Jonathan Schneider, Schneider Financial GroupBy Jonathan Schneider
Schneider Financial Group

This round of funding includes an additional $310 billion into the already exhausted PPP loan program. An additional $60 billion is added to the SBA EIDL loan program that saw its funding exhausted in a short time.

With this additional funding it is so important for our small business owners to be in touch with their banks and business professionals to make sure that if they haven’t applied yet, they apply for the loan or loans that best fit their individual situations. But there isn’t much time since these funds are expected to be exhausted in a few days. The number of applications that were in the pipeline previous to the funds being exhausted could account for a good portion of this additional funding.
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Further concerns are mounting in regard to the eight week payback period and when that will begin. With many businesses set to receive the PPP funds in the coming days, they need to be able to account for at least 75% of their loan amount to go towards payroll. With so many retail, gym and restaurant businesses’ doors closed, for the time being, it might not look like a good proposition to take the funds if the state has said you can’t even think about opening your doors for three weeks and we have no guidance on how long this may be in effect for or what phased re-openings will look like.

The EIDL has changed its funding availability from $2,000,000 loan limit down to $15,000 above the amount you get advanced. The advance is also $1,000 per employee capped at $10,000 for the advanced amount.

On the individual side, initial unemployment claims continue to flow with this week’s initial unemployment claims report showing an additional 4.4 million people claimed benefits last week, bringing the total to over 26.5 million new jobless claims since March 14.

States are still working on catching up to the demand of the newly filed claims, so some people may experience delays in processing their claim.

IRS has started COVID stimulus payments. The payments are being disbursed over the next few weeks. You can use this link to check your status:
https://www.irs.gov/coronavirus/get-my-payment

This is another new website and it has experienced issues. Individuals have reported needing to look up their information over days before the site showed them a status.

This new way of life continues to be trying on so many while we continue to adjust to this new, temporary normal. We should be cautious to try and rush to get back to the way things were previously. Our eagerness to be productive members of our society is inspiring, but we must remain socially conscious about our interactions and distancing so we can keep the effects of this virus to the minimum possible. The effects this virus environment has had on our economy and our societal psyche is immeasurable at the present time. The true litmus test will be the remainder of 2020 and how we as a society return to “life as normal” whatever that life may look like.

For now, we should all do our part to concentrate on our cores. Our family, friends, and communities. There is a great need for support that many in these groups could use right now. We can help each other and be our brother’s keepers in many ways; through helping our local food drives, by being there for each other in times of need and supporting others spiritually as well. During these times, my family and I try concentrating on all the good in our lives now over the other parts.

On this journey, we are all in the same boat. Scratch that…we are all in our own boats on the same turbulent sea. Together, with each other’s support and understanding, we will come out of this! I am a firm believer in our resiliency and our compassion in its entirety. Most importantly, we the people of these United States are capable of doing things no one sees possible.

Our economy will recover, we will heal and we will get through this together!

We are proud to continue to be a resource for our community and ensure appropriate information is available for all. We are available anytime through phone, email or video to help.

Stay safe and healthy,

Jonathan Schneider
Schneider Financial Group, Ltd.
824 Route 6, Suite 4 – P.O. Box 628
Mahopac, NY 10541-0628
845 628-5400 – 845 628-5460 FAX
email: jon@sfgtaxes.com
www.sfgtaxes.com

“Business Talkback”

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As part of our ongoing communication and education efforts, we are spotlighting local Putnam businesses that have innovated and pivoted their day-to-day operations to sustain their business through the COVID economic crisis. During times like this, we need to lean on one another and learn from the wisdom and experience of our colleagues who are making lemonade out of lemons.
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