Updates on Unemployment Benefits and The Economic Injury Disaster Loan

Unless you are on the far side of the moon, which seems impossible given the current travel restrictions, I’m sure that you have learned that the funding for the Payroll Protection Program ran out in about two or three working days. To date, I have learned of nine of our regular clients who have been approved and already received this portion of the stimulus package. Of course they were prepared, having all of their tax returns and current financial statements completed.
If you got your paperwork in, and have not been approved, then one of two things probably happened. Either you got in too late to be included in the first wave, or your lender didn’t give you a “Preferred Status”. This isn’t something that they are supposed to do, All of the loan applications were supposed to be processed in order, as they were received. But, if you were a lender, wouldn’t you make sure to get the money out to your own clients who have outstanding loans with you, to make sure that those loans wouldn’t go bad?
Of course you would.
Congress is supposedly still haggling over additional funding for the PPP Loan Program. I’m reading that they are considering an additional $350B to $400B in funding. While they screw around with the future of your business, in their usual traditions, I thought that I would update you on some additional ways to help during this most difficult time.
The Unemployment Expansion Benefits Program
– The additional $600 per week paid to individuals receiving regular Illinois Unemployment is in place and being paid. This is for benefits paid between March 29, 2020 and the week beginning July 25, 2020.
– The additional 13 weeks of unemployment benefits for individuals who have already exhausted their benefits is in place and being paid.
– The full 39 weeks of assistance is also in place from The CARES Act.
Illinois is encouraging people to file for benefits, even if they do not think that they are entitled.
To file for unemployment benefits please go to this web page
The Economic Injury Disaster Loan
– The EIDL can provide up to $2 Million in funding
– Actual Loan amounts are based upon the entity’s economic injury
– Interest rate is 3.75% for small business
– Loan Term is up to 30 years
– EIDL will provide loans for working capital to pay fixed debts, payroll, payroll taxes,and accounts payable
– The EIDL can be done in conjunction with either the PPP Loan or the Employee Retention Credit
In order to apply for this loan, please access this web page
Let me leave you with this one thought…
As difficult and depressing as this thing is, you need to keep the faith. This will end. Sooner or later, things will open up again.
You need to maintain your focus, in order to be able to make the decisions that are necessary for the continuation of your business. The hardest thing in all of this is not going nuts. Do whatever it takes to maintain your ability to lead. You can do it. Be the Entrepreneur that you were born to be.
We’re all going to get through this thing together.
Accounting Solutions Ltd. stands ready to complete its mission and purpose of protecting you, your family, and your business. If you need anything at all, or just need someone to talk to, we are ready. I’m here, and I remain,
Sincerely yours,
Chris Amundson
Accounting Solutions Ltd.
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