Payment Protection Program Update

Good Afternoon: Please be aware that the Paycheck Protection Program (PPP) has a total of $349 billion available to fund all loans across the U.S., and banks are anticipating a high demand for these funds. Since there is an overall limitation of the total loans available under the PPP, we recommend that you notify your banker right away that you intend to submit an application and inquire about the documentation requirements. While the Small Business Administration is still finalizing documentation requirements for lenders, we recommend that you be ready to provide the following information: Payroll reports for 2019 and 2020 ...

SBA Disaster Loan Comparison

Good afternoon, We hope you, your families, and your co-workers are staying safe. Please click here for a comparison of loan opportunities under the SBA Economic Injury Disaster Loan (EIDL) process and the CARES Act Paycheck Protection Program (PPP). The EIDL application process continues to be available online. The PPP loans will be coordinated by banks which have been approved as SBA lenders. We understand these banks are awaiting guidance from the SBA, so the application process is still being developed. We expect that most businesses with payroll and self-employed individuals will want to apply for the PPP loans, as these loans are generally ...

RTBH COVID-19: CARES Act Updates

CARES Act: The Coronavirus Aid, Relief, and Economic Security Act - Update President Trump this afternoon signed the CARES Act, a $2 trillion aid package for Americans in response to the Coronavirus crisis facing our nation. Below is an outline of a few CARES Act specifics that we feel you should be aware of: Individual Tax Relief\ Based on your 2019 tax return, or your 2018 tax return if 2019 has not already been filed, the IRS will issue payments in the amount of $1,200 for single filers or $2,400 for married filing jointly, plus $500 for each child under the age ...

Alabama tax-filing DEADLINE extended to July 15

As expected, Governor Ivey and the Alabama Department of Revenue announced that the Alabama state income tax filing due date is extended from April 15, 2020, to July 15, 2020, in accordance with the recently extended federal deadline. Taxpayers can also defer state income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations, and other non-corporate tax filers, and includes the Business Privilege Tax. We pledge to keep you informed as additional information becomes available. Should you have ...

Small Business Administration – Update For Clients

Small Business Administration offers simplified processing for loans up to $500,000 to cover six months of lost gross profits. As we all know, the COVID-19 pandemic is a crisis of unprecedented proportion and we feel the assistance by the federal government will be just as unprecedented. To help assist through this crisis, we are available. As of now, the small business administration is offering a simplified processing for loans up to $500,000 to cover six months of lost gross profit margin. The loan will be a 30-year term at a fixed rate of 3.75%. There will be an 11 month ...