04/03/2020
The economic impact of the Coronavirus (COVID-19) on small businesses is unprecedented and is not something most of us have seen during our lifetimes. These times can be very unsettling. As you are looking to secure the future of your business, we would like to assure you we are here to provide assistance.
Congress has recently taken steps to provide some financial relief during this period. The Coronavirus Aid, Relief, and Economic Security Act (CARES) allocated $350 billion to help small businesses, sole proprietors, independent contractors, and self-employed individuals keep workers employed during the pandemic and resulting economic downturn. One of the most impactful portions of the act is the Paycheck Protection Program (PPP), designed to provide access to cash that can help you keep paying your employees and assist with other expenses, such as health insurance premiums, rent or mortgage payments, and utilities. With this financial relief, your business can be in a better position to become fully operational once conditions improve.
The PPP loans are available through June 30, 2020 and are fully guaranteed through the Small Business Administration. No personal guarantees or collateral will be required. Additionally, if you maintain your workforce, some or all of this loan will be forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (at least 75 percent of the forgiven amount must go to cover payroll). Because the participation rate in the program is likely to be high and the program has a dollar cap, it is recommended that applications be submitted as soon as possible. All Loan applications must be submitted by June 30, 2020.
If you would like to review the options that are available, you may contact your lender, view the SBA website at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options or contact us to request a copy of the PPP loan application form and a list of information that will be required during the application process. If you need more information or assistance completing the loan application, please contact Kevin Walker, Assistance Coordinator by calling the office or sending an email to [email protected].
Thank you for the opportunity to serve you.
Sincerely,
The Partners
BARLOW & COMPANY, PLLC
We’re here to help you overcome the challenges created by this health crisis. We offer multiple funding options for those seeking relief. Read more below.