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:

https://finance.yahoo.com/news/ppp-loans-lender-list-requirements-173706601.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAH6kviiVuQWFERmVFAVk65HIhfeKcIZ-ZAqrAyO6aUM8sKApTYjHlZGRLD9m5-xAFwjNNIz4vjQ604cMolmPhqJLoRqtBZoQJnWvoBBFdRzpW2LEVdJhTN9RMLoz4LJjaaZxUTtfdSciMJDytslvcSC0cBRSa20mYPDnOaC-iLWz

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

Katherine Heim 4/16/20 Katherine Heim 4/16/20

STIMULUS FAQS & WHERE TO REGISTER YOUR BANK ACCOUNT FOR DIRECT DEPOSIT

Hello Everyone,

https://www.irs.gov/coronavirus/get-my-payment

Easy to read FAQs for the stimulus money:

https://learn.eforms.com/finance/stimulus-check-fact-breakdown/?url=https%3A%2F%2Flearn.eforms.com%2Ffinance%2Fstimulus-check-fact-breakdown%2F&mbsy_source=4651754a-acde-44c0-8227-4324ab1e2198&campaignid=33541&mbsy=QFg2m

-Katie and the REV ATX Team

Katherine Heim 4/13/20 Katherine Heim 4/13/20

STATE-BY-STATE GUIDE FOR UNEMPLOYMENT BENEFITS FOR SELF EMPLOYED PEOPLE & GIG EMPLOYEES

Hello Everyone,

Click the link below to see the informative guide for unemployment benefits for self employed people and gig workers.

https://docs.google.com/spreadsheets/d/1wg21cIL_4xUCttV7iWKmwIkvJFvDi2gAjiwoqTtDVoU/htmlview

-Katie and the Rev ATX Team

Katherine Heim 4/8/20 Katherine Heim 4/8/20

UBER GRANT FOR RESTAURANTS AND HOSPITALITY WORKERS

Hello Everyone,

Uber Eats is looking to support local restaurants and workers with a grant program. Click the link below to see if you qualify.

https://www.uber.com/newsroom/supporting-local-restaurants-and-workers-with-uber-eats/

-Katie and the REV ATX team.

Katherine Heim 4/2/20 Katherine Heim 4/2/20

PPP LOAN LINKS AND INFORMATION

Hello all;

The treasury has released the application for the PPP loans and they can be found here https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

The application is pretty simple and straightforward, I have a marked up version attached below.

The SBA says the following about submission of this application:

When to Apply Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage you to apply as quickly as you can because there is a funding cap.
How to Apply You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. All loans will have the same terms regardless of lender or borrower. A list of participating lenders as well as additional information and full terms can be found at www.sba.gov.

This means you will need to work with a banker to get this loan processed. Please reach out to any banker you have a relationship ASAP to ensure you are on their radar for this loan-if they cannot help you ask for a referral to someone who can.

As always, if you have any questions about this loan, or anything regarding finance during this time, or if you just need to vent, cry, scream, get on Katie's calendar at the link below.

With love and solidarity,

-Katie and the REV ATX team.

Katherine Heim 3/30/20 Katherine Heim 3/30/20

COVID CRISIS-REV UPDATE 4

Hello everyone,

Just jumping in to give you the latest I can on what's going on and how to get money to keep yourself and your employees afloat during this unprecedented time.

NEW LOANS PASSED

The two new federal loans that have passed that are as follows:

EIDL-ECONOMIC INJURY DISASTER LOAN https://www.sba.gov/funding-programs/disaster-assistance

This is a loan to cover loss of income due to the Corona Virus crisis. This is an SBA backed loan that is intended to help small businesses, freelancers and Sole Proprietors during this time. Biggest notes on this loan are as follows-

Normal approval processes have been waived to speed up the aid
Collateral requirements are also waived so that you need not have the accounts receivable or cash that is usually required to fund these loans
The interest is capped at 4%
The terms are 10 years but may be extended
This loan has gone from being capped at $350K to 1Million
This loan is NOT guaranteed by the owner, it's a business loan, so the business will be the holder of the note

PAYROLL PROTECTION LOAN https://www.sheppardmullin.com/coronavirus-insights

This is a loan to cover the cost of your payroll during this time and keep employees and business owners paid and off the unemployment system. This SBA backed loan is intended to help small business continue to pay rent and employees during this historic time. Biggest notes on this loan are as follows:

Normal approval processes have been waived to speed up the aid
Collateral requirements are also waived so that you need not have the accounts receivable or cash that is usually required to fund these loans
This loan will be forgiven if you continue to pay your employees during this time (currently through 6/30/2020) There is no penalty for re-hiring someone you already laid off with this loan
This loan has gone from being capped at $5 to 10Million and is equal to no more than 2.5 times your payroll for the SAME PERIOD (2/15-6/30) in 2019
This loan is NOT guaranteed by the owner, it's a business loan, so the business will be the holder of the note
This loan is intended to cover your rent and utilities as well.

I have been unable to find the actual form to fill out for this, but I"m sure it's forthcoming. If anyone has that link please share it with me ASAP.

The City Of Austin is also doing some loans to help cover the time between when these federal programs kick in. https://ibuyaustin.com/austin-city-council-passes-measures-that-assist-businesses-and-residents/

Here too I was unable to find the actual link to a way to apply, so hold tight and send me any info you come across, I will be updating our website as I can with links as they become available (www.revatx.com)

http://austintexas.gov/article/covid-19-community-resources

WHAT CAN I DO ABOUT MY BUSINESS RENT?

Here's a webinar from my business attorney about this subject: https://www.youtube.com/watch?v=aZ2U_B47_RI

The take away from this webinar is to communicate directly with your landlord, and read your lease carefully. We expect a moratorium at the federal level on mortgages and rents which will allow landlords and tenants some breathing room while all of this is going on. Work with your landlord where you can to ensure you don't get booted from your space while you are closed-it doesn't benefit anyone for you to be out of your space during this time, and many landlords are working with folks to keep their leases intact and are expecting some federal relief down the road. The CIty of Austin has placed a moratorium on evictions but again READ YOUR LEASE as some evictions do not require you to go to court, they can simply lock you out.

Similarly, if you have a home mortgage or rent you are worried about, call your lender or landlord.

WHAT SHOULD I DO ABOUT MY EMPLOYEES?

If you can keep them busy then continue to pay them and apply for the above mentioned relief. You may re-hire folks AFTER the relief comes in, so that's one way to continue to help your employees during this time. Failure to use the loans to pay wages may result in having to pay back those loans, so be careful when deciding which package to go for and what kind of cash flow you will have after we return to some sense of normalcy. If you must lay folks off understand that they just passed a provision of this legislation to cover 100% of lost wages.

You will need numbers from us to apply for any of the above mentioned programs. Understand that we are working diligently to get 2020 caught up and make sure we file taxes for folks for 2019 as fast as possible. Katie is on the phone and reading/watching the newest legislation every day to stay on top of what this all means for folks. Please use the online scheduler to book time to talk to Katie https://letmetalktokatie.as.me/ and ensure you actually can speak with her. Please visit our website frequently for updates as well. We appreciate your patience during this time.

We appreciate you all, and we are here for you.

-Katie and the REV ATX team

Katherine Heim 3/26/20 Katherine Heim 3/26/20