As the Accountability Plus team prepares for the week ahead, we’d like to share the following information.
Last week, the application process for the SBA loan programs seemed very disorganized. Bankers and lenders were focused on getting the application process up and working, while trying to understand all the offerings available. Clients were urgently rushing to apply. It was a huge effort by all to get it organized in a very short period of time. As we support clients through this process, there is a lack of consistency and many banks are asking for different documents.
This week, we expect the document request list will become more standardized, which helps us prepare supporting document for applications.
We strongly ask and recommend the following of you:
- Please do not panic thought out this process. Bankers are assisting with applications, but they do not know your individual tax situation, which is why you must speak with your CPA to get the best information possible. All applications will be submitted, and it is better to slow down and prepare, rather than rush through and have to amend with further documentation. We are all learning the process and working through this together. This week we expect that more information and instructions will be released to assist the filing process.
- Because of complexity between the programs, your CPA should be helping you decide which relief funds are best for your specific financial situation. There are advantages and disadvantages to each program, as well as potential consequences of applying for the wrong relief funding. Your CPA can help you take a big picture approach to all the options.
- Accurate recordkeeping and future reporting will be the key to satisfy the requirements of these various programs. This will be critical to prove utilization of the loans and eligibility for conversion to grants. Please let us know when you get requests for documentation and reports. We want to streamline the process and help you navigate these requests with efficiency and accuracy. We’re here to support you!
Your Team at Accountability Plus