I represent tax payers in the greater St. Louis area, the State of Missouri and nationwide who have IRS and state tax issues.When it comes to getting financial help from the goverement one this is for certain. Constant change.
On June 30 the Payroll Protection Program was to end. It seems that the confusion regarding what you can use the money for and what you can't played a big factor in the 2nd round of financing not being nearly as successful as the first round.
Complaints about big business and professional sports teams getting the money and smaller businesses being left out created a lot of resentment. Prime example is the Los Angeles Lakers banking $4.6 million dollars and they are one of the most successful franchises in all of sports. Due to the public outcry they decided to pay the loan back in short order.
Just in the last couple of days President Trump signed in to law an extension of the PPP loan to August 8 for small businesses to have another opportunity to get needed funds to help sustain there business. The recent outbreak of Pandemic cases is causing businesses to examine the need for money as the scope of the financial damage has created the need for long term support.
The SBA injury loan program was also shut down and it has returned in great force. In the begining it was thought that the initial loan/ grant program would advance. That was a misconception. You only get $1000.00 per employee up to $10000.00. What began as a very slow process in getting money into peoples hands has changed drmatically. The SBA has put the dialing machines to work and now many people are getting bombarded with calls encourging particpation into the program.direct and quite different than the PPP loans. To be considered standard underwriting is done with hard pulls for credit scores. Personal guarantees are required and collateral is required at $25000.00 and up. Maximum loan amount is $150.000.00. There are a number of restrictions invovled as to what the money can be used for. I will go into greater detail in another blog.
Business might be great right now but I would encourage everyone to at least take a look at this programs for future needs.
If you or someone else you know might be considering getting help feel free to reach out to me @infosteveshapiroea.com or call me at 636-397-2759 or text me @ 636-866-4554. I would be happy to help out.
Arch Tax Resolution
620 S. Benton
St. Charles, MO 63301
(P) 636-397-2759 (F) 636-397-6312
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