COVID-19 Government Funds for Small Business

COVID-19 Government Funds for Small Business

Get the Funding You Need

We are in a Health and Financial Crisis of unprecedented magnitude and a huge financial impact on you, and your business is still a big unknown.  Many of you are experiencing a 50%-95% drop in sales, and some of you may have closed your doors completely. Our hearts go out to you, and we want to help in any way.

First, we must plan for the worst and hope for the best. Financial assistance is available today. It’s out there and available for you in several forms, and we can help. This is our understanding as much as one can involving the Federal Government. Please understand we are not offering legal or accounting advice, contact local professionals licensed in your area for more info.

As your trusted advisor, we are here to help by sharing some useful guidelines we have found while navigating the process ourselves.  We have also included some helpful references below.  Please check your state as they may have some funding programs available in addition to the EIDL (Economic Injury Disaster Loan) and the PPP (Paycheck Protection Program).

Many of the banks were still awaiting guidance from the SBA before releasing their latest applications and their portals to be up and we are encouraging you to apply with them if you have an established relationship.  As you can imagine, they are overwhelmed with a flood of applications and processing their clients first.

We have an alternative solution. We have partnered with a Lending Platform, Lendio, that can help expedite this process. They charge no fees and are entirely automated and accepting applications online today.  They have been providing loans to small businesses for many years, and therefore already have the automated tools in place to process your loan quickly.

Three Suggestions to Help You Today 

Apply for the PPP loan

It doesn’t matter if you are C-Corp an S- Corp, Partnership, LLC Sole Proprietor, 501C Non-Profit, Tribal Business, or even an Independent Contractor, you can apply. This is first-come; first-serve, so get your application in through your bank or click here to apply through our banking platform.      

                                       Summary of PPP

  • Forgiveness of 2.5 x monthly payroll, payroll commissions, benefits, and taxes, as long as employees retained
  • 1% interest loan with forgiveness (was initially announced at 0.05%)
  • No personal guarantee
  • May also include some insurance, rents, utilities
  • 100% of the loan is supposed to be forgiven if 75%+ of the revenue is payroll related
  • Loan payments are deferred 6 months should you have to pay it back
  • 2-year term

Treasury Fact Sheet

Apply for the $10K ECONOMIC INJURY DISASTER LOAN (EIDL)

Businesses affected should immediately apply for the $10K loan to help them get funds quickly. It is easy to fill out (10 minutes online) and will be forgiven if the guidelines are followed: SBA.Gov. Remember, this is first-come; first-serve, so get your application in quickly.

Apply for State Emergency Funds 

The Florida Disaster Bridge Loan is a $50K ($100K in special circumstances), 12-month, 0 interest loan.  It requires more paperwork but worth a look. Check your State’s available resources.   Sorry, the funds have been exhausted already.  However, the EIDL Fund is going to be replenished. 

Time is of the essence for all of us as these are first-come, first-serve programs.  The money well is only so deep ($350 Billion) until additional funding is approved (maybe).  We urge you to act quickly by contacting your lender or us so we can connect you with our lender.

Please stay healthy, adhere to the CDC guidelines, and as we have always done in our history…. America will get through this!

References

http://www.jjthecpa.com/ppp

https://www.sba.gov/

A Year to Remember

A Year to Remember

Some people say the past 12 months has reminded them of the apocalypse. Wild fires in the west, an earth quake in Mexico and Oklahoma, Hurricane Harvey and Irma leaving a wide path of destruction throughout Texas and Florida, Hurricane Maria totally devastating Puerto Rico, flooding in the west and Hawaii, mudslides in California, blizzards and multiple nor’easters, just to name a few. All this leaves desperate people in the wake of these catastrophic disasters to pick up the pieces and rebuild their lives. Property owners will more than likely have to rely on out-sourcing the rebuilding and repairs.

We want to make sure you’re aware that in most states, and especially the State of Florida, there are building and compliance codes that contractors need to follow. Make sure the company you hire is licensed and bonded before they start any type of repair so as not to negate your insurance claims.

ARE YOU HIRING ADDITIONAL STAFF TO HANDLE THE INCREASED WORKLOAD?   

Do your due diligence and background the influx of new hires you plan on recruiting for the busy months ahead.

Our sister company, eGuarded can help by not only offering license verifications but also background screening for new and existing employees. Simply click on this link to get started.  No Monthly Fees, No on Going Fees you just pay for when you use it.

CONTRACTORS, ARE YOUR PROSPECTS HAVING A HARD TIME MEETING THEIR DEDUCTIBLE?

Have you considered offering a finance program? These programs can bridge the gap between insurance claims and out-of- pocket expenses. They also allow your “credit challenged” customers to finance your products and services at no risk to you. This can dramatically increase your sales by giving your customers an alternate means of payment, especially in the case of an emergency.

Finance programs give your customer a completely unsecured loan option. By offering multiple financing sources, you will increase the chance of your customers getting approved for financing the first time. This will reduce how often you have those awkward decline conversations!

Consumer Finance Benefits to your Customers: 

  • Quick loan amounts up to $60,000
  • Approvals when others say no
  • A second chance while rebuilding credit

Consumer Finance Benefits to your Business: 

  • Low merchant rates
  • Full payment made directly to your office
  • No Setup Fee, No Minimums and No Monthly Usage Fee
  • Average 6 out of 10 declines approved
  • No Collection Headaches
  • Simple website integration

Look for a program that allows for instant decisions that fund quickly to increase your bottom line.  Do what your competitors aren’t doing in your market area and see the results. Simply click here for more financing information.

Financing helps your business grow by turning your prospects into customers!

PrePaid Commercial Spending Cards

PrePaid Commercial Spending Cards

Instances covered by news media of employee theft via credit card misuse underscore the need for businesses to regularly consult with their a payment solutions provider for a review of all facets of payment operations. While paper checks still dominate the commercial payment landscape, the fastest growing card is the reloadable (prepaid) signature card. Most individuals think of prepaid cards as being a card utilized by consumers, however commercial, reloadable cards provide significant financial security for businesses, business owners, and employees.

Considered a type of general spending card, the commercial prepaid card uses a business’ own money for making purchases. By loading a specific amount for official use by a staff member, the financial security of the company can be preserved by limiting access to total funds on deposit and safeguarding the organization’s line of credit. Should the cardholder data become compromised due to physical loss or fraud, the reloadable commercial card can be shut off immediately.

Talk to your friends at Card Systems about implementing reloadable signature based payment cards within your business to decrease the likelihood of employee misuse of corporate financial resources. We’ve got innovative solutions to empower your business growth.