Firm News

April 01, 2020

SBA Lending Guidance: A Seamless Experience for Lenders and Borrowers

The Paycheck Protection Program

On March 31, the U.S. Treasury and the SBA released more details and the final application for business owners interested in the Paycheck Protection Program→.

Final guidance for Borrowers:


Borrower Information PDF

Updated 4/2/20 

Final guidance for Lenders:


Lender Information PDF
 

 

Business Owners and Applicants — How We Can Help

For guidance throughout the application process and assistance in gathering the correct financial documents, partner with an Alloy Silverstein accountant and advisor. Since there is a funding cap to the various programs, we join the Treasury and SBA in advising businesses to apply as quickly and as accurately as possible.

New: See Paycheck Protection Program FAQs →

Small businesses and sole proprietorships can apply starting April 3, 2020. Independent contractors and self-employed individuals can apply starting April 10, 2020. Click here for the application→

Some of the information you will need to provide includes:

  • Last 12 months of payroll (salaries, wages, commissions, tips, PTO)
  • 2019 quarterly payroll tax reports and state & local tax reports
  • All health insurance costs
  • Company retirement plan records

We also can also help with the SBA Economic Injury Disaster Loan application→, NJEDA grants and loans→, and more relief options for your small business. Simply get in touch with us today to discuss your individual situation.
 

Lenders — How We Can Help

If your financial institution will be supporting the PPP and processing applications, know that we are here to help your borrowers navigate this process and gather the correct financial documents to have a complete and timely application.

 

Paycheck Protection Program vs. Economic Injury Loans [Infographic]

Wondering the difference between the CARES Act’s Paycheck Protection Program and the SBA’s Economic Injury Disaster Loan? See our comparison chart, which has been updated with the Treasury’s recently announced rates and terms.


PPP vs EIDL Comparison Chart

 

Contact Us

We understand these are very trying times for businesses and we’re here to help in any way possible. To help you maximize your funds, it is important to apply as soon as possible.

Please contact us at 856-667-4100, email solutions@alloysilverstein.com, or fill out the below contact form to get started.
 

Relief Loan & Grant Assistance with a Trusted CPA

Request a Call with an Advisor

COVID-19 Resource Center from Alloy Silverstein CPA Firm Accountants and Advisors NJ
 

Alloy Silverstein is a regional accounting and advisory firm providing quality tax, accounting, auditing, financial, and outsourcing solutions to the individuals and businesses of the South Jersey community since 1959. With over 50 professionals in Cherry Hill and Hammonton, NJ, Alloy Silverstein’s team of CPAs, business advisors, and payroll specialists work together to help small and medium sized businesses achieve their personal and professional goals. A 2019 and 2020 Best of Accounting™ Award Winner for client service excellence, the firm was also recognized by Forbes as a 2020 Best Accounting and Tax Firm. Learn more at AlloySilverstein.com.