The government response to the Coronavirus threat is remarkable. The scope is mind bending and something that we’ll be thinking about and rehashing for many years to come in the future. In the present, the quarantine is hammering small businesses the hardest and the federal government has passed the CARES Act to help deal with the fallout.
If you’re a small business owner you’ve likely been frustrated by the slow trickle of information and constantly changing guidelines and expectations for what will be available to small businesses.
We’ve been tracking the developments closely and have come up with a few helpful resources for information:
The U.S. Chamber of Commerce has a guide too.
A non-government entity, the National Association of Tax Professionals also has some guidance.
Primarily what it boils down to is that Bank are still figuring out the process for how they’re going to handle these programs. If you already have a good commercial banking relationship somewhere you should contact them and start the application processes immediately. If you don’t, then you need to reach out to a community bank and start the process. Some CPAs and attorneys are also offering help filling out the applications.