Small businesses are the backbone of the U.S. economy. Many small business owners are experiencing extreme financial challenges as a result of the Coronavirus. The Coronavirus Aid, Relief, and Economic Security Act (CARES), signed into law on 3/27, provides aid to small businesses around the country.
For reference, we want to provide you some resources to help you navigate during this tough time. Please understand our team is not set up to provide information or process applications. We encourage you to be in contact with your CPA and/or legal counsel to determine the amount your company would apply for under the PPP loan program (should you choose to apply). In addition to payroll information, your company's financials should be ready for review. Additionally, we encourage each of you to contact your primary banker and advise them that your application is forthcoming as soon as the specific loan application guidelines are received. When seeking support for applying for this relief, your payroll and financial services providers should be great resources.
High Point Financial Design is here for you if you have any questions related to your retirement, personal financial plan, or if you need help with investment strategies to help navigate this challenging time.