Your application may require calculations (such as reductions in revenues) that you may not be comfortable calculating yourself.To apply for a PPP loan or EIDL, you should have completed your tax returns.There are several reasons why accounting professionals can be crucial to helping you get a Covid-relief loan or grant: Find your local SBA resource partners here. As an added bonus, they may be able to direct you to state or local grants and assistance programs. Individuals involved with these organizations have worked tirelessly over the past year to help small business owners take advantage of federal relief programs. Veterans Business Outreach Centers (VBOCs).Small Business Development Centers (SBDCs).Taxpayer dollars help fund valuable programs that may be useful as you try to navigate the economic crisis. PPP Forgiveness Questions?If you have questions or need help with PPP forgiveness, call the SBA’s PPP customer service team at (877) 552-2692, Monday – Friday, 8 a.m. These offices can be a helpful source of information and assistance if you have PPP and EIDL questions. The SBA has offices across the country, and many have been holding events to answer small business owner questions about Covid loans and other relief programs. Email questions about EIDL: email questions about the Targeted EIDL Advance: Your Local SBA Office.If you applied for an EIDL or the Targeted EIDL Advance, questions should be directed to the Small Business Administration (SBA) since they makes these loans and grants. (They are dealing with changing guidelines, too.) Your lender will ultimately be responsible for shepherding your application through the process. Try to be patient and respond to requests for more information-even if it seems redundant. Of course, most lenders are dealing with massive loan volume and some are more responsive to borrower questions than others. If you have submitted your PPP loan application, specific questions about your application should be directed to your lender. If you’re looking for answers to your EIDL and PPP questions, here are five places to get help: 1. For that question, we encouraged our reader to explore some of the options below.) Since there was no payroll for January-March 2020, but I am using my 2019 numbers to apply, will this zero return disqualify me for the 2nd PPP round? My gross sales were down the required 25%.” I was in business for all of 2020, but did not take a paycheck for Q1 2020, so I reported a zero on Form 941. I am trying to apply for the 2nd PPP loan, but the bank is asking for Q1 2020 Form 941 to show number of employees and to see if I was in business. “I am a 100% owner of an S Corporation and I take a paycheck. Others can be more complicated, such as this one we recently received on our blog: You will only get an invitation if you applied for an EIDL grant in 2020. “How can I apply for the Targeted EIDL grant?”Īnswer: You must wait for the SBA to email you to apply. “Can I get a PPP loan if I am an independent contractor?”Īnswer: Yes, based on income reported on your Schedule C tax form. Some of these questions are easy to answer, for example: But with hundreds of pages of ever-evolving guidance about these loans and grants, it’s no surprise that many business owners find themselves confused and unsure where to turn for help with their PPP and EIDL questions.Īt Nav, we’ve written extensively about both the Paycheck Protection Program and EIDL, and as a result, we’ve responded to hundreds of questions about these programs. Covid relief loans, such as the Economic Injury Disaster Loans (EIDL) and Paycheck Protection Plan (PPP) loans, have provided millions of businesses with critical funding.
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