My firm, based on the consensus of our active small business accounting industry groups, recommends that all small businesses submit online applications through the SBA for at least one of the two types of government loans. Some should be submitted by Friday April 3 to stand the best chance of approval. The amount should be at least the amount that is expected to be converted to a grant. The streamlined applications are simple: you can do it or I can do it for you. Please consider that this is just the first step, not the last, of months of work ahead and many changes that will be necessary. Your crisis management plan should be far more extensive than simply placing a loan application.
At this time, we do not have a general recommendation on the many state programs for businesses. Consider these on an individual basis.
This current crisis it putting unprecedented demands on small business accountants who have disaster management expertise. Please understand that I am forced to replace a number of casual protocols with more structured and streamlined communications. This is not a time for ‘business as usual’ for you either. So please don’t be offended if I can’t talk casually on the phone or answer messages promptly. The pace and stress level for all of us will get worse before it gets better. We all look forward to returning to some level of calm soon. Meanwhile, please make use of the new streamlined resources as they emerge.
Three specific streamlined flat fee services:
- Mini-consult (30 minutes, can be a combination of communications, telephone, video and email) One per person please!
- Loan or Grant application preparation and submission
- Business financial statement compilation for a SBA 7(b) loan (assuming accounting work is up-to-date)
Details are still emerging daily, even hourly, so all of us are learning as we go.