Dear clients,

We have taken many steps to protect our employees and clients during this national crisis. 

  • Since March 13th we have restricted in office appointments. 

  • Employees are working remotely as much as possible.

  • We are sending clients completed returns and signature requirements electronically or by mail.

  • Clients are advised to mail or send tax documents securely and electronically, click here.

We realize these measures have made the process more challenging, but we sincerely appreciate your patience and we are working hard to ensure every client gets the information and guidance they need regarding the individual and business stimulus packages. 

Small Business:

Paycheck Protection Program (Apply for this with an SBA Approved Lender):

  • Loans will be made by SBA lenders (SMALLER BANKS ARE PERFORMING BETTER, BayCoast, Mechanics, etc...) under their 7(a) programs to small businesses effected by COVID-19.

  • The maximum loan is the lesser of 2.5 times one-year monthly average payroll costs or $10 million.

  • The loans can be used to cover payroll, mortgage payments, rent, utilities and debt obligations.

  • The SBA is waiving their normal guarantee fee. 

  • Interest rates of 1%, and non-recourse, so no personal guarantees.

  • Loan payments will be deferred 6 months to a year.

LOAN FORGIVENESS!!!!!

  • The portion of the loan used to cover payroll costs, mortgage, rent and utilities during the 8 weeks after loan origination will be eligible for forgiveness.

  • Payroll costs forgiven are limited to salaries of employees earning less than $100,000 annualized.  Forgiveness is meant to cover true payroll continuity, so there are other limits, including average number of employees.

 

Economic Injury Disaster Loans and Loan Advance (Apply for this at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance):

The SBA’s Economic Injury Disaster Loan (EIDL) program provides small businesses with working capital loans of up to $2 million.  Successful applications for the loans will receive a the lesser of $1,000 per employee or $10,000 as loan advance that DOES NOT NEED TO BE REPAID.

Apply here: https://covid19relief.sba.gov/#/

 

SBA Debt Relief:

  • The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.

  • The SBA will pay the principal and interest of current 7(a) loans for a period of six months.

  • No details on how to apply yet, it might be linked to the EIDL above. Track details at the SBA link provided.

 

Links:     https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

                https://www.congress.gov/bill/116th-congress/house-bill/748/text?r=1&s=1#toc-HCCF2DA7CBD6341059EAB97C24489743B