As a private practice therapist or treatment center, you qualify for emergency funding from the Federal Stimulus Package. In this webinar, Integrative Life Center CEO Ryan Chapman and CPA Richard Tomichek share their experience in taking advantage of this emergency funding for small business and tips for how you can too. Click here for additional questions and answers.
Key takeaways from this webinar:
1. Go to SBA.gov and start your application NOW
We don’t know where things will be two months, or even two weeks from now. It will be worth it to prepare and secure some economic cushion.
2. Talk to your bank
Talking to your bank should be your first course of action. If your business bank says they cannot accept your PPP application, try your personal bank. Look for any banking relationships you may have. Offer to set up your secondary business account with a new bank if they’ll accept you as a new customer and allow you to apply for your emergency funding. Get creative and don’t give up.
3. Start collecting necessary documents
The guidance isn’t out there yet for people who haven’t done their 2019 taxes but it’s a good idea to start pulling the same documents you would as if you were about to file. Payroll reports, utility bills, leases, receipts, etc.
4. Hire a CPA
It may be frustrating to hear that you need to bring in additional help but the guidance a qualified CPA can offer you will be more than worth the expense, especially if it means more money in your pocket in the end.
5. Decide if 2.5x your monthly payroll is worth it for you?
Yes, there is a lot of work involved in getting your application in and securing the emergency stimulus funding for yourself. But you must decide if the end goal is worth it. More than likely, it is. Keep educating yourself and asking questions.