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Covid 19 Resources


The administration has recently approved the Families First Coronavirus Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES). By far and away the most time sensitive and material of the components of the Act is the Small Business Administration lending program brought out.

Below is a high-level summary with as well as additional information if you are looking to take advantage of this opportunity. Businesses may be able to participate in all 3 programs, though funds may not be used for the same purposes.

1.       Economic Injury Disaster Loan (EIDL) – Administered directly by the SBA.

  • Provides emergency grant up to $10,000 and loans up to $2,000,000 at a 3.75% APR up to 30 years.
  • These loans are not eligible for Debt Forgiveness and must be repaid.
  • Grant can be requested and taken with no further obligation to take a loan, and no requirement to repay.
  • Apply here

2.       Paycheck Protection Program (PPP) – Administered by banks and funded through the SBA.

  • Provides 2.5X prior year average monthly payroll at a .5% fixed APR.
  • No payments for the first 6 months and a 2 year payoff term.
  • Can be forgiven based on spending the funds on payroll, salaries, mortgage interest, rent and utilities.
  • SBA issuing banks final guidance tomorrow with many rolling out loan programs by tomorrow or Monday. This is time sensitive as these funds are first come first served.
  • Click here to view required tax documents – Generally you will need to compile supporting tax documents such as 2019 Payroll documents, prior 3 years of business returns and entity documents
  • Click here to view the application – I would suggest you work to complete this before the loan goes live. Read very clearly what you are asked to certify. Most banks are looking to serve their on bank customers first.

3.       Small Business Debt Relief Program – Provides immediate relief to existing SBA obligations.

  • Waives all principal, interest and fees for up to 6 months.
  • Only pertains to those with existing SBA loans.

These three items are the largest and most immediate opportunity for many of you but there are many other parts of the bill and sources for funding out there that I will continue to share with my clients such as impacts to retirement accounts, charitable contributions, and net operating loss rules.

Please don’t hesitate to reach out if you have any questions or would like to discuss any of these programs further.



Required Tax Documents


Based on feedback from our banking relationships these are some items that could be required to apply for the PPP loan. These are subject to change and vary bank by bank.

·         Each employee’s W-2 for 2019 and where applicable form W-2C.

·         The four most recent quarterly filed Form 941 due to the IRS within 30 days following quarter-end.

·         Annual IRS From 940 due to the IRS by January 31.

·         Each independent contractor’s 1099.

·         All four quarterly Form 1040-ES for self-employed individuals.

·         If you use a third party tax service, the 2019 YTD detail of payroll paid.

·         All applicable entity documents and the tax ID number.

·         The applicants’ last two years tax returns – full copies.

For those of you with more than one entity you must apply for a separate PPP loan for each entity.


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