COVID CRISIS-REV UPDATE 5
Hello Everyone,
I am sure y'all all know by now that the PPP and EIDL money was exhausted almost as soon as it was released. We expect some new funding to come through today or tomorrow, as the House takes up this bill for debate and a vote.
I have been on the phone with many of you to walk you through the loan application and pull the numbers you need. Some of our clients have been successful in getting funding, many of you are still waiting to hear back. We are still encouraging all clients to reach out to your bank or alternate funds provider to get your application ready and submitted BEFORE this money is released to ensure a fighting chance to get funded.
It's no secret that if you were with one of the bigger banks (JP Morgan Chase, BOA, Wells Fargo) you were left out of the race to get funds altogether. If you still haven't heard back from your bank I have compiled a list of funders here for you to reach out to ASAP.
FUNDS PROVIDERS:
Quickbooks is offering a way for folks to get money through them: https://quickbooks.intuit.com/learn-support/en-us/help-articles/apply-for-a-paycheck-protection-program-loan-within-quickbooks/00/539386?cid=DR_em_46840_001_Text3_US_QBOA
This is a list of banks that may be able to help:
Now more than ever a good relationship with your banker is so important. I advise folks to move to a smaller bank with better service when this has died down.
QUESTIONS ABOUT THE PPP LOAN:
I am getting lots of questions from folks who did fund about what the money can be used for. This article from Forbes does a pretty great job of explaining what is expected from small businesses to achieve loan forgiveness: https://www.forbes.com/sites/anthonynitti/2020/04/15/ten-things-we-need-to-know-about-paycheck-protection-program-loan-forgiveness/#7d8940332917
WHERE IS MY TAX RETURN???
If you are waiting on a tax return from us we are working on it. We have had to take a lot of time out of tax season to help folks get loans, and to research and digest new legislation as it is released. I promise, we haven't forgotten you! If you are in a rush for a loan or need your return to get some kind of funding please reach out and let us know so that we can prioritize those who need it most.
As always, we are here to answer your questions to the best of our ability, and get you all the help that we can during this confusing and scary time. Let us know if there is anything we can do for you and your family.
-Katie and REV ATX Team