The Small Business Owner’s Guide to the CARES Act

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain nonprofits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.

To keep up to date on when these programs become available, please stay in contact with your local Small Business Administration (SBA) District Office, which you can locate HERE

This guide should prove helpful to many of you. Click HERE to check it out.

US Chamber Guide for Small Businesses

The Coronavirus pandemic is affecting small businesses in a variety of ways. From loss of business to remote work, things are changing fast during the COVID-19 outbreak and businesses are being forced to adapt. CO— is working to bring you the best resources and information to help you navigate this challenging time. Below are a few links to helpful articles that the US Chamber of Commerce has shared. To visit the US Chamber, Small Business Guide website directly, please click HERE

A breakdown of all the federal programs and aid for small business Coronavirus assistance can be seen HERE

The Coronavirus Aid, Relief, and Economic Security Act sets aside $350 billion for small business loans to provide economic relief in 2020. Here’s how to get one of these loans.

New legislation in the wake of the Coronavirus pandemic provides funding for the SBA to provide low-interest disaster assistance loans to struggling small businesses. Click HERE for more info.

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill ever, includes provisions to help small businesses. HERE are the highlights.

If your business is struggling in the wake of COVID-19, these steps will help guide you through the application process for a low-interest small business loan. Take a look

HERE are the top CDC-recommended tips that small business owners can take to mitigate risk, protect employees and support customers during the COVID-19 pandemic.

Important Information for Healthcare Providers

In order to increase cash flow to providers of services and suppliers impacted by the 2019 Novel
Coronavirus (COVID-19) pandemic, the Centers for Medicare & Medicaid Services (CMS) has
expanded our current Accelerated and Advance Payment Program to a broader group of Medicare
Part A providers and Part B suppliers. The expansion of this program is only for the duration of the
public health emergency. Details on the eligibility, and the request process are outlined below. The
information below reflects the passage of the CARES Act (P.L. 116-136). Read more…

Important SBA Information for Business Owners

Message from Mike Rogers, SVP – Regional Sales Manager for Meadows Bank:

“Right now there are primarily two options available to you to combat the business downturn caused by the Covid-19 pandemic.  First off you can go directly to and apply for an SBA Disaster Loan. These loans do not involve a bank and are on very favorable terms, better than what any bank could provide.

Secondly, the President, at the end of last week signed into law the “Care Act”.  In addition to proving payment relief on existing SBA Loans, you can also apply for a loan that will cover 2.5 times one month’s payroll.  If these funds are used to keep employees potentially 100% of the loan can be forgiven.  Since this was just signed into law banks don’t yet know what the SBA will require to be included in an application nor do we know what loan documents the SBA will require to close one of these loans.  I can take an educated guess, so if you could provide me with the following I think that would be a good start:

  • Are you an existing loan or deposit customer with Meadows Bank?
  • 2019 Business Tax Return, if not yet available 12/31/19 Balance Sheet and Income Statement
  • Last 4 quarters of payroll tax info (Form 941?)
  • Is there some sort of payroll report you could run for the year end 2019 and Interim Period that shows payroll and benefits by employee.
  • Verification of number of employees (full time equivalent for each of the last 12 months)

Sorry I can’t be more specific, hope to get additional clarification from the SBA very soon.”

Please use the link below to securely upload documents, the Bank’s Internet Security Protocols prevent me from accessing most file sharing services.

Click here to upload files.

SBA – Disaster Loan Assistance


SBA is collecting the requested information in order to make a loan under SBA’s Economic Injury Disaster Loan Program to the qualified entities listed in this application that are impacted by the Coronavirus (COVID-19). The information will be used in determining whether the applicant is eligible for an economic injury loan. If you do not submit all the information requested, your loan cannot be fully processed.

The Applicant understands that the SBA is relying upon the self-certifications contained in this application to verify that the Applicant is an eligible entity to receive the advance, and that the Applicant is providing this self-certification under penalty of perjury pursuant to 28 U.S.C. 1746 for verification purposes.

The estimated time for completing this entire application is two hours and ten minutes, although you may not need to complete all parts. You are not required to respond to this collection of information unless it displays a currently valid OMB approval number.

Please click HERE to start the process.

Relief Act Signed

So today, President Trump signed into law the relief act.

As mentioned prior, all clients are strongly encouraged to apply online directly with the SBA. This is a direct government loan which is intended to keep you all in business!!!  These loans will be at a low interest rate, long amortization periods, and absent personal guarantees. The loan proceeds may include payroll reimbursement, as well as certain overhead expenses as well.  The application form is a relatively short document with basic information to be provided by you. Please do what you can, and as soon as possible, and let us know what help you will need to complete this process.


Your banker will likely be contacting you to process loans under the Bill signed today.  Under these loans—it is likely that they will in the end be a GRANT. Initially, you will be able to secure payroll funding for 2.5 months of average payroll. The intent is to retain employees, and if you do so, the amounts will likely serve to be a GRANT should you retain employees.

All those of you who have government guaranteed loans– be it SBA 504 or 7A—the government will make your next six payments for you. For a 504 loan this would be the junior CDC portion.


Business Owner Payrolls

In these trying times, we are determined to keep you apprised of happenings and suggestions on the fly.

If you the owner are currently on a recurring payroll, it might be a good idea to remove yourself from payroll until we get a better feel about repercussions of this virus. Even if you have processed a payroll for yourself–consider voiding it out. This can save or defer valuable payroll tax expenses.  Also, recall you can still take distributions as needed to assist your home cash flow.

We are waiting to see details from Congress.

Important Business Info for 2020 due to COVID-19

As you are aware, we are experiencing trying times. We want to reach out to you to let you know what we are doing for you, as well as what might be available out there to assist your business today and tomorrow. The future items will become clear once our vaunted elected officials stop class warfare and get to work.

As you are probably aware, the IRS has extended tax filing dates for individuals to July 15—an additional 90 days.  Further, for those with balance dues, payment due dates are extended as well without incurring interest and/or penalties. We will focus on those with tax refunds as our first priority.

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