Small businesses can receive financial assistance from the Small Business Administration (SBA) thanks to the Coronavirus stimulus package passed by Congress and signed by the president. LongSchaefer helps you navigate the important points of this assistance.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides several resources for small businesses in these trying times.
LongSchaefer facilitates the information banks need to communicate to the SBA. Our accountants also understand the qualifications and stipulations of these programs. We will help you navigate the application process and provide tips on how to administer this program within your company.
Learn more about these programs here:
Payment Protection Program (PPP) Loans provide cash-flow assistance to maintain your payroll. If you maintain your current payroll, the SBA may forgive this loan entirely. The loan covers up to eight weeks of payroll based on employee retention and salary levels, no SBA fees, and anywhere from six months to a year of deferrals.
The deadline for applying for this loan is June 30, 2020. The application process began on Friday, April 3, 2020. It’s retroactive to Feb. 15, 2020, meaning you can cover the costs of any employees who left the company before the CARES Act became law.
LongSchaefer can assist you during the application and administration process of a PPP loan for your company. Our accountants can communicate with financial institutions to give them the vital data they need as you seek funding during these trying times.
Small businesses may receive up to $2 million in Economic Injury Disaster Loans (EIDL) from the SBA. Successful applicants may receive a $10,000 emergency grant within three days of applying for this assistance. You may not need to pay back the grant amount.
Rates on the $2 million loan are 3.75% for businesses and 2.75% for nonprofits with up to a 30-year loan. Payments are deferred for a year. These loans are available for businesses with fewer than 500 employees.
Accountants at LongSchaefer help you fill out the necessary paperwork to apply for an EIDL, help you manage the proceeds, and give you practical suggestions on how to allocate the funds within your organization. We offer personalized and timely assistance specific to you.
Contact LongSchaefer online or call (513) 245-0300 if you require assistance to navigate the SBA’s process for securing these economic benefits. Our accountants are working diligently both in the office and remotely, and we can assist you with any financial questions you have during these trying times.
We hope you, your family, and your loved ones are safe and healthy.
Meet the experienced and professional team of the trusted business advisors and Cincinnati CPAs at LongSchaefer. Michael W. Long, CPA/PFS, focuses on helping to educate clients so that they can create, maintain and distribute their wealth with confidence. He graduated from Miami University in 1989, and is on the board of the Treasurer and Governance Committee of the Colerain Chamber of Commerce. Ronald A. Long, CPA/PFS, has more than 50 years of experience in public accounting, has a degree from Capital University in Columbus, and holds memberships in the Ohio Society of Certified Public Accountants and the Tax and Personal Financial Planning Divisions of the American Institute of Certified Public Accountants. Ronald Schaefer, CPA/PFS, retired in January 2020 after many years of dedicated service to the Cincinnati area. He is one of the founding members of LongSchaefer.
In order to comply with the Ohio Health Department Order & CDC social distancing recommendations, our offices are closed until further notice. Rest assured that our established protocols and available technology will allow us to provide the same level of service and quality you expect from LongSchaefer during this time.
The SBA has announced details of how it’s helping small businesses through the Coronavirus outbreak. The IRS is sending payments to families affected by this crisis.
Please click on our Coronavirus information pages for more information.