PPP Loan Extension signed into law

On July 4th, our President signed a bill extending the initial PPP Loan Application Period to August 8, 2020.
This bill is intended to give business owners the additional time necessary to apply for and receive the almost $130B in PPP Loan money that is still available. We are still receiving questions in reference to this, so let me cover a couple.
Where do I apply for this loan?
This program is administered through the normal system of SBA 7a Lenders. Most of the local banks are offering these loans.
My local bank is no longer offering this program. What can I do?
Please realize that banks are in the business of making money, just like the rest of us. If you were a lender, would you be in a big hurry to lend out a bunch of money at 1% interest, where most of it would just be forgiven anyway? Of course not.
Please go to this SBA web page and find another lender that will help you.
If you don’t have all of the documents that you need in order to apply for this loan, please contact our offices today. We would love to help you.
Federal Government releases list of PPP Loan Recipients
Today, the Treasury Department and the Small Business Administration released a list of the companies that received more than $150K from the Payroll Protection Program. The disclosure came amid many demands from Congress for more transparency in the program.
The loan recipients on the list comprise over three quarters of the total money lent. But they also only comprise fifteen percent of the total number of recipients. Most of the businesses receiving these loans were under the 150K mark, so the rest of us were not included on the list.
Let me leave you with this one thought…
Phase Four of our reopening plan is in full swing as Chicago Mayor Lightfoot imposed a ban on travelers from fifteen different states. Beginning this morning, if you were traveling here from a hot spot, you were required to quarantine for fourteen days.
Let’s also take into consideration the fact that although Chicago’s beaches remain closed, our lakefront was full this July 4th weekend.
The hypocrisy in this thing never ceases to amaze.
But let’s also realize that this probably isn’t going to change any time soon. There is no end in sight to the quarantine, the 25% occupancy restrictions, or the mask requirements, which are supposed to stay in place until there is a viable vaccine.
Only whatever God you pray to has any idea when that will occur, if it ever does.
What I am trying to suggest is that you settle in for the long haul. It seems as though many of you are managing your businesses from a position of fear, and that’s no way to operate. Many have not reopened given the restrictions. Many are afraid to make the changes necessary to accommodate these restrictions. Others are still afraid that the government might return to Phase Three.
Change is never easy. Change is hard.
These restrictions might be in place for the foreseeable future, and you can’t remain closed forever. If you need to change your pricing, get to it. If you need to alter your offerings, get to it.
Whatever you need to do to survive, get it done. But do so knowing that we are here to help on every or any step of the way.
Accounting Solutions Ltd. stands ready to complete its mission and purpose of protecting you, your family, and your business. If there is anything that you need, whether you are a current client or not, please contact us today. I’m here and I remain,
Sincerely yours,
Chris Amundson
Accounting Solutions Ltd.
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