As many people struggle to stay afloat while they have been waiting for their work to start up again due to COVID-19 changes, there have been many uncertainties across the board. Some people have had trouble receiving their stimulus checks while others seem to receive them without any trouble. Many small businesses have been hit hard by the pandemic and are eligible to receive aid in the form of loans or debt forgiveness, but where do they need to begin and how do owners know which options are the best for their particular situation? A business consultant can help to navigate these unsure times.
If individuals have recently changed their mailing address, they could be experiencing problems with receiving relief since the new information fails to match information that the IRS has on file. There are a number of factors that can cause the system to trip up and fail to deliver much-needed relief, and having your current and recent tax information on hand can be a big help in speeding up the process. Talk with your CPA about why you might be stalled in the system.
For a small business, there have been a handful of programs set up by the government to provide loans and debt forgiveness through the CARES act. Many businesses are able to take advantage of the Paycheck Payment Protection program, allowing them to retain their employees and keep the workplace running. There are also different loans specific to the COVID-19 response as well as the Debt Relief program in which the Small Business Administration covers 6 months of principal, interest, and any associated fees on specific loans. With the variety of options to sort through and the ever-changing environment of the economy, it’s best to talk with a consultant sooner rather than later and find out which options your business is eligible for and which will best suit your needs.
Geyer & Associates has been working to help businesses and individuals in the City of Fort Collins for decades and continues to play an active role in the community through these changing times. We are currently available for phone consultations only so call us today to find out how we can help you succeed!