How Can We Help LLC

This is so true!!!

With all the uncertainties of the past few months, all of us find difficulty planning for the future. Do you need help getting your books up to date, and seeing the real picture of your business finances? Let us take one pressure off your mind, so you can plan and be better prepared for the days when you open. Call us for a free consultation.

Dear Applicant, On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assist...ance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000. You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs: Paycheck Protection Program Full EIDL Loan PURPOSE Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses (amount of any EIDL advance is not forgivable) To meet financial obligations and operating expenses that could have been met had the disaster not occurred (amount of any EIDL advance is forgiven) TERMS Up to $10 million 1% interest rate Up to $2 million 3.75% for businesses 2.75% for non-profits FORGIVABLE YES NO EIDL Loan YES EIDL Advance MATURITY 2 years 30 years FIRST PAYMENT DUE Deferred 6 months Deferred 1 year To locate a Paycheck Protection Program Lender, please visit: www.SBA.gov/PaycheckProtection. Information on available resources may be found at www.sba.gov/coronavirus. For more information on these services, please go to www.sba.gov/local-assistance to locate the email address and phone number for the nearest SBA district office and/or SBA's resource partners.

This filing and payment relief include: The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations. This relief is automatic, taxpayers do not need to file any additional forms or call the IRS to qualify. This relief also includes estimated tax payments for the tax year 2020 that are due ...on April 15, 2020. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15.

Commercial Loan COVID-19 Debt Relief Program This is the time to get organized and talk to your banker about your Commercial loan payments. You will have to fill out a form to get it deferred!