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Blog: Guidance for Navigating Financial Disruption: COVID-19

Guidance for Navigating Financial  Disruption: COVID-19

Likely, the current COVID-19 pandemic has already caused disruption in your business, and it will continue to make its impression on your businesses’ finances within the foreseeable future. As your trusted outsourced accounting partner, we can collaborate with you and your partners to decipher and mitigate through the business ramifications COVID-19 has imposed on your organization.

With nuanced updates unfolding each day, the Vault team has made it priority to stay up-to-speed with reliable sources that will shape the way we’re partnering with our not-for-profit and association clients. Our executive team is well versed in the advantages and offsets of particular programs and loans becoming available, and we will use our financial expertise to consult you on best practices and data-driven decisions.

With over a half-dozen programs and loans now available for our clients to choose from, along with requirements issued under the Family First Coronavirus Response Act, we want you to leverage our respected industry experience and trust that we will help navigate your organization towards the path that it will benefit from most.

As you’re working hard to manage operational functions, our flexible staff is ready to manage your accounting needs. We’re here for you.

We’ve compiled an annotated list of helpful resources from reliable sources that your team can begin to consult as you start to think about the economic future and opportunities of not only your organizations but of your member organizations and individual members.

Coronavirus Aid, Relief, and Economic Security Act

You can find digestible summaries that include some eligibility criteria on the following provisions: Emergency Small Business Loans; Economic Injury Disaster Loans; Charitable Giving Incentive; Employee Retention Payroll Tax Credit; Delay in Employer Payroll Taxes; Exchange Stabilization Fund.

Confused about whether your business qualifies under the size standard for certain loans or assistance programs under SBA? This page helps you learn more size standard definitions, numerical requirements, and general requirements.

Paycheck Protection Program (PPP) Resources

This one-page resource published by the Treasury.gov will give you a general overview about eligibility requirements for the program, when to apply, stipulations for forgiveness, and how to apply.

Curious about what information you need to fill out the PPP Application form? Use this sample to start gathering your documents and assembling key personnel to help fill out the form.

Entities such as WBC can help your organization find a lender. Use this directory to locate a WBC nearby, so that you can call them to inquire about lenders in your area.

Economic Injury Disaster Loan (EIDL) Program

This is the online portal to the application for the EIDL Loan, provided by the U.S. Small Business Administration. Sections on the loan application include disclosers, business information, business owner(s) information, additional information, and a summary.

Family First Coronavirus Response Act (FFCRA)

Here is a resource that can help your members understand the requirements for paid leave under the FFCRA. These provisions go into effect April 1, 2020, and expire December 31, 2020. Find information including the five qualifying reasons for leave, the duration for each qualifying reason for leave, guidelines for determining covered employers along with guidelines for determining small businesses that may be exempt, etc.

Employers covered by the FFCRA Act must place this FFCRA poster in a clearly visible location that employees will frequent.

Other Resources Related to Mitigating COVID-19 Business Implications

Currently, the president has issued guidelines to avoid social gatherings of groups larger than ten people, but if you have not yet decided whether or not you will be canceling your annual event because it is taking place months from now, use this regularly updated guidance to help you determine the risk level of attendees, volunteers, or staff contracting the virus.

Use this helpful resource to understand ways of preventing stigma related to COVID-19, which may include helping staff become more knowledgeable on the coronavirus disease facts.