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Q&A : CPA Discusses CARES Act Stimulus Available to Small Businesses

 

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On Friday President Trump signed the $2 Trillion CARES Act.

Within this Act was massive support for all employees, large businesses, self-employed contractors…and Small Businesses.

The vast majority of American employment comes from Small Businesses, and the vast majority of our customers are Small Businesses (500 employees or less), so this CARES Act is a real boost for the Industrial Painting Industry!

In this video, Brad Gooden holds a Q&A session with Doug Houser, Principal at REA & Associates, and the Director of their Construction Services division.

We have asked him questions from the perspective of a small business owner and we trust this may help answer some unanswered questions that you may have.

Included above is a link to an excellent excel tool for you to calculate how much money you could receive from the Federal Government. Thank you to REA & Associates for providing this.

We trust you found this helpful and encourage you to take action to obtain the benefits in this act.

Disclaimer: BlastOne is not a financial advisory firm, so please seek further advice from your own accountants. REA & Associates is a great resource - you can contact them on their website https://www.reacpa.com.

Stay Healthy, Stay Safe.

The BlastOne Team



QUESTIONS ANSWERED IN THIS Q&A:

1. Do you think this CARES act will help me as a small business owner with few employees?  (Time: 1:02)

2. Can you give me a quick overview of what the Act can do for me? (Time: 2:02)

3. What do you recommend I do first?  (Time: 4:13)

4. Does PPP accrue interest?  (Time: 5:17)

5. How do I apply of EIDL (Economic Injury Disaster Loan)?  (Time: 6:58)
     - https://covid19relief.sba.gov -

6. How does the $10,000 grant work?  (Time: 8:00)

7. What if I'm a very small business - perhaps sole proprietor?  (Time: 8:54)

8. If I file for an EIDL does that stop me from also applying for a PPP?  (Time: 10:05)

9. How do I calculate the amount I can get? (Time: 10:29)

10. How do I calculate the amount I get forgiven?  (Time: 11:30)

11. How are the loans intended to help me?  (Time: 12:34)

12. How do I apply?  (Time: 14:45)

13. Can I use my normal bank?  (Time: 17:14)

14. How soon could I expect to receive the money?  (Time: 17:37)

15. What are the other SBA Loans?  (Time: 18:48)

16. What collateral do I need for them?  (Time: 21:23)

 


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