All of us wake up today to face a new reality. While all scientific evidence indicates that isolation and “social distancing” are the best course to try and minimize the impact of the Covid-19 virus, it is also clear that economic fallout is inevitable. In an effort to mitigate the economic impact and support those among us who are hardest hit, government at all levels are mobilizing.
There is a website https://www.benefits.gov/, that serves as an online resource to provide information across multiple Federal agencies. This should likely be the first stop for any individual or small business for information on how to find assistance from the US government.
The US Small Business Administration also has established online access to their disaster loan assistance programs. This information can be found at https://disasterloan.sba.gov/ela/.
In addition to Federal resources, state and local governments are also providing information and links to emergency resources. It will likely be helpful to reach out to the economic development authority for your state, county or city to determine what additional relief that your business is qualified to receive.
We at Thompson Greenspon are doing our best in light of these unprecedented events to stay well informed on the Government response and stimulus efforts.
Eric Fletcher, CPA
Eric Fletcher is a principal with Thompson Greenspon and has more than 20 years of public accounting experience as a tax professional. Throughout his career, Eric has focused on working with closely-held businesses and their owners, especially family-run enterprises. He has served clients in the construction, real estate, and professional services industries in addition to working with many affluent individuals and family groups. His expertise includes all aspects of tax and business planning including mergers and acquisitions, private equity, succession and estate planning, capital budgeting and investment analysis, as well as IRS representation. Prior to joining the firm, Eric worked for several regional and large local accounting firms. He is a native of Alabama and began his career working in the Birmingham office of one of the South’s largest regional firms. Eric has authored many articles on tax and business planning for trade journals and business publications and is frequently called upon to present to professional groups and trade organizations.