COVID-19 Forgiveness Planning and Forecasting After Receipt of Relief Funds
We’ve helped companies request millions of dollars through the COVID-19 relief funds available to benefit crisis-affected businesses. But what happens after you get your funds? How do you ensure the promise you were given is fulfilled?
Companies with intentional forgiveness planning and COVID-19 forecasting solutions will emerge stronger, even amid the continued uncertainty of the future.
As we’ve worked with these business owners, they’ve had numerous questions, as we assume most companies that have participated in the PPP program have.
In this article, we will share the top questions from other business owners out of these “new normal” times. If you are asking yourself these same questions, we can help your business navigate and emerge stronger by utilizing our Forgiveness Planning and/or COVID-19 Forecasting Solutions.
If you already know you need help, click here to learn more and schedule your complimentary 30-minute consultation.
Frequently Asked CARES Act Relief Funding Questions
- Can I get the loan forgiven? Many business owners applied for financial relief but aren’t sure if they will have to repay the funds. They don’t have the time or expertise to research, discover, and implement the processes involved to ensure the loans are converted to grants, transferring them to a forgiven status.
- How much of the loan can I get forgiven? The federal government has placed specific guidelines around the use of relief funds. The COVID-19 team at Trusted CFO Solutions is prepared to assist you in determining the amount you can have forgiven based on your situation.
- Do I have the proper documentation to prove our eligibility? And, if I do, how do I deliver to the SBA and Lender? Do you know what documentation is required to prove you are eligible for forgiveness? This information is critical to help keep the standing of your relief funds forgiven.
- What do I do if the SBA and lender start asking questions I can’t answer? If you aren’t an accountant or specialist who is knowledgeable in the CARES Act plan, your business requires someone to help with the SBA and your lender’s questions.
- How do I examine cash flow issues and determine which expenses are best to eliminate? What do you do when you reach a negative profit status, your cash flow is zero, and/or you have no credit to support your company during the meantime?
- How long can our business survive if this crisis lasts for an extended time? How do I budget accordingly? This crisis could be ongoing. Knowing which expenses to cut and which to keep is a crucial part of your company’s survival.
- Who can I talk to to get my questions and concerns answered?
Let Trusted CFO Solutions Alleviate Your Anxiety!
We provide our Forgiveness Planning and COVID-19 Forecast Solution clients with a forgivable package for the lender and the SBA to review. Included in our Forgiveness Planning Solution, we also assist you in addressing your responses. We can help you with a Cash Management Plan and a Forecasting and Budgeting Plan so you can not only survive the COVID-19 crisis but also emerge stronger.
The team at Trusted CFO Solutions is here to help. While we offer two plans to help you navigate the processes and answers to all these questions, our COVID-19 Forecasting solution includes Three hours of 1-on-1 consulting with a member of our leadership team.Click Here to Schedule Your Free 30-Minute Call