We are still getting questions about what is still available, so here’s an update on the major programs.
PPP Loan Program
The portal is officially closed. The PPP Loan Program has officially ended. Nothing, nada, zilch is available.
EIDL Grants
Still available. The grant has been increased up to $15,000 if you qualify. The problem is that you can’t just apply for this one. You need to be invited by the SBA, who is only inviting regular EIDL borrowers.
EIDL Loans
Still available. The increased loan of up to $500,000 is still rolling. Please remember that this is a regular loan at 3.75% amortized over 30 years. It cannot be forgiven and must be repaid under the established terms.
Restaurant Revitalization Fund
It was closed to new applicants last Monday. Sorry. I told all of you to get your applications in early. This is handled on a first come – first served basis.
Shuttered Venue Operator’s Grant
Still open and issuing grants per the program guidelines. This is slowly being opened based upon the losses incurred during the pandemic. Get your application in as early a possible.
Employee Retention Credit
Still going strong with no end in sight. Many entrepreneurs that I speak to seem to think that this is some sort of fantasy. It isn’t. One of my larger employers received a check yesterday morning for $314K.
For all four quarters of 2021, they will send you a refund check for up to 70% of your payroll. If you are spending $100,00 per month on payroll you can get a check every quarter for $210,000 with no strings attached.
That’s right. You can do anything you want with this money. The PPP Loan money had to be spent in a particular way to get it forgiven. The EIDL Loan money has all sorts of stipulations. This works like a regular overpayment on your 941. They can’t put you in jail if you buy a Porsche with it.
If you haven’t signed up for my ERC program yet, please do so today. I only have so much capacity to get these done correctly. Please go to the ERC page on my website and click the sign up now button. That will take you to a Docusign document. Please fill that out and send it to me today. You’ll be glad you did.
Let me leave you with this.
Our city and state have announced that they are releasing all of the C-19 restrictions on June 11th. Congratulations. Everything goes back to normal.
But what is that new normal?
I went to the hardware store to get a piece of glass cut without a mask because I’ve been fully vaccinated for the past month and a half. Three seventy-year-old cashiers almost took my head off screaming for me to put on a mask. I’ve had similar instances at many other establishments.
When does it end? I’ve become rather tired of having cashiers and receptionists tell me what I can and can’t do.
Is this the new normal?
Meanwhile, half of our population seems unwilling to get vaccinated. This tells me that this insanity will continue for the foreseeable future.
If your people haven’t been vaccinated, do whatever you need to for them to get their shots. Beg, plead, incentivize them if necessary. The longer this goes on, the worse it is for everyone.
As long as the numbers continue to be reported there will still be a portion of the population that’s afraid to leave their homes, go to restaurants, movie theaters, whatever. There could be a lingering effect on the economy.
Let’s get everyone vaccinated today.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
www.AccountingSolutionsLtd.com
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