The question is will our banking system be ready?

THE BEST ADVISE I CAN GIVE ANY SMALL BUSINESS IS CALL YOUR BANK AND GET YOUR PPP APPLICATION IN ASAP!

The Paycheck Protection Program was enacted to bring fast and forgivable money to small businesses to encourage employee retention and/or employee rehiring when we come out of the current environmental restrictions.  

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The loans will be forgiven if used for payroll (anticipated at least 75% of loan value), rent and utilities.

• Multiple banks I have spoken with are unclear on the guidance of the SBA backed loan program created by the Treasury Department.

• The SBA is being instructed to defer all questions back to the lender.

• And Thursday night the Treasury Dept provided 31 pages of updated instructions based on feedback from the SBA and lending institutions.

Be patient...the banks are still getting information and it's being updated all the time.  

One SBA representative I spoke with Thursday fully expected the online system to be shut down repeatedly, so patience is a virtue and persistence will pay off!

On the personal side,

• The Treasury Department has said they will not be requiring seniors, low income earners, and the disabled to file a tax return to receive their stimulus checks. A change from Wednesday after much backlash from representatives.

• The IRS expects to open a website to update direct deposit information for receiving the stimulus checks.

• The first stimulus payments should be arriving in the next two weeks.

While we are experiencing things today most of us never planned for or expected would happen, we are able to go through this chapter in our lives and grow or diminish. THE CHOICE IS OURS. This life chapter will be filled with uncertainty, confusion and for some, utter dismay. We are all in this together, and we are being supported by our government trying to do what they believe is RIGHT FOR AMERICA AND THE WORLD. If we continue to believe we live in the greatest country in the world, AMERICA WILL PREVAIL. 

• We are now able to spend more time with our spouses, children and others in our household.

• We are using technologies that keep us connected even when we can't be in the same place. 

• We continue to invent and improvise to live our lives as closely to the lives we were so familiar with. 

On this journey, we are all in the same boat. Together, with each other's support and compassion, we will be better than ever before when we come out of this! I am a firm believer in the American way, and we are always capable of doing the impossible. 

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

Helpful Links:

• SBA EIDL Loan Application (easiest application yet)

• CARES Act Full Text

• Proposed NYS Legislation for Small Business (0% loans up to $75,000)

• NYS Unemployment Application

• Volunteer Opportunities (we can all do our part to help each other)

If you have any suggestions for additional content, let us know.  We are here to be a resource for our community and ensure appropriate information is available for all.  We are available anytime through phone, email or video.

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

Jonathan Schneider - Registered Representative.

Securities offered through Cantella & Co, Member SIPC/FINRA