Helping small business owners impacted by the spread of Coronavirus.
SBA Loan Support for Businesses
Tarlow’s Covid-19 Capital Assistance team is committed to serving small business owners who are being impacted by the public policy measures to contain the spread of the Coronavirus.
We have teams evaluating all of the programs available to provide relief and we are standing by to help you take advantage of these programs. Federal assistance programs include $399 billion in funding that has been set aside to aid small business owners. These funds are split between both the Economic Injury Disaster Loan (EIDL) and CARES Act also known as the *Payroll Protection Plan (PPP).
EIDL Loans include:
Ability to borrow up to $2 Million
Interest rates are 3.75% (or 2.75% for private, nonprofits)
Terms up to 30 years
You can use these funds for fixed debts, rent, payroll, and other working capital needs.
*PPP Loans include:
Ability to borrow up to $10 Million
Interest rates are 1%
Terms up to 2 years
Possible loan forgiveness
Our goal is to determine the optimal amount of money to borrow (and ultimately forgiven) from each of the programs available. Our approach is to first understand your business strategy, and your cashflow needs.
EIDL and PPP loan consulting and preparation includes:
Entity eligibility and qualification review of covered expenses
Consultation around acceptable uses of funds per government regulations
Assistance in loan application and required underwriting documentation preparation
Recommendations for tracking and reporting the use of proceeds
Summary of key calculations and information needed for your applications
Organization and underwriting documentation assistance
EIDL services include application submission including Part One of the application for initial relief up to $10,000, and submission of Part Two of the application based on final calculations.
The goal of our PPP service is to prepare you for submitting the PPP application. The actual PPP/bank application is a straightforward form that has to be filled out and submitted by the LENDEE per SBA and applicable bank lending regulations.
The loan process can be complicated, and we are here to help. Let Tarlow’s advisors help you prepare and submit your loan documentation right the first time. Get your money faster to get your business back on track.
Steps to Take:
The EIDL Loans will be Loans will be underwritten by the SBA and will not go through a bank underwriter as you would with a normal SBA Loan. They are estimating a 21-day processing and evaluation period, which could be longer based on demand. To get started, fill out the form to consult with a Tarlow Advisor.
The PPP program bill just recently passed, and banks are not quite ready to begin the underwriting process; however, at this point, we can discuss the program and begin gathering the necessary documentation.
Tarlow advisors will continue to perform research and create resources for companies that need help during the Coronavirus crisis. Once your complimentary consultation is complete, you may choose to have Tarlow advisors manage the entire process for you. Should you choose that option, we will provide a cost estimate.Alternately, after speaking with our team, you may choose to proceed with the SBA loan process yourself. If you choose this option, you are welcome to listen to Tarlow webinars and use our public resources at no cost.
Once you have completed the form, you will receive an email with next steps, including a link to schedule a call with a Tarlow advisor.
Tarlow & Co., CPA, PC | 7 Penn Plaza, Suite 210 | New York, New York 10001 | T: 212-697-8540 | F: 212-573-6805 | E: email@example.com