Has your business run into obstacles submitting Paycheck Protection Program (PPP) loan applications or getting funded? Have you optimized unemployment insurance premium rebates and other coronavirus-related relief sources?
As of this morning, with help from BeaconCFO Plus, the large majority of our clients have received PPP loan/grant funding they applied for, and several of our clients have received money from unemployment insurance premium rebates.
- Know the process, even as it is changing. From the start of CARES Act funding, BeaconCFO Plus’s team has followed the developing PPP and other Small Business Administration processes closely, even as they were changing from day-to-day. Tapping our contacts in banking, public accounting and law firms throughout the US, we made certain we had an authoritative understanding of latest developments, which avoided loan-application rejections that others have experienced.
- Know the clients. Because we know our clients’ financials, BeaconCFO Plus professionals are able to provide detailed financial data immediately. Equally important, we know the strategies and goals that our clients are pursuing, and how they have been affected by the coronavirus shutdown that we are all adapting to. This has allowed rapid response to maximize PPP and other funding.
- Know the banks. Theoretically, any participating bank can accept a company’s application for funding. But in practice, we are seeing that solid banking relationships matter in terms of CARES Act funding. Because we know our clients’ banks, BeaconCFO Plus professionals have been immediately answering questions from loan officers in a way that help move the approvals along, with the result that funding has been hitting our clients’ accounts with minimal delays.