As of the time that this blog was published, the U.S. Senate is preparing to vote on the “Coronavirus Aid, Relief, and Economic Security” (CARES) Act that could go into effect any day now. The Small Business Administration (SBA) and the U.S. Chamber of Commerce support this Act. The efforts of this Act are to ensure that no small business (with fewer than 500 employees, unless covered by the SBA’s covered industry size) goes bankrupt amid the coronavirus pandemic. It also helps ensure that workers have a job to go back to once the pandemic is over. If passed, it would allow provisions for you to continue paying your employees even while revenue is low as a result of COVID-19.
One of the main aspects of the CARES Act bill is a loan provision to help small businesses during the coronavirus pandemic by allowing funds to pay for employee payroll support, employee salaries, mortgage payments, insurance premiums, and any other debt obligations. Bryant Consultants wants to share with you some information that you should work to gather so that you can be prepared to submit your request as soon as approvals go through, in case your small business could benefit from this financial assistance.
The small business loan may be calculated based on your average monthly payroll, plus certain employee benefits from the past 12 months. The total allowable amount for the loan could be as much as two and a half times the 12-month average. The loan could possibly come with forgiveness provisions so long as the funds are used strictly for expenses during a certain time frame.
Although the bill has not been passed, Bryant Consultants wants you to be ahead of the curve in case you believe that applying for this loan could benefit you and your business. By preparing ahead of time, the application process will run much more efficiently. Download our owner’s checklist to prepare for your financial relief.
If your dental practice or small business has been financially affected by the coronavirus pandemic, then the CARES Act may provide the help that you need to make it to the other side of COVID-19. Bryant Consultants is here to help you throughout this worldwide crisis. If you have any questions about the documents that we recommend you gather, please contact Bryant Consultants by calling (877) 768-4799 or directly connect with a consultant. We are here for you! To ensure that you receive the latest updates on the CARES Act, please follow us on Facebook and Instagram.
