Content Contributed by Creative Works
Once again, our industry is faced with a time of uncertainty. And once again, our industry is showing how well we come together to conquer the unknown. Our coalition of industry partners are banding together to help our friends and customers navigate a path to recovery.
We’ll start with a summary of summaries, as its only efficient (yes we’ll still look to keep our sense of humor in these times). We’ve gone through scores of different documents and resources to pull some key pieces in one place for you to get your bearings. The information is fluid, and we’ll continue to update as things evolve, but here are the top pieces so far.
Coronavirus Emergency Loans – Small Business Guide and Checklist
Coronavirus Emergency Loans: Small Business Guide and Checklist posted by the US Chamber of Commerce. This is a four page, easy orientation guide to get you started. The Key pieces to look for in this guide:
- Am I eligible?
- What will lenders be looking for?
- How much can I borrow?
- Tools for calculating your average payroll costs to use when applying
- Factors regarding Loan Forgiveness
CARES Act for Businesses
CARES Act For Businesses posted by Creative Planning on 4/03/20. This is an easy to follow 20 minute video that helps better clarify the various programs and which would work best for your particular needs. Key pieces to look for in this guide:
- CARES Act
- Economic Injury Disaster Loan Program (EIDL)
- Paycheck Protection Plan (PPP)
- Employee Retention Credit
- Other Assistance for Businesses – Non Operating Loss carryforwards, business interest deductions, employer portions of Social Security payroll tax, other tax credits and SBA loan use
Provisions of the CARES Act
Provisions of the CARES Act by the National Association of Government Guaranteed Lenders. This is a strong expansion that provides more context than the Small Business Guide and Checklist from the U.S. Chamber of Commerce posted above. The 12 pages in this document highlights the mission critical sections of the CARES Act and proper context to remember when interpreting the legalese.
These pieces in order will start to help you wrap your arms around the key pieces of information. As you have questions, working with your banks, accountants, and lenders will be critical. Remember – the situation is fluid, more guidelines and sub-provisions are being released to the banks and institutions, so continue to check with a number of sources in order to verify you’re using the latest information.
Our industry is vital, it has purpose, our business make a difference. Now more than ever, we will call upon the happy memories we help others make as we stride into the future. Stay strong, stay calm, and be there for each other.