Information about the CARES Act, Coronavirus aid relief signed into law on March 27, 2020.
Dear NGAS Client,
We have spent the weekend pouring through the Coronavirus Aid Relief, and Economic Security Acts (CARES Act) that was signed into law on March 27, 2020. Tonya and I have been actively practicing in the Accounting and Tax field since 1994 and we have never seen anything this massive. We feel that EVERYONE of our clients will be impacted! This bill has provisions for individuals with Rebate Checks rolling out within the next 2-3 weeks, but honestly, the small business provisions are our first priority!
We will work diligently to get information to you in the most efficient and timely manner. Our goal is to break down the highlights of the bill in a series of emails directly to your inbox that will help you understand some of the options available for your business during these difficult times.
The attached document is an overview of the loan options from the bill that your company may qualify for, the PPP loan-forgivable loan and the EIDL loans-not forgivable.
Information and advice will be coming at you from all directions over the next weeks……even months. Filtering through the information to discover what is true and applicable may be overwhelming while you are faced with the everyday challenges of keeping your employees working, managing cash flow, the rollercoaster stock market and homeschooling your kids! We hope that you will utilize our services to help you navigate how to proceed in qualifying and receiving the loans, tax credits and help outlined in the CARES Act.
We will begin scheduling Zoom appointments beginning 3/30/20 to discuss our CARES Act services and determine your current and future needs for your company. Please call our office at 678-804-4011 to schedule a time on our calendar.
I have always said the Small Business owner is a unique and very special kind of person; you are the creative thinkers, the risk-takers, the visionaries, the motivators and the backbone of this country. Today, however, with so many things beyond your control, you may be struggling with fear and confusion on what to do next. Our goal is to help you with a plan to work through this crisis and come out on the other side of this stronger than ever!
Economic Injury Disaster Loan (EIDL) Program: LOAN PROVISIONS – As of March 27, 2020, The CARES Act was signed into law, creating several changes to the EIDL (Economic Injury Disaster Loan) Program. Learn more about these modifications that were made to the EIDL Program under Section 7(b) of the Small Business Act. The CARES Act made several changes to the Economic Injury Disaster Loan (EIDL) Program under Section 7(b) of the Small Business Act and described in previously issued Alerts.
*Disclaimer: Please keep in mind that the COVID19 situation is an ongoing event, and we will be updating the information as we receive it. We cannot guarantee this information is 100% up-to-date on a minute-to-minute basis.