Three Decision to Make Now for When Doors Open Again!
We want you to know that we are open and working either in the office or remotely. We are, however, taking precautions to protect the well being of our team members and clients. We are committed to putting you in the best financial position possible through proactive tax, consulting, and accounting regardless of the outside forces we are facing.
Please reach out to us with any questions at 801-225-8474 or info@drilldownsolution. We are here, and we will get through this together.
CURRENT RECOMMENDATIONS FOR BUSINESSES EXPERIENCING ECONOMIC INJURY:
SBA Up to $10,000 Grant Advance – depending on the level of injury
The SBA offers Economic Injury Disaster Loans to help small businesses meet working capital needs caused by a natural disaster. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
Apply for the SBA Economic Injury Disaster Loan (EIDL) on the new express application site https://covid19relief.sba.gov/#/ to receive a grant advance of up to $10,000. Call SBA customer support at 800-659-2955.
To get peace-of-mind, DrillDown Solution will complete your application for you. We want to keep our prices low while times are tough. It’s only $495 for single owner entities. Book a meeting or call 801-225-8474 for details.
Unemployment requirements vary by state. We recommend company owners that have stopped or reduced their wages apply.
Payroll Protection Program (PPP) Loans
It will be important to carefully time the application/approval of this loan with your furlough period. The more payroll paid during the 8 weeks after approval, the higher your loan forgiveness will be. We will have additional recommendations on timing as soon as more information is available. Attached is information on PPP from the Utah Bankers Association.
SBA’s EIDL to get over $10,000
In the next few days, you can start applying for the Payroll Protection Program (PPP) loans from SBA lenders. The maximum PPP loan amount is 2.5 times the average monthly payroll costs one year before the loan date. If you want more financial aid than that, then we suggest you also apply for an SBA Economic Injury Disaster Loan.
SBA Info Link
SBA Application Link & Document Upload Portal
EIDL NOTE: Form 5 or 5c will not ask for a specific loan amount. Write COVID-19 in Bin 15. Two to three weeks after submitting the EIDL application, a loan officer will contact you to review your economic injury amount.
EIDL NOTE: Applications are online. Due to overuse, the website may be unstable. Applicants have lost information while filling out the online forms. It may be better to print and scan the attached forms. Upload the application and personal finance forms to the SBA portal (linked above). We’ve created a personal financial statement example for you here.
EIDL NOTE: You can apply for a loan even if your team claims unemployment. Use Form 4506-T for owners with 20% or greater ownership in the business. Form 4506-T requires both spouse signatures if you file jointly. If you feel that this would be helpful to your business, then we recommend you apply as soon as possible. SBA customer support lines are open at 800-659-2955. If you would like our assistance, please call to discuss pricing.
We are continuing to monitor this entire situation. Sign-Up for updates. We are developing tools to help with the tough decisions. Please contact us with any questions at info@drilldownsolution or 801-225-8474.