Coronavirus Aid Relief and Economic Security Act
Paycheck Protection Program
Economic Injury Disaster Loan (EIDL) Assistance
During these unprecedented conditions we’re experiencing together, Bui Tax & Acct LLC is committed to supporting you. If you are experiencing a financial hardship, please visit www.irs.gov/coronavirus where you can find useful information from the IRS.
The Coronavirus Aid Relief and Economic Security Act (CARES Act) was signed into law to provide financial support to businesses. Bui Tax & Acct LLC would like to share the following initial information regarding how the CARES Act may be able to support your business.
EIDL Loan Advance
This up to $10,000 loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. According to the SBA. this loan advance does not have to be repaid!
This program is for any small business with less than 500 employees (including sole proprietorship, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19. The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid.
Business owners with multiple businesses may apply for an EIDL Loan and Loan advance separately for each business as long as they meet the qualifications for eligibility above.
Paycheck Protection Program (PPP)
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
The CARES Act allocates nearly $350 billion for the SBA Paycheck Protection Program. This program is designed to help businesses meet their payroll and other financial needs by providing businesses with a loan of up to $10 million to be used for payroll, mortgage, rent, health benefits, and other expenses. Generally, businesses with fewer than 500 employees are eligible, and the program includes criteria for potential loan forgiveness of up to 100% of the loan. The SBA has also expanded a number of their existing programs, including the Economic Injury Disaster Loan program.
Bui Tax & Acct LLC can assist you in preparing and submitting the Paycheck Protection Program (PPP) Application the lending bank for a service fee depending on your loan request amount and documents necessary.
** Processing time from the time we take to the order and submit it to the bank until funding can take anywhere from 2-4 weeks This applies to any business owner who has employees of 500 or less and they are on payroll (includes IC and 1099’s).**
How to Apply?
Bui Taxology can assist you in preparing and submitting your EIDL and PPP application to the SBA on your behalf for a service fee (see here for estimated fees).
Processing time to submit an EIDL and PPP loan application form to the SBA will take be anywhere from 2-3 business days out of our office upon accurate and complete receipt of all information submitted online.
Please Note: You are NOT REQUIRED to hire Bui Taxology or ANY third party to obtain SBA financial aid or relief. You may go DIRECTLY to the Official SBA Government Website and file the application yourself through the SBA.gov website at: https://www.sba.gov/
Bui Tax & Acct LLC Service Fees:
EIDL Application for the $10,000 Loan Advance: $350
EIDL Application: Based on approved loan amounts
Paycheck Protection Program (PPP) Application: Based on approved loan amounts