COVID19 Financing Checklist

COVID-19 FINANCIAL STIMULUS APPLICATION STRATEGIES

IS YOUR BANK ANSWERING THE PHONE? (PPP)

DID YOU REQUEST YOUR $10,000? (EIDL)

A. Hardesty Tips

1. PPP

  •  File with your Bank – Request the link/forms and upload with your bank
  • Loan Amount = Average monthly payroll/benefits x 2.5 (excludes 1099s and annual salaries in excess of $100,000/year)
  • Loans up to $10M, 1%, 2 year but forgiven with authorized uses – primarily payroll/benefits
  • Hardesty Tip – If company can maintain payroll, much if not all of the loan will be forgiven

        2. EIDL (economic COVID-19 disaster loan)

  • File with SBA – https://covid19relief.sba.gov/#/
  • Hardesty Tip – File IMMEDIATELY, it’s easy and you get a $10,000 advance (that you don’t repay) and get in the queue for a SBA loan officer; up to $2 million available
  • Larger loans require underwriting and collateral, if available, above $25,000, personal guarantees are required above $200,000
  • Loans up to $2M, 3.75%,10 year


        3. Act FAST – first come, first served

B. PPP loan: What if your bank does not respond?

1. Some banks will only talk to you if you are a customer

2. Some banks will only talk to you if you have a loan

3. Many banks are not established SBA participants

4. Some banks are no longer accepting applications


Hardesty can help steer you to banks and other SBA  participating groups that will process your application.

C. Hardesty Support

Hardesty Fractional CFO‘s deliver value when you need it

  • Position Company – During period of challenge
  • Analyze your options
  • Navigate through the loan process
  • Help the company emerge from this distressed market