Amid the COVID-19 pandemic, we have already seen the significant financial impact on our clients and business community. The news is daunting, the situation is stressful, and there is incredible uncertainty surrounding how long and how deeply we’ll all be affected. Fortunately, RDG+Partners has experience in counseling businesses impacted financially by unexpected events such as these—and we’re here for you now.
In the days to come, we will establish a Resource Center that will be updated regularly to include the latest information regarding available government stimulus packages, rebates, tax refunds and credits, and various other information to benefit businesses and individuals during this time. We will update you as soon as the Resource Center is available. The IRS has also developed a special section focused on helping taxpayers, businesses, and others affected by COVID-19.
In the meantime, the following is a summary of information we have to date and how we can be of immediate assistance:
Businesses with cash needs will have access to low-cost disaster relief financing for working capital. Initial details of the Small Business Administration’s Coronavirus Disaster Relief Lending include:
- SBA funds will be available to small businesses and private, non-profit organizations
- Once declaration is made for designated areas, information on the application process will be available and stored in the RDG+Partners Resource Center
- Loans may be used to pay for fixed debts, payroll, accounts payable, and other bills
- Loan Interest rates ranging from 2.75% to 3.75%
- Loan terms up to a maximum of 30 years
If you have questions or need help leveraging any of these benefits, contact John Rizzo.
- Employees sent home or unable to work can receive up to 14 days of government-paid sick leave
- Tax refunds could be accelerated to help those in need
- Home mortgage refinancing – Mortgage rates continue to drop and now could be an ideal time to restructure your mortgage terms, lower payments, and take equity out of your home or business
For more information about the benefits available to individuals, contact Chris Gamble.
RDG+Partners has invested substantially in technology that enables our staff to remain productive while working remotely during situations such as this. Our network of IT providers can help you securely set up for remote work to keep your team working and business running. For more information, contact Dan Matteo.
Our Outsourced Accounting Services team is equipped to step in during times of transition to support clients,quickly and efficiently navigating their accounting needs. Should any of your accounting department functions be interrupted or require assistance during this challenging time, please contact Whitney Baniewicz to keep your operations on track.
We know all too well the work you have put into your businesses to grow and succeed, and the circumstances right now are unbelievably difficult—but we are all in this together. At RDG+Partners, we’re with you every step of the way. Please don’t hesitate to reach out for guidance.