The Economic Injury Disaster grant is now available, and, in most cases, we recommend that qualified businesses apply for this grant.  The process is very easy and straightforward and normally takes less than 30 minutes, but you should be prepared before you apply.   Here is some quick information that might be useful

SBA ECONOMIC INJURY DISASTER (EIDL) ADVANCE GRANT

In response to the Coronavirus (COVID-19) pandemic, small business owners are now eligible for an SBA Economic Injury Disaster advance grant (EIDL) of up to $10,000.   This grant is available provided you use the proceeds on approved business expenses within the 8 weeks from receipt and it is not taxable to you. To apply for this grant please go to disasterloan.sba.gov and click on the link to apply for this loan.

What to expect:  first a few questions are to be answered to determine the eligibility of your entity to apply for this loan and then your business information will need to be entered.  This is a list of the information you will need to have available to answer:

• Name of business, address, telephone number, email address and tax id number
• Type of organization, date of organization and business activity
• Gross revenues and cost of goods sold for the twelve-month period prior to the business being affected by the disruption of the COVID-19 pandemic.
• Owner(s) names, residential address, telephone number, social security number, date of birth, place of birth and ownership percentage.
• Bank name, routing number and account number where funds are to be deposited
• Copy of your most recently filed business tax return.

As your trusted business advisors, we at Polk and Associates remain committed to assist you during this extraordinary time.  Please reach out to us with questions you may have as we stand with you as we weather this extraordinary crisis.

Polk & Associates

Large enough to serve a diverse clientele, yet small enough to maintain a hands-on approach, we are committed to maintaining the highest accounting and ethical standards with continuous education, extensive research resources, and excellent quality control.

Polk and Associates is a member of the Michigan Association of Certified Public Accountants, and the American Institute of Certified Public Accountants. The firm participates in the AICPA Peer Review Program, and has always received the highest level of award for its audit practice and quality control.