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The U.S. Small Business Administration (SBA) has worked to provide Economic Injury Disaster Loan assistance to eligible organizations to help ease the effects of the SARS-CoV-2 virus and the incidence of COVID-19 (COVID-19) on small businesses, nonprofits and other entities. These organizations are experiencing unexpected decreases in cash flow due to the “shelter-in-place” orders enacted by many municipalities. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and SBA intend to provide loans with decreased interest rates and forgiveness plans to assist organizations as they continue operating during this challenging time. Join us for the third installment of our COVID-19 Response Series, where host Damien Martin talks with guests Jim Ashley, Corey Stone and Greg Knight to review these complicated but crucial changes under the CARES Act. Here’s what’s covered:
- The SBA Economic Injury Disaster Loan (EIDL) before CARES @01:45
- Get some trusted education on the programs @08:59
- Paycheck Protection Program (PPP) under the CARES Act @11:42
- Common questions on the PPP loan program @17:10
- The analysis to be done here @23:26
- Business responses to the SBA loan programs so far @28:19
- The need for real-time decisions @32:46
- The specifics of the PPP loan forgiveness @34:05
- Get ready and prepare for the next eight weeks @36:55
- Making cuts and difficult decisions @38:58
- How your data can help right now @41:24
- Practical considerations for making the most informed decision @43:58
- A lot of times the data is already there @47:42
- Closing thoughts
- Greg Knight @50:37
- Corey Stone @53:18
- Jim Ashley @ 54:48
BIO FOR GUESTS
Jim Ashley is the national leader of BKD’s accounting outsourcing services growth initiative, which harnesses technology to provide clients with cloud accounting support services and fully outsourced accounting operations. He also provides outsourced accounting staffing, controllership and strategic financial advisory services. Jim is a member of BKD National Manufacturing & Distribution Group and a Private Client Services advisor. He provides accounting, tax planning and consulting services for individuals and closely-held businesses and serves as the chair of BKD’s accounting outsourcing services regional committee. In addition, he is a frequent speaker on Affordable Care Act (ACA) compliance and provides ACA-related consulting services for businesses.
Connect with Jim on LinkedIn
Corey Stone is a member of BKD National Manufacturing & Distribution Group and BKD’s construction and real estate and retail and business services teams. He also provides tax planning and consulting services to individuals and closely-held businesses to assist in developing and implementing tax savings strategies.
Connect with Corey on LinkedIn
Greg Knight is a member of the BKDnext® consulting group and has more than 14 years of audit and business advisory service experience. He can leverage enterprise data to model the economics of an organization, and his data analytics models have provided insights into the cost drivers and underlying economics of clients in business transactions and value enhancement initiatives. Greg has previous experience assisting private equity and strategic buyers with financial due diligence and other strategic business services associated with mergers and acquisitions. He’s served midsize manufacturing and distribution companies with revenues between $10 million and $100 million.
Connect with Greg on LinkedIn
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