Cummings Lamont & McNamee

What's available for most of our clients? Paycheck Protection Program (PPP)-Provides cash through loans to help small business owners maintain their staff and operations

• Opportunity to receive a federally guaranteed loan based on historical payroll costs with portions qualifying for forgiveness (not required to pay back)
• Application process started on April 3, 2020
• Here is a link to be sure that you are getting the most updated version
• https://www
• sba
• gov/document/sba-form--paycheck-protection-program-borrower-application-form
• Recommend business owners contact their bankers (must be a Small Business Administration (SBA) lender) ASAP so your banker can assess your needs and, if determined appropriate, to start the application process

Small Business Debt Relief Program-Provides SBA loans to business owners with non-disaster SBA loans currently in place

• SBA may cover all loan payments, including principal, interest and fees for six months and this applies to qualified existing and new borrowers who take out loans within six months of the President signing the bill into law
• Debt relief for existing SBA qualified loans is automatic
• Relief period for existing SBA qualified loans is April-September 2020
• Recommend that small business owners contact their bankers (must be SBA lender) ASAP so your banker can assess your needs and, if determined appropriate, to start the application process

Economic Injury Disaster Loans & Emergency Economic Injury Grants (EIDL)-Provides small business owners an emergency advance up to $10,000 often within three days of applying

• The advance does not need to be repaid under any circumstances, but can reduce the forgiveness under PPP
• Available from January 31, 2020 - December 31, 2020
• Online application - https://covid19relief
• sba
• gov/#/ What information will Small Business Owners Need in order to apply?  This varies depending on the loan for which you are applying However, you should be sure that you have the following at a minimum:
• Most recent tax return
• Number of employees as of 01/31/2020
• Business owner's information, including name, address, social security number, place of birth, confirmation of US citizenship, cell phone number and percentage of ownership
• Bank account information to receive first $10,000 (EIDL Only) Important-The amount of loan forgiveness you will receive later is dependent upon proper use of the loan proceeds in accordance with the various programs offered If you are approved and are granted a loan, it will be critical to properly document and account for the use of the loan proceeds as this will later serve as the basis for how much of your loan will be forgiven You are urged to work with your accountant to establish a sound record keeping system for this purpose

Conclusion-The most important step that a business owner should take now is to call their banker or other professional adviser and tell them that you need assistance in evaluating the programs It is important to consider your decisions carefully, based on your specific facts and circumstances

The following are a couple of links that will provide additional guidance: Cummings, Lamont & McNamee, PLLC  is a regional Certified Public Accounting (CPA) firm in Southern Maine and New Hampshire providing clients with Income Tax Preparation for Individuals and Corporations; Tax Planning; IRS Tax Audit Representation; Audit Services; Review and Compilation of Financial Statements and Fraud Examination Services We also have expertise in special practice areas including Estate Planning, Veterinary Practice Services, Funeral Homes, and Dental Practice Services We are Maine's largest Accounting firm south of Portland with offices in Kennebunk, Maine and Portsmouth, New Hampshire and Exeter, New Hampshire Our strategic locations allow us to serve the Southern Maine and Seacoast New Hampshire region At Cummings, Lamont & McNamee we are trusted business advisors and consultants who identify opportunities, provide solutions and deliver exceptional service to our clients We constantly strive to provide quality professional services for the optimum client experience We would be pleased to have the opportunity to partner with you on all your accounting needs! Why choose Cummings, Lamont & McNamee as your accounting firm? We will consistently be there for you and respond to your needs

We will provide you with the tax, accounting and consulting expertise you need to help you manage your business

We stay up to date on the tax and business issues that affect your profession

We are committed to providing you with the quality service you expect and deserve

Deal with friendly professionals that are easy to work with

We can help you build a business that is both professionally and financially rewarding