Stern Business Management

NYS Comptroller has allocated state pension funds to provide additional monies for the PPP loan program for NYS small businesses. If you've had issues with your bank or other lenders, and don't know the status of your application, this may be another viable avenue to pursue - https://pursuitlending.com/ppp/

Tonight we received additional clarification from the AICPA regarding the details of the Paycheck Protection Program. We've shared the documents via Google Drive (no sign-in required): Borrower Fact Sheet: https://drive.google.com//1Y49Y5NEaFtPZKxmnoDlEsikfL/view Loan Application: https://drive.google.com//1wTswqNZeFkGhnnXGkllrmytaF/view... Please feel free to download and share. Our assumption is that your bank will have their own, hopefully fully electronic, version of the application for you to take advantage of. The program will begin this Friday, April 3, 2020, which should give ample time to start gathering the necessary information for the application. We're happy to help wherever we can, so please let us know if you need any assistance.

We're still waiting for more clarification on the Paycheck Protection Program being guaranteed by the SBA as part of the federal CARES Act. What we do know is that the first step is to contact your business banking relationship to find out what they need to start an application. The details of what expenses will be used as part of the calculation of the loan are still unclear as it applies to the business owner, compensation of LLC/LLP members, as well as Schedule C filers.... As we gather more information and dig into the details we will provide further clarification. In the meantime, if you have any information you can provide regarding the process of applying for the loan, please pass it along.

US Chamber of Commerce has provided information regarding the Coronavirus Emergency Loans for small businesses. If your business qualifies and would benefit from this program, please contact your banking relationship in order to find out when they will have their systems ready and what information they will need you to gather in order to prepare for the application.

This is taking people's tax returns to the next level right now....join me in some anti-quarantine goodness!