CARES Act Reminder

Starting tomorrow, APRIL 3, 2020 small businesses and sole proprietorships can apply for the assistance through the CARES Act to cover payroll and certain other expenses. [The date for independent contractors and self-employed is not until April 10].

You can apply through any approved SBA lender. A list of approved lenders can be found at: www.sba.gov

Apply early; it is anticipated that this will cause backlogs and overloads. In addition, there is a funding cap, so do not delay.

The following information will be necessary to apply, so gather before beginning:

3 years business tax returns
3 years personal tax returns
Interims (if 2019 is not done, a P&L and Balance Sheet for 2019)
Interims for this year Jan-Mar
Mortgage Statement or Lease Agreement
Utility Bills
Payroll Info:
- 1099 (if you have independent contractors)
- IRS Forms 940 & 941
- Payroll Summary
- For a business with employees receiving tips & they include those in their W-2’s, copies of those W-2’s.