BGMF CPAs is leading the way to help small businesses, however, we are really in a holding pattern right now until the new Stimulus Bill gets reviewed by SBA. Procedures will then be drafted and shared with the financial organizations. BGMF is currently drafting information based on the knowledge we have to keep you up to date. A substantial amount of information is being issued daily and we’re working diligently to understand the best course of action.
At this stage, it might be the latter part of this week or next week before we have clarity on how to proceed with applying for loans and other programs coming out to help businesses. In the meantime, we are working on internal processes to be ready. Rest assured, we will be on the forefront of getting this figured out and will communicate with everyone as soon as possible. Please check back often for updates.
We are happy to talk or lend an empathetic ear, so feel free to reach out. We don’t know much more than this right now. We recommend you to work with our team to gather and prepare your financial statements and other potential documents that will be required. An initial list of items that may be requested include:
- 2019 Financial Statements (Balance Sheet and Income Statement)
- 2020 First Quarter Financial Statements
- Payroll reports
- Personal Financial Statements
- Tax Returns – 2018, if 2019 not prepared
We have Cash Flow templates we could provide or assist with to help you through this difficult time. We are working daily to get tax returns prepared, financial statements issued and review all the guidance being issued.
The SBA website is also an excellent resource to check for updates and the IRS is putting out information daily. Our team is happy to assist as needed throughout this process.
All of us at BGMF CPAs thank you and want to ensure we work through this together.