SAN FRANCISCO, Calif. (KRON) – Billions of federal dollars will soon be pumped back into the US economy to help small businesses impacted by COVID-19.
One San Francisco certified public accounting firm is helping Bay Area businesses prepare to take advantage of this opportunity.
$349 billion in the form of federally insured short-term loans are now up for grabs for small businesses hurt by the coronavirus pandemic.
The loans are a part of the small business administration’s Paycheck Protection Program.
The money is forgivable for businesses that retains or re-hires their employees when the economy reopens.
“The idea is if your business closed down this is money that will let you restart the business,” Steve Mayer said.
Steve Mayer is the managing partner of the CPA wealth management and consulting firm SD Mayer and Associates.
Over the past two weeks, his firm has processed over 175 paycheck protection loan applications.
“It’s a two page application with 50 documents attached,” Mayer said.
If you’re looking to take advantage of this opportunity for your small business, listen up. He has got some advice for you.
“I would tell them, find out if your bank is taking applications, get copies of your articles of incorporation or your operating agreement and have that ready to go, have your financial statements ready for 2019, where you can show the numbers that you had for payroll and payroll related expenses,” Mayer said.
He says you will need your 2019 IRS W2’s, W3’s, 940’s and 941 forms as well.
“And then if you don’t know how to do it, ask for help. You know people are helping at food banks. Other people are helping at medical facilities and our firm is really helping people pull together these things,” Mayer said.
The small business administration recommends that you check in with your local lender to see if they are participating in the program.
Lenders began processing loan applications back on April 3rd.
The Paycheck Protection Program will be available through June 30, 2020.
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