It’s been quite busy the last few weeks along with shelter in place ordinances and the rapidly changing updates from government. We wanted to let you know that Chaotic Cancellation is still operational and working as quickly as possible on your taxes and/or accounting + being proactive and finding out information for you about the CARES Act/Economic Disaster Loans available.
We are also researching other grants that are available such as the facebook grant that you have no doubt heard about. We will share — and update — you as information is announced and we are posting related information on our facebook page.
We are available to help you fill out any of the required forms, gather financial data for you and/or review the forms before you submit to a lender or directly to the SBA.
In addition, all Federal, California 2019 tax return filings, payments due, 2020 first and second quarter estimated tax payments have been deferred to July 15, 2020 (although we are still working towards filing taxes sooner rather than later).
1. Economic Injury Disaster Loan 10K Application
This program establishes an emergency grant to allow a business that applies for an EIDL loan to receive an advance on that loan of no more than $10,000, which the SBA must distribute within three days. The money may be used to pay for employee sick leave (COVID-19 related), mortgage or rent and other overhead expenses. The grants would be awarded on a first-come, first-served basis until the $10 billion fund is exhausted, and applicants would not have to repay the $10,000 grant even if they are denied the loan.
2. Economic Injury Disaster Loan – EIDL – Forms
This program is an SBA 7(b) Federal Disaster Loan Program that is primarily for working capital, operating expenses and other costs. It is better to go through a preferred bank lender (quicker/faster approvals)
3. Paycheck Protection Program Loan
The program would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy snap-back quicker after the crisis.
Contact a local SBA approved lender NOW to make an appointment for Friday (April 3) when the lenders will start accepting applications.
We also have contacts at various banks that we can send to you.
The government’s response is rapid, and sometimes changing. If you have any trouble with these links, let us know, we will get the most current links for you.