Introducing the CK Coronavirus Crisis Team
We are aware that business owners are facing many challenging issues right now. Maintaining strong cash flow is essential to the financial health of all businesses and due to the COVID-19 crisis, short-term cash flow has become a top concern for many of our clients.
To better address the issues our clients are facing, Corrigan Krause has developed the Corrigan Krause Coronavirus Crisis Team (CKCCT). This team is equipped to answer your questions as it relates to the current COVID-19 crisis.
To help you receive the information and timely answers you need, please reach out directly to our crisis team by sending an e-mail request to
ckcrisisteam@corrigankrause.com
. The team will be notified of your inquiry and will respond directly to you within 24 hours.
This new support team was established to address your specific coronavirus questions. These dedicated team members are hyper focused on coronavirus news and updates, and have thoroughly researched topics and legislation that impact our clients.
Our team is focusing our efforts on the Small Business Administration (SBA) loan programs that are currently available.
Your normal point of contact is still available to assist you as necessary but you can rely on our new experts to address these important COVID-19 specific questions.
In addition to introducing you to our new Crisis Team, we wanted to provide you with an update on the two major Small Business Administration (SBA) programs and The Family First Coronavirus Response Act:
- Economic Injury Disaster Loan – This loan provides relief to businesses who are experiencing economic issues during the crisis. Businesses can receive a loan up to $2 million over a 30 year period. Until funds run out, a $10,000 grant is attached to this program for those that apply. You can still receive the grant without being accepted for the loan. To be eligible for the grant, you need to submit an application on or after March 30th. That means any applications submitted before March 30th should be resubmitted. Applications can be submitted at https://covid19relief.sba.gov/#/
- Paycheck Protection Program – This loan provides emergency working capital to allow your business to continue to operate during the current crisis. Businesses can receive forgivable loans up to $10 million in this program calculated based on payroll costs over the previous 12 months. The interest rate is 0.5% and has a term of 2 years. Loan proceeds can be forgiven if employers use the loan proceeds for qualifying costs. Banks are beginning to accept applications this Friday, April 3rd, and we encourage employers to reach out to their banks to obtain their application information as soon as possible. The CKCCT is here to assist and/or review your application calculations.
- The Family First Coronavirus Response Act – This is effective April 1, 2020, offering new guidance as it relates to paid leave entitlements. The following poster from the DOL must be posted by employers in a conspicuous place and/or notify employees if working from home.
