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Coronavirus (COVID-19) Impact

03/24/2020

We are waiting for the federal government to pass the next “relief” legislation, and to provide additional clarity on the Sick Pay and Emergency Family and Medical Leave Acts.  In the meantime, both Illinois and Indiana small businesses can apply for SBA Disaster Assistance Loan.    

Key Elements Include:

·         Applications made directly to the Small Business Administration—not through a bank.

·         Applications include detailed histories of Profit and Loss, Cash Flow, Personal Financial Statements from owners and Statement of Liabilities.  Projected shortfalls suggested if the cash flow downturn expected in the future rather than reflected in the past.

·         Loans can be for working capital to cover ongoing expenses.  Not intended as debt consolidation loans.

·         Amounts over $25,000 will seek to secure loans with collateral, but lack of collateral will not disqualify loan candidates.

·         Terms 3.75% interest for up to 30 years for loans up to $2,000,000.  Terms and loan amount determined on a case by case basis.

·         No mention of forgiveness provisions.

·         Our understanding is that the application process expected to take a number of hours online, including compiling and reporting information, and review occurs within 3-5 days of the request with funding within 16-18 days.  Link with more information:

 

https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf

 

PBM: Operational Update—Potential Impact to Business Continuity

WE CONTINUE TO BE OPEN.  We are rotating the staff between working from home and our office.

 

Our network utilizes robust multi-factor authentication protocols and is securely backed up to a remote location.   Clients will have continued access to us through our phone, email and via various portals through the internet.

 

Given our technology, we are confident in our ability to continue supporting you with management, payroll, tax and accounting assistance while maintaining a safe working environment for our employees.  So far, the IRS has extended the tax filing and payment deadlines. We will update you about the Illinois state filings in the coming days.  We intend to continue working on these annual filings during this shutdown.

 

 

 

We will continue to provide you updates via email and through our website.

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