UPDATE - FORGIVENESS, PPP ROUND TWO, AND NEW EIDL
Hello all!
I hope that everything is going well and that you all are staying safe and healthy, and getting vaxxed.
I wanted to update you all on a few things coming down the pike.
FORGIVENESS-
If you haven't yet applied for PPP forgiveness for round one we encourage you to do so now. The application has been simplified and usually takes just a few clicks to complete. Some items to have on hand to submit-
Payroll reports-if you run payroll you may be required to show payroll reports (941, TWC) or payroll expenses from your payroll provider. Most providers have this set up in their systems already, ADP, Gusto, and Paychex all have a simple clickable form that you can download.
Proof of transfers to owners-if you do not have formal payroll you will need to provide proof of draws to owners via your bank statement. If you take draws via electronic transfer you will need to pull your bank statements and highlight the transactions that make up your draws.
If you can prove 100% usage of the loan as payroll or draws then do that-you can extend the time to a 24 week period to maximize the amount of payroll you claim. If you need to pull other expenses then RENT, UTILITIES, PPE and a few other things can be used, more on this is available at our website https://www.revatx.com/home1 in the catalogue of information we've sent out on the CARES ACT.
We will be doing a webinar on 5/28 regarding forgiveness that will be catalogued at our website forever. You can plan to attend this webinar, or you can send questions to me in advance and I'll answer them at the webinar. We will have FAQs up for the webinar in the next couple of weeks. Before booking time to help with forgiveness we will be directing clients to attend the webinar or watch it when they have time to help everyone achieve forgiveness.
PPP ROUND TWO-
Many of you have asked for my assistance on getting a second (or even a first) round of PPP money. Time is running out to secure this money. If you need help you need to let me know in the next two days, or I will not be able to assist. If you have any questions about who is lending or what the criteria are for the second round I encourage you to read through our catalogue of info on this subject here https://www.revatx.com/home1 If you have already asked for my help but you have not heard back please respond to this message. The deadline for PPP submission is 6/30 currently. I'll let y'all know if this changes.
EIDL-
Some of you may have noticed an email encouraging you to apply for more EIDL money, or more of the EID Grant that was done last year. The SBA is currently lending up to half a million dollars through the EIDL for some companies. If you need the money now or want to free up some capital you'll need to ask for that increase and the SBA will reach out with your new loan offer. Instructions for how to do so are in the email from the SBA. These additional monies are at the same great rate and terms as the first round (3.75% for 30 years fixed).
If you got an EID Grant for LESS than 10K and you meet the criteria listed out in the email from the SBA you may also request the rest of that 10K at this time. This is free money, it's not required to pay this money back. Follow the instructions in the email from the SBA to request that additional capital.
As always, let us know if we can help you with any of these items, or anything else business and books related.
Stay safe, y'all.
-Katie and the REV ATX team