Search
  • Courtney

Covid-19 Help for Small Businesses

Hello everyone,

Between the State and Federal government stimulus programs we now have a few options to keep your business going.  Below I've attached some links - some of these expire soon, so take a look at them at your first opportunity.

My general advice on Monday, March 30th is the following:

1. Lay off your workers if you don't have work for them.  Even 1099 contractors and self employed qualify for UIA at this point, with an extra $600 per week for up to four months.


2. Consider applying for the SBA 7b loan (COVID Disaster only) and request the $10K grant. This amount will be deducted from any other SBA loans you take out later; if you decide not to take out any other SBA loans you should not have to repay the $10K.

3. Then we look at the PPP loan (SBA 7a) which is processed by a bank.  These are the loans where 8 weeks of payroll and other costs may be forgivable. As of this morning I have a contact at Chemical Bank to quickly process loans for all of my clients.  However these loans are not open for application yet, I will let you know as soon as the applications are available.

4. We will need to evaluate on a case-by-case basis if the tax credit is a be a better option for you than an SBA loan. The tax credit covers up to 50% of your payroll from March 12 through the end of the year. As a business you can take the loan or the tax credit, but not both.

I am trying to work on each of my clients as I find out they need guidance. So if you need help, let me know and I'll add your business to the list.

Stay safe,

Courtney


https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

https://www.sba.gov/funding-programs/disaster-assistance

https://www.michiganbusiness.org/about-medc/covid19/small-business-relief-program/

https://www.oakgov.com/covid/businessrelief/Pages/medcstabilizationgrant.aspx https://business.macombgov.org/Business-macomb-small-business-relief

74 views1 comment

Recent Posts

See All

Changes is response to Covid-19

Better Business Tax and Accounting is changing our procedures in order to continue tax preparation services. We value the health of all of our clients, our employees, and their families. Many of our

Top 5: Tax Expert vs TurboTax

Every year our office gets calls from taxpayers who need help with TurboTax. People often have just one burning question that the software just can't answer. However, most of them never thought abou

3603 E 14 Mile Rd, Sterling Heights, MI 48310, USA

(888) 808-7748 | (586) 276-0720

Fax: (586) 276 0723

©2019 by Better Business Tax & Accounting