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First, you should call me immediately, if you want accurate information related to any of the Coronavirus related stimulus and business loans and grant programs.
Second, the blame for this delay, seems to be the product of bi-partisan wrangling in Washington. So please direct your ire at your elected officials in Congress. Tell them your businesses will not survive without these loans.
No CPA has worked on more of these loan applications for the paycheck protection and SBA economic injury disaster loan programs.
So what is the true status?
No one is being shut out from these programs. These programs are NOT discontinued. There is just a delay in getting more funding.
So, if you have an application that’s in already or you were told that a bank is not taking applications, I don’t want you to be filled with anxiety and feel that your opportunity has passed for these funds, because it has not.
These programs are brand new and from my perspective the government has done a great job rolling them out as soon as possible. It’s amazing that these billions of dollars have been available in just a few short weeks.
You will hear in the news that only large corporations are getting these loans and that is completely untrue. I specialize in small to medium-sized businesses and I’ve had great success so far.
Remember, that the banks have needed to roll out an application process and an intake system. All banks are different and are doing their best to be able to process these loans.
A quick fact – in 14 days the SBA has received the same number of applications that they process in 14 years! So of course there should be some delays and a glitch here or there. Patience and optimism is what the news media should be espousing just as I am.
So don’t despair! This is only temporary. As soon as the additional billions of dollars are appropriated, then these applications will be processed and approved very quickly just as the successful applications I have processed have already been.
I have clients who had applications in on the first day that they were taking them, and they are not approved yet. I’ve also had clients that applied a few days ago, when they said the money had run out already, and they were approved and have their money deposited in their bank account.
So there is no conspiracy, and there is no a select group of larger corporations who have taken the lion’s share of this money.
Please remember this is a very dynamic situation. They have on boarded thousands of banking and other lending institutions in a few short weeks. It is truly unprecedented. Of course there are bugs and glitches that need to be worked out over the coming weeks.
I understand, better than most, how you feel as a business owner at this time. It must be completely overwhelming. But have faith and have your information ready for the moment, that is coming soon, when they are taking applications again.
Again, no one has worked on more of these loan applications than my team, and I have dealt with at least 100 banks and credit unions around the country, and I have not experienced anything but great customer service and an interest in helping, even my smallest clients, to get their money.
I am also in constant contact with people I have known for decades at the SBA, and their attitude is exactly the same related to small businesses.
So please take my word for it, as I am working on this since the inception, at a very high level, that this delay in funding is only temporary, and the news outlets saying otherwise are not reporting the truth. And again, all the money has NOT gone to big corporations.
One important thing to also remember, is that these applications, the PPP and the SBA EIDL, are very scant. So even if you do get to the point where a lender is reviewing your application, there are underwriting procedures to go through and additional backup information and support they’re going to request from you.
So in the meantime, while you’re waiting for the money to be appropriated, make sure you are building a folder, preferably an electronic folder, with PDF files, of this supporting documentation, so you can be ready to get it to them immediately upon the lending institution requesting them from you.
Questions? Concerns? Call me on (732) 673-0510.
Click here to request a consultation or ask me a question.
Please reach out to me without hesitation with any tax, business or accounting question, and to schedule a consultation.
Tax Laws are complex.
It is very easy to make mistakes that can incur penalties.
Do you have a Tax, Accounting or Business Question?
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Remember,
“If We Aren’t Working For You, Then You Aren’t Working At Your Best”
Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
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