A crush of loan applications could swamp the Trump administration’s effort to speed money to cash-strapped small businesses, complicating hopes of keeping tens of millions of Americans employed during the coronavirus shutdown, according to lenders and analysts.
One tax expert is available to help small business owners navigate the chaos.
Julio Gonzalez is the CEO of Engineered Tax Services and helped advise on the 2017 Tax Cuts and Jobs Act, working closely with the administration, Congress and Senate on tax reform. Julio primarily works with property investment firms and their CPAs to unlock several IRS-sanctioned tax benefits. Julio has advised huge names like IKEA, McDonald’s, Costco, Johnson & Johnson, and other Fortune 500 companies.
Julio’s Thoughts:
- Apply online immediately for the SBA 7A loan with the immediate $10,000 cash forgiveness advance. This is available online. First come, first serve
- Banks handle the SBA Paycheck Protection Loan. They are reported to be ready Friday for applications. Here are the MUSTS:
- SBA has provided online the Sample application. It is important to download it and get all the information requested together to move quick
- Find a Bank. Most banks will only take applications from current customers. Make sure your bank is participating
- Most banks are now allowing you to register online for scheduling your application filing. Get registered to secure your filing date!!!
- Most States have secondary loan/credit programs. Check with the State Chamber of Commerce for State programs
- Contact your bank to request loan payment grace periods. Most banks are happy to grant an extended grace period, as our all creditors if you request them.
- Help their clients with the above programs
- Get with their CPA to see how the new tax laws may give them the ability to go back and get refunds
- Check with their payroll company to start taking advantage of payroll tax deferrals and other tax credits established for this virus
- If they are a Minority Business, the Federal Government has additional incentives through the Minority Business Development Agency
- Owners exploring filing for Unemployment
