RECOMMENDED STEPS FOR ALL SMALL BUSINESSES FOR EMERGENCY RELIEF
- Apply for the $10,000 Emergency Grant Cash Advance. https://covid19relief.sba.gov/#/
- Apply for the Economic Injury Disaster Loan. An application will be emailed to you after 1. above
- Apply for the Paycheck Protection Program. https://home.treasury.gov/
President Trump has signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. The $2 trillion stimulus package provides funding for loans and grants to small business directly affected by the coronavirus pandemic.
Apply for a Grant and loan under the SBA’s Economic Injury Disaster Loan (EIDL) program FOR IMMEDIATE ASSISTANCE.
The program provides small businesses with working capital loans of up to $2 million to help overcome the temporary loss of revenue. In addition, small business owners can apply for an Economic Injury Disaster Loan advance of up to $10,000 while waiting for their EIDL loan application to be processed. The loan advance will be made available within three days of a successful application, and the loan advance will not have to be repaid if used for purposes authorized under the SBA Disaster Loan Program even if you are not approved for a loan.
- The EIDL loan and grant can help you meet necessary financial obligations that you could have met had the disaster not occurred and can be used to pay for fixed debts (rent), payroll, accounts payable, and other bill that you are now unable to pay due to the disaster. The SBA offers EIDL loans at 3.75% with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Payment terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. You can apply for both the grant and loan on-line at https://covid19relief.sba.gov/#/.
Then refinance your SBA EIDL LOAN INTO a Paycheck Protection Program (PPP) Loan
The Paycheck Protection Program provides federally-guaranteed loans up to a maximum amount of $10 million to eligible businesses. Because these loans offer a lower interest rate (1.0%) and can be partially forgivable recommend that you apply them as well.
PPP loans can be used to pay for payroll costs; group healthcare benefits during periods of paid sick, medical or family leave, and insurance premiums; payments of interest on mortgage obligations; rent/lease agreement payments; utilities; and interest on any other debt obligations incurred prior to accepting the loan. Although applicants cannot have received another SBA loan for the same purposes (no “double-dipping), if you qualify for the PPP loan, you can refinance the EIDL loan into the PPP loan.
Download the loan application https://home.treasury.gov/. After you complete your application, you should contact your current financial institution. If they are not an SBA-approved lender, you can find one using the SBA’s online referral tool (Lender Match).
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Client Tax Organizer
A tax organizer can facilitate the process of pulling together your tax information. This basic tax organizer is designed for new clients and allows you to enter your information right on the screen. You can then print the completed tax organizer and fax or mail it to the office. Current clients should contact the office to request a "proforma" tax organizer that includes prior year information and carryover data.
This information is provided in an effort to help you gather and organize the information necessary to file your individual or small business income tax return. The Tax Guide offers clear and simple explanations of the tax issues that you're likely to encounter, and includes dozens of examples and tips.
Federal Tax Forms & IRS Publications
Looking for a federal tax form? Browse this online tax forms library to find downloadable IRS forms. The forms are presented in PDF format and are acceptable for filing with the IRS. You may also choose from dozens of helpful tax publications developed by the IRS to help taxpayers have a better understanding of various tax issues. Available in PDF format, these publications are written in a plain language format geared specifically to taxpayers.