Patience is a Virtue (Maybe)
We understand your anxiety because we are experiencing it too – both for you and for us. Please read this and know that we care about you and you must make this decision.
We know you are waiting for us to provide guidance on the timing of the submission of your applications. We also know many of you are being rushed to submit them tomorrow to be in line before funds “dry up” from the $350 Billion initially allocated.
WE CANNOT AT THIS TIME GUARANTEE YOU THAT THE FUNDS WON’T BE USED UP QUICKLY WITH THIS ORIGINAL WAVE OF APPLICATIONS.
PLEASE READ THAT SENTENCE AGAIN.
So, if you are very concerned this is going to happen, then we advise you to submit your application tomorrow or as soon as possible. Some banks are saying they will be able to hold funds being disbursed to you to control the timing. However, if you do submit now under that guidance, please make sure you get that
in writing
from your banker. We are not sure if this will really be possible.
If you are okay with waiting a couple days or a week, we believe things will change again. Everything is happening at such incredible speed right now. We do not want you to miss out on the best opportunity for your practice, your team and you.
We believe the CARES Act was not meant to be a race to get there first. It was meant to be an orderly submission with the goal of help attain sustainability to go along with the payroll funding for your staff over the next couple months or at least to June 30
th
.
If the funding dries up quickly (as is the expectation), our entire Nation heard our Congress state that there could be a much larger stimulus package to follow. We think more people will be filing for unemployment and more businesses will be filing for relief than they expected. We expect to see an overall stimulus package of exceed $2.2 Trillion up to $6 TRILLION.
But this is NOT a guarantee. We understand that we all need to “do something” and to get it done. We also respect that you might need to reduce your stress by filing quickly. You need to decide what is the right answer for your practice and you.
We will be following up with more information as it is clarified by the SBA. Thank you for your patience.
Stay safe, stay sane and be patient (if you can).
COLEMAN, UREDA, ALFORD & KAUCHER, PA
FAQ TODAY 4/2/20:
Can you fill out the application right now?
Banks have provided a preliminary application for you to complete. In speaking with several banks today, the application is not complete yet (as of 2:00 pm on 4/2/20).
Your goal right now is to gather the documents we’ve recommended and have them on hand ready to complete the application.
Why is the information on the PPP loan different from each bank or advisor?
We are hearing mixed things from the banks. This is a result of them not receiving the final regulations from the SBA and the government. Therefore, each bank is working hard to prepare for the rush of applicants filing. They are each putting out information that they anticipate they will need from you to process the loan. This has caused some confusion, but we are hopeful they will have more information to put out later today.
How do I Calculate Payroll Costs for the Application?
Your payroll company may be able to give you a spreadsheet to calculate this for you. In addition, please see our past emails with details on how to calculate (based on information at that time). We are receiving mixed information on who will handle this calculation, the applicant or the bank! We have a conference with the bank later today and again, hope to have additional answers.
