The COVID-19 crisis and resulting state and federal guidance has paused in-person operations for hundreds of thousands of US businesses—literally overnight. Through the Small Business Administration (SBA), the Federal Government is offering financial assistance to businesses to meet their obligations during this economic crisis with SBA 7(a) Loan Program currently proposed to be amended under the Coronavirus Aid, Relief and Economic Security (CARES) Act, and the SBA 7(b) Economic Injury Disaster Loan (EIDL) program. In addition, many state and local governments are offering programs of their own.
The guidance on accessing these programs is complex and rapidly evolving, and maximizing the available relief involves a number of strategic decisions taking into account factors unique to your business and situation. Withum’s SBA Assistance services team is following developments in this area closely and has presented numerous seminars in the short time since these programs were announced. In these sessions, the team has received thousands of questions from businesses trying to understand their options.
In this one-hour session, we’ll help you navigate the maze of programs and understand the steps involved in moving forward. We will directly address some of the most common questions and concerns we have heard, and help you understand your options. Together we can all come through the current crisis in a position of strength.
After attending this session, you will be ready to:
Frank is a partner based in Withum’s New York office and has over 30 years of accounting and auditing experience. He is a licensed certified public accountant in the states of New York and New Jersey and specializes in accounting and auditing. Frank is a member of Withum’s Financial Services & Investment Group and has a great deal of experience working with investment companies (hedge funds, mutual funds and ETFs), broker-dealers, private equity and venture capital funds, registered investment advisors, real estate investment trusts and closely-held businesses. He also performs peer and quality reviews of CPA firms.