Government Assistance: SBA + CARES Act Webinar
Live Recording: Wednesday, April 1st, 2020
*New government legislations are quickly changing – any updates will be posted here.
FAQ About the CARES Act
Talk to our CFOs – all small businesses are feeling the effects but we need to discuss which aid program is best for you.
new – CARES Act – new
Stage 1 has delved into the key sections of the CARES act, as well as connected with our expert network on the recently passed bill. While there is more information to come, we recommend a few key actions to be a taken immediately:
• The CARES Payroll Protection Program (PPP) provides significant resources to small businesses in addition to the SBA Economic Injury Disaster Loan (EIDL). We highly recommend speaking with one of our CFO’s to determine their applicability for your business.
• We estimate it will take 7 – 10 days for the SBA to provide guidance on how to apply for the PPP program, which is scheduled to be a separate application than the SBA EIDL. The expectation is that the loan will be administered through SBA authorized banks. We recommend contacting your bank to understand their involvement in this process or starting to identify an SBA authorized banking representative. Our CFOs can provide you additional resources if needed.
• The size of the PPP loan is expected to be based on specific guidance related to average payroll, rents, etc. and we suggest starting to gather the supporting information for these items to assist in the calculation.
• Watch the recording of our webinar above to hear from SBA, benefit and employment experts on the CARES act and how it can impact you.
S1F Support Services Include
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Consult with a CFO before the application process
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Our team can support in the completion of all forms including all necessary calculations
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Our CFOs will review all forms and calculations before submission
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Ongoing consultation and support through the SBA process
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