Patience is not my greatest virtue. However, patience is required during these trying times!

A prime example of much-needed patience is what I have been dealing with this week. Since the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act was enacted last Friday afternoon, March 27, 2020, there has been a flurry of new information for small business owners like you and me to digest.

On Monday, March 30th at 10 A.M. CDT, I attended a conference call/presentation by Small Business Administration (SBA) San Antonio district office. The meeting was flubbed from the start because they did not have any information for us related to the CARES Act. One attendee said in the chat “This is a waste of time.” which wasn’t too far from the truth since they were having technical difficulties and were unable to present as they had intended.

However, I did learn a little tidbit about the Economic Injury Disaster Loan (EIDL) forgivable loan advance (grant) application process and then promptly applied for a DMR Accounting & Consulting EIDL loan in order to learn about the process so I am able to share my experiences with you.

Important note: at Monday’s meeting the SBA rep said that anyone who had started or completed an SBA disaster relief loan application during the prior week would need to start over and re-submit a new application this week. The rep said it was because they had problems with their legacy system crashing that they now have a new website.

Fast forward to today, Thursday, April 2, 2020, which is 3 days after I completed the “new” EIDL application and when the “up to $10K forgivable loan (i.e. grant)” should have been deposited into my business bank account. And no, I haven’t heard anything back from the SBA…no email, no deposit, no phone call, no nothing, nada.

At another presentation by the SBA San Antonio office yesterday, the representative said to call the SBA disaster customer service center number (1-800-659-2955) if we haven’t heard anything yet.

So, I dutifully called them around 8:30 this morning where I was put on hold and number 368 in the queue. Since I am determined to learn as much about this SBA loan process as possible, I sat on hold for 29 minutes before a really sweet lady named Pamela answered. After I gave her my application identification number, she said “All of the applications received by the SBA before Tuesday, March 31st had been “discontinued” so my confirmation code was not valid and the application needed to be completed and submitted again.”

I asked Pamela “why did this happen?” and she said that she was sorry and offered some kind words about how she thought my business was important to the world. It was very nice to hear even though I know it was a script that she was trained to say to everyone. I felt sorry for her since I heard her voice waiver like she was choking back tears, so I told her “thank you” and hung up with her. I then completed the EIDL application process for a second time.

On today’s EIDL application, some of the wording had changed since the application I filled out on Monday, but the majority of the questions were the same. These are examples of the some of the info it required:

• business name, address, EIN number and start date of business
• ownership info including % of ownership, SSN(s) and home address(es)
• # of employees
• Annual revenue last 12 months – Feb 2019-Jan 2020
• Cost of Goods Sold last 12 months – Feb 2019-Jan 2020
• Bank account info = account # and routing number

Fingers crossed that in 3 business days, I will hear something from them and won’t have to fill out the form for the third time…I’ll keep you posted.

With all this said, I recommend that ALL small business owners apply for this EIDL loan and in the process be sure to check the box on the application regarding consideration of the “up to $10K forgivable loan advance (grant)”. Also, be sure to use either Microsoft Explorer or Microsoft Edge when you apply as these work best with the SBA’s system.

It is a simple process and doesn’t require you to go to your bank, plus, according to the SBA representative yesterday, you can apply for both this disaster relief as well as the other Paycheck Protection Program (PPP) loan and other SBA loans as well.

There are 3 flavors of SBA COVID-19 disaster relief loans as follows:

1. Economic Injury Disaster Loan and loan advance (EIDL-discussed above) https://covid19relief.sba.gov/#/

2. Paycheck Protection Program (PPP) – Applications for this loan will open tomorrow, Friday, April 3rd for businesses with 1-500 employees and Friday, April 10th for self-employed and independent contractors.

· 75% of these loan proceeds must be used for payroll for 8 weeks in order to be forgivable.

· If companies have already laid-off employees and if the employees are restored in full by June 30th they may be eligible for the forgivable portion of this loan…the details are still fuzzy but more info will be coming soon.

3. SBA Express Bridge Loans 

The first loan option is what I completed which requires the completion of a short application on the SBA website. The EIDL application is similar to (albeit a little longer) a credit card application.

Again, you can apply for multiple SBA assistance loan programs. The only caveat, if you choose to do so, is that you cannot use funds from multiple sources to pay for the same expenses (i.e. you cannot double-dip and pay for April’s rent or mortgage payment with the SBA loan money from both the EIDL and PPP funds. Instead, you could pay April’s office costs with EIDL funds and once those dollars are exhausted then future costs can be paid by the PPP funds).

When applying for one or both of the second two assistance loans (#2 and #3 above), you must go through an SBA approved lender.

There is also a fourth SBA Debt Reduction program for those who already have or will receive an SBA 7(a) loan prior to September 27, 2020, as well.

A summary of all four of these resources can be found here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

From what I understand so far (keep in mind this is an extremely dynamic situation that has been changing daily as new guidance is being released), the SBA is trying to get as many banks as possible on the PPP lending program hopefully by the end of this week or next. Accordingly, if your bank is not currently approved by the SBA, please check back later to see if it is added to the approved list and/or contact your bank directly to ask them if they have plans to work with the SBA sometime soon.

Also, per another SBA class I took last week, the SBA approved banks are requiring that you have an existing relationship in order to apply for an SBA loan. Therefore, an SBA approved bank may not be able to offer SBA coronavirus relief loans to new banking customers.

Since this is such a fluid situation and likely we will not have all the guidance for another week or two, please hang in there and be patient! We are all in this together and the more we are kind to each other and ourselves, the easier it will be on all of us collectively.

Please let us know if you would like assistance with navigating the loan application maze or any other accounting and bookkeeping needs. We are here for you!

Big virtual xoxo’s to you and your loved ones,

Deidra Ryan and the entire DMR Accounting & Consulting team

P.S. Public Service Announcement: Please stay home if you can and keep washing your hands!

We are sending our love and prayers to all the grocery workers, truck drivers, farmers and health care workers who are keeping us well fed and healthy while being on the front lines of this unfortunate disease. We are also doing our part – all of us, here at DMR, are working remotely with each other and all our clients.

Finally, to all of you parents, may God bless you during these unprecedented times. Our prayers of understanding (Kyle and I have a 5th grader and a 1st grader, so we truly feel your pain!) and peace are going out to each of you for your strength and courage on the homeschooling front. It certainly isn’t for the faint of heart!

Take care, everyone!

We are living in unprecedented times. As a result, I want to keep you apprised of the small business financial and tax resources that are available as we all navigate this new territory together.

First, the good news! Treasury Secretary Steven Mnuchin announced this morning that tax returns normally due on April 15 will not be due until July 15 this year. Note: the news came in a tweet, and the IRS has not yet issued official guidance on the move. This announcement gives us a little more breathing room both in preparing and filing returns as well as not accruing penalties and interest if you owe taxes normally due April 15th.

Second, over the last several days, I have attended three separate training classes to learn more about the Families First Coronavirus Response Act that was signed into law Wednesday evening. This law affects small businesses with 1 to 499 employees (i.e. less than 500 employees). The federal government will reimburse employers 100% for paying their employees for both paid sick leave and family/medical leave time off from work. Because the law is so new, there are many questions to be answered regarding specific implementation details which will go into effect between now and April 2nd.

Next, for those of you who are considering applying for an SBA disaster loan per the link I sent you on Wednesday, you may want to hold off until next week. There is a third bill called the CARES Act that was introduced by Senate Republicans yesterday that may offer business interruption loans. Senate Majority Leader, Mitch McConnell is likely going to consider it on Monday. 

Finally, here is a list of resources I recommend:

• Download the slides and watch the video related to details around the new paid sick leave law and the new emergency paid family and medical leave act (FMLA) law. It also includes some brief info about the potential CARES Act legislation.
• Internal Revenue Service Coronavirus Tax Relief  
  – Notice2020-17, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic
  – Notice 2020-15, High deductible health plans and expenses related to COVID-19
• National Institutes of Health 
• Centers for Disease Control
• Equal Employment Opportunity Commission 
  – Americans with Disabilities Act implications (medical examinations and disability-related inquiries)
• U.S. Department of Labor COVID-19 or Other Public Health Emergencies
  – FLSA Q&A
  – FMLA Q&A
• Occupational Safety and Health Administration
  – Standards and directive applicable to apply to worker exposure to novel coronavirus, COVID-19.
  – Guidance on Workplace Preparedness
  – Preventing Worked Exposure to Coronavirus (COVID-19)
• Major employment law firms are providing guidance online, including
  – Fisher Phillips
  – Littler Mendelson 
  – Jackson Lewis
  – If you have additional questions, please reach-out to the NFIB Small Business Legal Center at 800-NFIB-NOW (1-800-634-2669)

As these resources for small businesses are changing by the minute, we will keep you posted as news develops. Please do not hesitate to reach out if you have any questions. We are all in this together!

DMR Accounting & Consulting is fortunate to be able to carry on our daily operations remotely and we are here to support you and your business.

My heart goes out to the thousands who are suffering from coronavirus and as well as the communities and businesses facing economic hardship as a result of this pandemic.

I wanted to offer this EFT tapping resource from one of our beloved clients, Sonya Sophia. She is currently offering her World Tapping Circle membership to help all of us deal with the emotional challenges facing our world right now.

Check out Sonya’s tapping session titled “From Pandemic to Peace” located in the member section.  And, feel free to share this resource with your loved ones as well.

Regarding financial assistance, please let us know if you would like our help with applying for an SBA loan.  Congress has approved “Federal Disaster Loan designed for Businesses, Private Nonprofits, Homeowners, and Renters”.

Loans up to $2 million will be offered and can be used to pay fixed debts, payroll, accounts payable, or other bills that can’t be paid due to the disaster’s impact.  Interest rates for the loans are 3.75% without credit available elsewhere, and 2.75% for nonprofits.

Finally, according to a USA Today article:

“The IRS will postpone the April 15 tax deadline by 90 days for millions of individuals who owe $1 million or less and corporations that owe $10 million or less. To be sure, Americans still have to meet the April 15 deadline if they are expecting a refund or are requesting a six-month extension, but they can defer payment for up to 90 days beyond that.”

May you be safe and healthy. Please let us know how we may assist you further.

This time of year and into January is a very busy season for most of us both professionally and personally. To prepare for the coming weeks, I’d like to offer a few suggestions for you to maintain balance during a time that can feel overwhelming.

The foundation for true success in business is self-care and the support system you create for yourself. Where is your business if you are not in good health? It is imperative that you to take care of yourself in order to keep revenues flowing and clients / customers happy.

As I look back, one of the first ways I began to incorporate self-care was to get a housekeeper. Returning to a clean home after a long day at work meant I could spend time with my family or working on my own business. It was a small, but consistent, way to give myself some space and time for relaxation and reflection. I would have otherwise spent this valuable time and energy cleaning rather than working on what is most important to me.

Physical Support

What is one small way that you can give yourself more support? The idea of a housekeeper may seem high-end, but perhaps it’s possible through a trade-off. What if your daily Starbuck’s treat could be pared down to once a week? That opens up $20 a week for you to put towards something that offers more lasting effects.

When I first started my business, I did most everything on my own. I was still employed at another firm for the first year while my venture began. After many years of building my own practice, I got to a place where I could begin outsourcing. One thing I sorely needed was an update to my home office. (My home office allows me to better balance my family and work roles.) This is where I spend a good portion of my day and where clients come for in-person meetings, so it is about both self-care and having a professional setting in which to work.

Instead of trying a makeshift solution by asking an employee to help me improve and organize, I invested in a professional decorator and a professional organizer. Both professionals helped me sort through the clutter that had built up, and together we created a beautiful space I can be proud of and gives both me and my clients a relaxing, peaceful setting to make work enjoyable.

There are many other ways for you to create a personal and professional support system – these often complement each other. It could be a book club, a professional group or creative circle such as Carolyn Scarborough. It could mean investing in a marketing professional or creative coach.

Mental and Emotional Support

Are you surrounding yourself with positive people and energy? It makes a huge difference in your overall outlook. I remember sharing with someone that I joined a belly-dancing class, and they commented that I must be doing it to lose weight. While I was hurt that the first thing they considered was weight loss, I responded with the truth. I chose this class because it was relaxing, different, and a whole lot of FUN! I joined it so I could feel better and try something new.

Make a mental note of the naysayers around you. Be aware of underhanded compliments. The highly critical person may think they sound really smart, but they are really lacking in emotional intelligence. They are draining you of good positive energy. I challenge you to consider moving away from those with energy draining ways.

Also, be aware of negative self-talk. It is sometimes more detrimental because it comes from within.

Surround yourself with positivity, and find places where you can spread a positive outlook with others as well.

A few questions to ask: Are you offering those around you thoughtful, constructive commentary? Are you the positive energy that draws people in and supports them and gets this support yourself? Perhaps you are the one who needs to adjust your language to be more uplifting and solution-oriented? As Mahatma Gandhi famously said, “You must be the change you want to see in the world.”

Accordingly, you are what you attract…here is a clever 7 step illustrated process of How to Use the Law of Attraction to gain more positive energy into your life.

Create Support Systems for Yourself

Remember that YOU are the center of your business, and not the product or service provided. What is good for you is ultimately good for your company growth and development. Creating a support system for yourself is ultimately good for the success of your company.

Your support system is based on your needs – from your physical space or physical body to your emotional balance and spirituality. Reflect on what you may need to keep joy and balance in your life, because it is what will keep the business running.

I’m a huge proponent of self-care, and I have worked hard to incorporate these concepts into my work and life. This concept of creating a self-care system was first introduced to me by life balance coach and speaker, Renee Trudeau. I’ve attended her retreats, and the ideas really resonated with me. Renee shares her self-care practices on her website and through events. In a post from earlier this year, she talked about the 5 Self-Care Practices for Uncertain Times.

Spread the Holiday Cheer with Self-Care

As we head into the holidays, consider if you are surrounding yourself with positive energy and positive people. We live in a society that rarely stops to reflect and demands instant feedback or response. From a professional standpoint, that can create stress and anxiety and ultimately detract from your greater purpose. Caring for yourself is truly the first choice in caring for your business and your clients.

Happy Holidays. Wishing you much peace, love and prosperity now and in the new year!