We want to keep our clients updated on the latest business related COVID news as well as what all of us at BudgetEase are up to.
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Welcome to our 4th weekly communication to share what BudgetEase is seeing and helping each other with during this challenging time. Informative prior Weekly Updates can be foundhere.
The biggest challenges in the past week have been:
SBA applications should open again soon. Two of our clients were unable to submit their PPP applications before SBA closed. One worked for a week to submit his application to PNC, but kept getting error messages, and PNC was unresponsive. The other had been waiting for two weeks to get his payroll information from his payroll provider. Both missed the deadline by a couple of hours. Indications are that programs will open up again soon.
Wait patiently for the second round of funding from the SBA if you haven't applied yet. The good news is that money from the first round of SBA programs is starting to flow.
Take this time to work on your business instead of in it. Consider tweaking your marketing strategy, clean-up your financials, learn about new applications, or automate processes.
Since you are probably driving less, consider reducing your ecological footprint even more by signing up for Rust Belt Riders to recycle your food waste. If you are a small business, you could provide this service as an Employee Benefit, as BudgetEase is looking to do. It comes with three big perks: It's a great benefit for your team, it reduces the impact on the environment and it supports a great small business in our area.
If cash is tight, here is what you can do:
In light of depleted funds for PPP and EIDL loans, some small businesses can apply for anSBA Express Bridge Loan.These loans are designed for businesses that have a relationship with an SBA Express Lender. Bridge Loans are up to $25,000, with a fast turnaround, and may be paid in full or in part by an EIDL loan, should you receive one. Bridge Loan information can be foundhere. Apply through anSBA Express Lenderor check with your bank.
Cuyahoga County has established aSmall Business Stabilization Fund to help small businesses in the county. Business owners can apply for a grant, up to $5,000, or a loan, up to $50,000. To be eligible for a grant, a small business must have 20 or fewer employees. Loans are available for businesses with 21 to 500 employees. Applications will be accepted through April 24, 2020.
What our nonprofit clients are doing:
Breathing a sigh of relief: The May 15th Form 990 tax filing deadline got extended to July 15th, 2020. The extension originally only applied to tax returns due April 15.
What BudgetEase is doing:
Helping over a dozen clients secure PPP funding and helping those who have funding keep track of how the funds are used.
Mailing care packages to the team to help them get through the stay-at-home order (see picture below).
Playing HouseParty with a great nephew, children, and sister.
Being grateful for more family time together, despite the stay-at-home order.
Next up, watching Despicable Me with Netflix Party. We will let you know how it goes!