COVID-19 Resource Center &
Application Assistance
Small businesses have been crippled by mandatory closures required to slow the spread of the Coronavirus (COVID-19). Fortunately, there are a growing number of resources and relief programs to fall back on. With the passage of the CARES Act (COVID-19 Stimulus Package), there are two loans available to small businesses.
Paycheck Protection Program
Economic Injury Disaster Loan
We are here to guide you through the application process, loan calculation, compliance, and advisory during this difficult time.
Paycheck Protection Program
On Friday, April 3rd, the Small Business Administration, in partnership with local banks, began accepting applications for the Paycheck Protection Program which is a potentially forgivable loan specifically to be used to cover 8 weeks of payroll, rent, utilities, and interest costs. The funds from this loan are intended to flow quickly to borrowers and require no collateral or personal guarantees.
Economic Injury Disaster Loan
The second SBA Loan available is the Economic Injury Disaster Loan. However, we advise that if you are interested and in need, first apply for the PPP loan. The requirements to qualify for the EIDL are similar to a standard SBA loan, so it will require more effort while the PPP Loan program is designed to have a low threshold for approval with the intention of rushing funds to small businesses.
How can The Garabedian Group Help?
We are here to help you successfully navigate the unprecedented economic challenges you face and get your business back to business as quickly as possible.
We assist with the application and calculation of your loan amount to request under the PPP Loan. Compliance after the funds flow into your business will be required. We can assist you with that as well as providing sound financial advice at a time when you need it most. We are providing this service to all of our valued clients, in addition to new clients willing to establish a long-term business relationship with our firm. Now is the time to take action. If you are an existing client or willing to establish a long-term relationship with our firm, contact us today.
Fill out our contact form to get started right away.
Current Federal and State Support Programs:
For your convenience, we have listed support programs:
Federal Coronavirus Small Business Assistance
If you need immediate cash to make up lost revenue and help keep your business running, the programs below can help.
SBA Economic Injury Disaster Loan Program
As part of its disaster assistance program, the SBA is offering low-interest working capital loans at a 3.75% interest rate, up to $2 million to small businesses affected by COVID-19. Loan repayment terms may vary by each applicant with up to a maximum of 30 years repayment schedule.
What’s Needed to Apply:
You’ll need to furnish supporting documentation that may include your business’s most recent tax returns, a personal financial statement and a schedule of liabilities that lists all your current debts.
Have you recently been laid off or furloughed due to COVID-19?
Visit the State of California Employment Development Department website where you can learn about and apply for assistance available to Californians.
Federal Income Tax Filing and Payment Deadline Extension
For tax payments of up to $10 million, the IRS has extended the deadline for businesses to July 15, 2020. Estimated tax payments for 2020 originally due on April 15 will now be due on July 15.
**Coronavirus Assistance and Relief Programs are continuously being updated. Please check back with us to receive timely updates. For more information, contact us today by filling out our contact form.
