March 26, 2020

Keeping American Workers Paid and Employed Act: What You Need to Know


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Woman standing on the skyscraper funds dollarsTo those that are reading this, I want to first send out my heartfelt prayers and positive thoughts for all of us enduring this Covid-19 crisis.  As we say during any crisis like this, and as experience has taught us, this too will pass.

I wanted to send out a quick note to my friends, colleagues and friends with some information that I received yesterday about ways that small businesses can quickly apply for federal assistance from our government.  

Here are the key things that I learned from Ami Kassar (CEO – Multifunding) during his webinar discussing the new initiatives put forth by the government during this trying time for small and medium-sized businesses:

  • The Small Business Administration (SBA) has a loan program called Economic Injury Disaster Loans (EIDL) that are used for businesses unable to meet its obligations and to pay its ordinary and necessary operating expenses. Please see the PDF here or read below.
  • The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred
  • This program is available to companies seeking $350k to $2 million and are not able to receive credit from other sources.
  • If you have an existing SBA loan and you are not able to pay, it is highly unlikely that you will be able to refinance the debt. The better strategy is to contact your lender and discuss ways to defer or adjust your existing payment structure.

It is VERY important to get your financial statements and situation in order before going through the application process. Know your personal financial statement figures, document your current debt structure, and have your current projected cash flow inflows and outflows clearly documented over the next six months before starting the SBA online process. Learn more about what you need here.

I have attached the PowerPoint schedule that Ami Kassar circulated from his presentation yesterday.  If you have any questions please reach out to him directly so that he can assist you during this process.  You can also reach out to me for any questions you may have.

We are in this together – we will be stronger and better for what we are enduring today.  Stay positive and empathetic throughout this process. And thank a health care provider the next time you see or speak to him or her.

Please reach out with any specific questions about your company’s finances.

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