Don’t Go It Alone. We’re Offering Loan Assistance – and a Whole Lot More – to Keep you Afloat
Charge. It’s a financial term, sure, but in this case, it’s the directive I have given our LifeLine Crew in terms of reaching out to our clients during these challenging economic times, telling them, “Proceed full steam ahead in assisting our clients as they work to keep their heads above water.”
These times are unprecedented, and to keep businesses afloat, we know we need to assist them in securing funding. While the government is attempting to simplify applying for COVID-19 Disaster Assistance, filling out the application for loans can still be daunting, as I learned when I recently applied for a SBA loan myself. That’s why I and members of my LifeLine Crew have been calling our clients and offering to assist them with the application process and any other accounting and bookkeeping needs they may have to put them in the best position possible to seek assistance. Applying for loans that are available is a step not only for our clients, but also a step all eligible businesses should consider, due to things such as low interest rates and deferred payments as well as many other benefits.
As businesses struggle, time is of the essence in obtaining economic disaster resources. That’s why LifeLine contacted clients immediately to assist them with their applications when it became clear that funding was going to be distributed first-come, first-served. Of those who worked with LifeLine to get their applications filed for the original Paycheck Protection Program (PPP), 75% received funding. Once the first round of funding was gone, we immediately thought about what we could do to help the other 25% that did not obtain funding the first time around. We proactively reached out to local banks with whom we have a relationship and asked if they would work with us and consider accepting applications ahead of time so when the next round of funding became available, the applications were already in the system and could be submitted at “the push of a button,” greatly increasing clients’ chances of receiving funding. The banks agreed.
Key to the loan application effort is organizing your information beforehand as it will save you not only headaches, but also hours of precious time in applying for loans, and allow for you to get the resources you need as simply and quickly as possible. It’s important to note that the process changes day-to-day, and sometimes minute-to-minute, so always read the instructions carefully. Also, despite being in today’s digital world, it’s important to print a hard copy of your application before submitting it, even if you save it to your system. Having that hard copy is an additional backup, as you certainly do not want to start from the beginning should something get lost!
Finally, it’s important to realize that additional information may be requested once you have completed applications and you will be required to respond quickly, further stressing the need to have organized and accurate material completed and easily accessible. It truly can mean the difference between whether or not you receive financial assistance during these severely challenging economic times. The current advice is to apply for all forms of assistance for which you are eligible. You always have the option not to utilize any loans granted, but at least you have done the legwork and are in a position to make that decision.
Seeking additional COVID-19 information for businesses? SBA.gov is an important resource and helpful information can also be found at nheconomy.com. We can help as well, whether it be with organizing your financial information and helping you apply for loans or by offering QuickBooks management and reporting, accounts payable and receivable, profit and loss statement assistance or overall cash management. With us at the helm of your financial services, you can focus on navigating the remaining challenges facing your business during this extremely difficult time.