have not kept your books up, get busy or call us for help)
   4. A balance sheet with details on all of your liabilities. (If you have not kept your books up, get busy or call us for help)
   5. Corporate formation documents and the date your business was created, and if possible, your CP575 letter with your Federal tax (EIN)
   6. A list of all your bank accounts and the balances, bank name address, last 4 of the account
   7. A list of all your loans & credit cards and the balances and the monthly payment amount.
2. For loans, you will also need the name and address of the lender, the initial loan amount, and the monthly payment & due date and the current balance, and the projected loan maturity date. This applies to vehicles and your mortgage as well.
3. You will need a value on your major assets like your home, real estate and your vehicles. Your Realtor may be able to get you a fair market value on your residence.
4. You will need the policy details on your business Hazard insurance policy.  Plan on at least thirty to forty-five days to get funding on your SBA loan.

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