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Handyman Pro-Tip – Assistance for Small Businesses

Assistance for Small Businesses

In case you don’t know all the benefits available to you right now, this is a great explanation from our awesome Financial planner!

It comes with links!

Hope you’re doing well and surviving the quarantine and everything that is going on in the world. Crazy times. I have written out this longer explanation of what is going on below. The cliff notes version is the CARES act is a huge relief for business owners, and you can qualify for some huge forgiven loans: aka Grants.
Here is the link with all the info, apps, etc.
Please feel free to pass this info on to friends or family who are also business owners. You want to apply for this ASAP. Friday April 3rd is the first day you can officially apply.

More Details
You have probably been following the progress of the stimulus bill through negotiations all to the way to signing. Now that it’s been signed into law, small business owners have access to new resources to help them weather these extraordinary circumstances. There are a couple of provisions in particular that you may be able to take action on:

Families First Coronavirus Response Act (FFCRA)
The Families First Coronavirus Response Act requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for reasons related to COVID-19. The new provisions will apply starting April 1, 2020 through December 31, 2020. There is an exemption available for certain businesses with fewer than 50 employees. Additional clarifications are expected from the Department of Labor in the coming days.

Coronavirus Aid, Relief and Economic Security (CARES) Act
The CARES Act has many provisions that could affect your business. Here are 3 highlights that you can start with.
• Unemployment – The program provides funding for extended unemployment insurance and expands people’s access to file (for example, independent contractors and gig workers are now eligible). Workers can receive up to $600 per week in additional benefits for up to 4 months.
• Net Operating Losses – The 80% rule is lifted, and business owners can now carry the loss back 5 years. Talk to your tax accountant or financial planner to understand how this rule may apply to your situation.
• Paycheck Protection Program – The Paycheck Protection Program, or PP for short, is an important piece of the CARES Act for small business owners. It provides for the Small Business Administration (SBA) to make loans to eligible businesses. Any portion of the loan that’s used to cover payroll, rent, and utilities is eligible for loan forgiveness.
For the Paycheck Protection Program, business owners can apply for a loan at any bank that’s affiliated with the SBA. Lenders will be looking at the following:
• Whether the borrower was in operation before February 15, 2020
• A certification that the uncertainty of current economic conditions makes the loan request necessary
• A certification that the borrower will use the loan proceeds to maintain payroll or make mortgage, rent, or utility payments
Additional documentation of payroll costs and payments to independent contractors may be required; clarifications are expected in the coming days. Keep in mind that the lenders will likely not be looking at whether the borrowed sought and was unable to obtain credit elsewhere, or require a personal guarantee or collateral. All emergency loads will be guaranteed by the Federal government.
You may have already started taking the initiative, but we wanted to make sure we got this information out to you for you to consider. Please reach out to us if you have any questions. We will be happy to help anyway that we can.

Trevor Ellis | Financial Advisor

5255 Edgewood Dr Ste 350 Provo, UT 84604
Cell: 660.624.4785
Office: 801.805.2351

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM) (life and disability insurance, annuities and life insurance with long-term care benefits) and its subsidiaries. Trevor Ellis is an Insurance Agent of NM and Northwestern Long Term Care Insurance Company, Milwaukee, WI (long-term care insurance), a subsidiary of NM. Registered Representative of Northwestern Mutual Investment Services, LLC (securities), a subsidiary of NM, broker-dealer, registered investment adviser, and member FINRA and SIPC. Representative of Northwestern Mutual Wealth Management Company®, Milwaukee, WI (fiduciary and fee-based financial planning services), a subsidiary of NM and federal savings bank. There may be instances when this agent represents companies in addition to NM or its subsidiaries.

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