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COVID-19 Resources

COVID-19 Support Page and Information

The current COVID-19 pandemic has created a lot of turmoil for individuals and businesses alike.  Everyone has been affected in some way or another by this event.  At Encompass Financial Services, Inc., we know that out of sadness will come a better place and we'd like to help you reach that place.

Our motto, Guiding you in the right financial direction, isn't just a motto - it's what we believe in.  By providing you with the necessary resources and information to help you understand your options and how to receive the benefits you're entitled to, we are putting those words into action.  

In this section you will find resources to assist you with your personal and business benefits that were signed into law by President Trump.  If you cannot find what you're looking for, or would like someone to talk to about this with, please feel free to call us at 931-919-2543.

Final thought:  This too shall pass.

Affiliation Rules Q & A

Some clients have more than one company and are wondering about what benefits they are entitled to since several of their companies have been negatively affected by the current quarantines in place. Here is some information from the SBA that should answer questions related to this topic. As always, if you have questions, please give our office a call!

Affiliation Rules for Paycheck Protection Program

Paycheck Protection Program FAQ (4/6/2020)

The SBA has put out some additional information regarding the Paycheck Protection Program (PPP).  Please read the attached document for the most recent updates we have.  If you or anyone you know is looking for information on this or the EIDL programs, please have them check out our website or give us a call at 931-919-2543.  Thank you!!

Paycheck Protection Program FAQs

Beyond the above resource, we are providing the following information:  

  • The interest rate is at 1% (originally shown as 4% then reduced to .5%).
  • If the full loan isn't forgiven, the unforgiven part has to be paid back within two years (originally it was 10 years)

I am also including a link the most recent version of the plan for your reading pleasure.  LOL  Paycheck Protection Program Guidance

Economic Injury Disaster Loan (EIDL) UPDATE (4/6/2020)

The EIDL Advance is not going to be funded to clients within 3 days of submitting the online request as implied on the website and in the news.  The online request just starts the loan process, which will take between two to three weeks to complete. 

Once the SBA receives your EIDL request via the online submission, you are put into a queue to have your full EIDL application completed and submitted.  The SBA will contact you/your assigned rep. to complete the more detailed application outlining your business's needs within three weeks of your submission.

Following your contact with the SBA, they will either approve or deny your overall EIDL application.  If your EIDL is approved, you will get the first $10k within three day.  The remainder of your loan will be funded within a week of being approved. 

I know that this is not what was indicated on the website or in the news and I wish there were something more we could do.

Program Summaries

In this section, we are providing access to several documents that have been put out by Congress, the SBA, and others that highlight different programs and how to access them. Please review each program and realize that while they are related, benefits cannot overlap and be used for the same business expenses.

CARES Act Summary

Small Business Ownership Guide to the CARES Act

Paycheck Protection Program Q&A

Business Loan Application (SBA Form 5)

Sole Proprietor Loan Application (SBA Form 5C)

SBA resources and website

In addition to the above information, we strongly suggest you go to the SBA's website at SBA Small Business Guidance & Loan Resources to access more information on this rapidly-changing program for your company.  

Here you will find even more details on the Economic Injury Disaster Loan (EIDL) program, the Paycheck Protection Program (PPP),  and the agency's Debt Relief Program.  This section is being fine-tuned as more information is put out by the government, so please check here regularly for updated information.

The direct link to the EIDL application can be found here: https://covid19relief.sba.gov/#/