Now that you have learned about the EIDL loan and you have gotten all your information together, you need to apply. I’m sure you’re anxious to learn where you need to apply for this loan. If you copy this URL into your web browser, it’ll take you to the application COVID19 relief.sba.gov after you fill out the application, as you will see in my application demonstration, you will receive a confirmation. Make sure that you print out this confirmation screen or take a screenshot of it. It is the only verification that you have completed this application. The SBA will not email you confirmation and you will not hear from them again until they start processing your loan in 21 days approximately. Be prepared when they do start processing your loan that they will ask for further information. This is going to include at least the past two years of your business tax returns.
If your 2019 tax returns are not filed, you are going to want to make sure you have a copy of your 2019 financial statements, a copy of your business extension, and year to date financial statements. You will also need your personal tax return for the past two years. If you also have a W2 or your spouse has a W2, you are going to want to make sure that you include your W2’s with your personal tax returns. You will also need a personal financial statement. We have included the format for the personal financial statement in this video series, and you can download that and complete that as it is requested. Good luck, we wish you and your business well and we hope that you and your family stay safe through this trying time.
Donna Bordeaux, CPA with PYOPAccounting.com.
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA as demonstrated by Donna Bordeaux and PYOP Accounting.com. Donna and her husband, Chad, who is also a CPA, have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help PYOP studios earn 4 times more profit than the average PYOP and are passionate about helping industries that help families build great memories.
