“Not because they are easy, but because they are hard.” Some of you will recognize this quotation from President Kennedy’s 1962 speech that challenged America to go to the Moon by the end of the decade – after the U.S. was in space only 22 minutes! Many laughed and said it couldn’t be done that quickly. Today our planet is faced with a different type of challenge – COVID-19. Yes, it’s hard with one of the worst pandemics in human history. How we respond as nation’s, business owners, and as individuals will determine if this turns into a worldwide depression or a recession.
On March 18th, 2020 Governor Brian Kemp signed an Emergency Declaration for the state of Georgia due to COVID-19. What this means for small business owners and non-profits impacted by COVID-19 is immediate access to disaster loans up to $2M and up to 30 years to repay. Interest rates for non-profits is 2.75% and 3.75% for all others. No interest or principal is due for the first year. Repayment terms will be made on a case by case basis.
Here is what you will need to apply for the “Economic Injury” loan:
- Tax return transcripts for the past two years
- Complete set of financial statements for both business and personal
- Profit & Loss statements for 2019 and Y-T-D 2020.
- Reason for Applying – Economic Injury, and how you and your business is suffering
- You may apply online at disasterloan.sba.gov.
You should also know that most banks have now offered deferment and forbearance to business loan customers having trouble making payments. Your Landlord would be another person to contact as soon as possible to explain your situation. Keep in mind that no one wants to lose a great tenant! It is always a good idea for you to keep your banker in the loop as to what is going on with your business. He/she has tools and remedies available to help clients through this public and financial crisis.
Killingsworth Spencer in Roswell can help get your books and records up to date and we can help with the preparation of your financial statements. Right now, the LAST thing the government, the Banks, our communities want is to see an otherwise healthy business fail due to something completely beyond anyone’s control.
Please comply with what our government officials are asking us to do to keep ourselves and others safe. Killingsworth Spencer is here to help you in any way we can to get your business back on track again.