Important first steps to get ahead of relief package

Taylor Financial Group, LLC

Greeting,

I wanted to reach out to check in on both you and your business. Obviously COVID-19 has created some additional stress, and I want to help anyway I can.

I’m sure you’ve heard about the economic relief package that was signed into law last week. The CARES Act provides a lot of opportunities for business owners, and I think it’d be incredibly helpful for us to review some of these new provisions.

The Coronavirus Emergency Loans are designed to help you maintain your payroll through this pandemic. They can be taken out for 2.5 times your average monthly payroll costs (not to exceed $10 million) and they are forgivable – meaning if you keep or restore your payroll, you will not have to pay that money back.

There are two things you need to do right away to make sure you’re at the front of the line:

1. Reach out to the local bank to get on their application list right away.

Get a process started with them. We expect banks to start accepting loan applications this week. You can always get started then choose not to proceed. However, there is going to be a rush of applicants. Getting ahead of the wave will help.

2. Determine dollar amount to apply for. This is going to be unique for your business as it depends on your payroll costs.

For more information on the loans or determining how much to apply for, here’s a great resource .

Feel free to email me with any additional questions. I'd be happy to schedule a call to discuss.

Regards,

‌

Debra Taylor, CPA/PFS, JD, CDFA

Wealth Manager

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