To our dear clients:
We assure you that our work has not stopped.
When we are beyond the current situation of mandated social distancing, we want to have provided you with uninterrupted financial services.
As COVID-19 relief programs and compliance orders are being finalized and mandated by all levels of government, we are researching how these changes will affect our clients’ businesses. We are looking for opportunities and resources available to help our clients fill the gaps caused by this pandemic.
At the time that certain resources become available, it will be important for you to have updated, current financials to use to apply for assistance. Therefore, it is vital for us to maintain our services.
Right now, we urge you to communicate with us.
If you are making changes to your business, such as closing temporarily, reducing operating hours, or instructing your employees not to come to work, please keep us informed.
We are prepared to help you navigate these changes and we can provide recommendations for you and your employees.
If you have reduced your employees’ hours or closed temporarily, please inform your employees that they are eligible to make an unemployment claim.
It is very important that you instruct your employees that are filing unemployment claims to answer “Yes” to the question “Are you filing for Unemployment Insurance benefits for reasons related to COVID-19?”
This will not negatively affect your employer ratings with the Louisiana Workforce Commission.
You and your employees can find information and resources at www.laworks.net.
According to the IRS, no sign-up is needed for stimulus payment checks.
They will use the information from your most recent tax return, either 2018 or 2019, to either direct deposit or mail a stimulus payment to you.
If you have not filed a 2018 tax return, they urge you to act.
There is more information from the IRS here.
SBA Disaster Assistance Loans – The application process for these loans has been streamlined since the approval of the COVID-19 Stimulus Package.
Economic Injury Disaster Loans and Loan Advance
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid. There is a place on the application where you will indicate – Yes, I want the $10,000.00 loan advance.
We have already started running Profit and Loss Reports for our clients for the time frame listed on the initial stage of the SBA Disaster Loan application (02/01/2019 to 01/31/2020). These reports will be put in your ShareFile in the Disaster Loan Application Folder.
To apply for a COVID-19 Economic Injury Disaster Loan, click here.
Finally, please remember that we are a part of your business financial team and we want the best for you, always. Please contact us if you have questions or concerns, we are here to support you and help you make decisions. Thanks for your patience and understanding while we all try to adjust and get through this temporary situation, day by day.
Warmest Regards,
Vicki & the Bottom Line Accounting Pros Team