We will get through this together, Business to Business Friend to Friend
As always - consult your local accountant or professional to see if any of these options are right for you.
SBA Disaster Relief
A low interest loan for businesses suffering hardship due to COVID-19 pandemic. A streamlined application, and there is a checkbox towards the end of the application that asks if you want to be eligible for a $10,0000 quick pay out - which may be forgivable. This is something that they say they will grant you, while you are having your application processed - I also recommend getting in touch with your local SBA office servicing your area- they have been very helpful.
Guide to Coronavirus Aid Relief and Economic Security Act
This is another piece of information regarding how the payroll program will work.Depending on how you use this - a large portion may be eligible for forgiveness- contact your local bank - they must be an authorized SBA ban to help you. I have found that The smaller banks that are SBA APPROVED, have been very helpful.
Also - We are members of a great association, the Professional Beauty Association They have been a great resource of what to do and offer industry related webinars regarding the COVID-19 crisis. If you click on the link below & scroll half-way down the page you will see tabs that link you to different tools.
I highly recommend the “Breaking Down the Economic Stimulus Package” webinar. It was a great webinar and it addressed some issues that are unique to our industry. You will need to fill out a form to get it, (it should be free) and you will probably have to download GOTO meeting to watch it.
We are not alone in this - here is a post from one of our clients:
Support advice from one of our clients and thought it was solid advice:
Hi everyone, here is some info I’ve got that I will share. We are all pulling our hair out as to what we should do, what’s available that we can do for our business. People filling out forms and the system crashing, people filling out wrong forms. Everyone take a deep breath. We are in the business of we have and know ALOT of clients in all different industries.
1- reach out to your BANK it must be a SBA approved bank. If you don’t know one or you don’t have one. Now is the time to reach out to your clients and ask them who they know or recommend. When you get them on the phone. Just simply say, I want to tell you about my business, how I run and I need your advise as to what I qualify for and what options do I have. - call your accountant. You are going to need you last years payroll, also your last filing period.
- Please, don’t feel alone of frustration it that you don’t know what to do. For MANY banks and CPA’s this info is just becoming available. I know MANY forums have people freaking out as they are just filling out every form available and nothing is working. As this rolls out, now they are freaking out that they filed for the wrong thing. Just breath, Kambri and I had a great conversation yesterday. I am here for you!
When you are having these conversations be HONEST and REAL! That right there will speed up the process. Also, be making notes. These times tell you who you will continue to do business with and who you will find someone else.
Also- this is grant for Women owned business - see below: