We have been closely following the relief being provided by the federal and state governments, with a watchful eye on the CARES Act and the relief being provided to small businesses. We found this resource so helpful that we wanted to share it with all of you right away.
As of this morning, there are STILL a number of questions to be answered. We have been fielding a significant number of questions regarding the various loan programs available under the CARES Act. We anticipate that most small businesses will want to take advantage of the Payroll Protection Program mentioned in this summary; this program is to be administered by local lenders. Unfortunately, these lenders are unprepared at this time to process any applications as it hasn’t been made clear to them what information will be required from the applicants. So while this relief could be life saving for many small businesses, it is possible that we are still weeks away from seeing these loans funded.
The US Senate Committee on Small Business & Entrepreneurship has created a guide to aid small business owners and entrepreneurs in better understanding the new benefits that are becoming available following the signing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020.
Programs, initiatives and resources are being rolled-out for small businesses, certain nonprofits and other employers. This guide provides an outstanding summary of the various key programs that will soon be available from the Small Business Administration (SBA) along with an overview of select tax provisions that are outside the scope of SBA which are most applicable to small businesses.
You can expect more insights and resources from LGA each day as we digest and learn more about how to best support businesses in this unprecedented time. Please remember that LGA has committed $100,000 in pro-bono consulting services through our LGA Cares program. Read more and please reach out if we can help you or your business digest any of this.
by John Geraci, CPA, MST
