If you need help applying for CARES Act relief BGS Bookkeeping is here to assist. You may have questions regarding the documentation necessary to support your loan package. If you don’t submit the proper information your loan could get delayed, or even worse…DENIED.
Business Growth Simplified Bookkeeping doesn’t want to see that happen to you. So, we’re here to help you every step of the way.
What You Need to Prepare You CARES Act Application
Submitting a SBA loan application is a standard process, but it does require a lot of information. Before you start make sure you’re ready by gathering the information required for each program.
- 2019 Payroll — including the last 12 months of payroll
- 2019 Employees — 1099’s for 2019 employees and independent contractors that would otherwise be an employee of your business. (Note: Do NOT include 1099’s for services)
- Healthcare costs — all health insurance premiums paid by the business owner under a group health plan.
- Retirement — your company retirement plan funding paid for by the company
- Personal Tax Returns from past 3 years
- Business Tax Returns for past 3 years or less if business open in past 3 years
- Financial reports (P&L and Balance Sheet) for 2019 and 2020 year to date
- Current cash flow statement, if you have one (BGS Bookkeeping can help you create one)
- Review your credit score
If you’re a “do it yourselfer” here are some SBA resources you can use to help.
- Paycheck Protection Program (PPP) SBA Requirements
- COVID-19 Economic Injury Disaster Loan Application
Don’t Have Everything You Need?
BGS Bookeeping can help if you don’t have this information readily available or your accounting is not up-to-date. Our accounting cleanup service is designed to get your bookkeeping caught up quickly and keep you current. Contact us to discuss how far behind you are with your accounting so we can give you a quote. Allow us to submit your relief package and we can provide even more discounted assistance.
Selecting the Right CARES Act Relief for You
There are a variety of financial relief options available to you. Our Corona Virus Crisis Financial Relief resource page provide lots of information regularly update.
Select the relief options which best suite your business and situation. Your best option may change based on your current and past financial situation, so make sure you think things through after reviewing all your financial data with a financial professional before you apply.
BGS Bookkeping is currently consulting with our clients and other small business owners who need assistance. We help you navigate the options to determine the best financial relief packages based on your situation. You can schedule a consult with our accounting director by selecting a time on the calendar below.