COVID-19 Government Relief Loan & Tax Credit Programs

The U.S. Government has issued several financial aid packages to help U.S. businesses weather the COVID-19 outbreak. But, which ones are best for your business? Early Growth can help you make the right decisions.

taxes icon

Access COVID-19 Financial Aid... Now!

The U.S. Government has made numerous financial aid options available to businesses like yours... that's good.

However, some of the options disqualify you from claiming others... that's complicated.

Our team of CFOs at Early Growth can help you get your portion of the government relief packages so you can keep your business going and growing.

Our government relief assessment service is only $1,500.

This flat fee includes assessing & advising which programs are best for your business, and then supporting you as you file the applications.

Fill out the form below to get started now!
  • This field is for validation purposes and should be left unchanged.

IMPORTANT: This IS NOT a fee to file loan applications.

The loan applications are very short. You don’t need us or anyone else to fill them out, and the government actually prohibits firms like ours from charging you to file for some of the loans (though if you ask nicely, we’ll be there to help). If someone is telling you that you have to pay an application fee, they are not being straight with you.

However, if you need advice on which program to use, how much to apply for, and how to do it, we’re here to help you.

What's the Skinny?

There's a lot of noise and I need help... now!
Don't worry, we've got your back.
COVID-19 Federal Aid Programs
Over the course of the past few weeks, Congress has passed and President Trump has signed into law several relief packages designed to help U.S. workers, businesses and healthcare providers deal with the fallout from the COVID-19 outbreak.

That financial aid included the $2,000,000,000,000 (that's 2 trillion dollars with 12 zeros) CARES Act. As part of this legislation, numerous programs were put in place. Some are loans with certain requirements waived. Some are forgivable loans if you meet certain conditions. And others are in the form of tax credits and refunds. It's a lot to sort through, so let's see if we can help you out a bit.
Economic Injury Disaster Loan (EIDL)
The EIDL is being offered directly through the U.S. Small Business Administration (SBA). This loan program existed before the COVID-19 outbreak, but changes were made to make it easier to access. The program offers long-term, low-interest loans up to $2 million.

NOTE: The maximum loan amount has been temporarily reduced to $15,000 as the program is running out of money.

One important change that was made during COVID-19 outbreak was waiving personal guarantees and collateral requirements for loans under $200,000. In addition, if you qualify to apply, you are eligible to receive a $10,000 grant, regardless of whether the loan is approved or not!

Generally speaking, U.S. companies with a U.S. owner that were established before January 30, 2020 can apply.
Paycheck Protection Plan Loan (PPP)
UPDATE 4/27/2020: This program was replenished with $320 billion of new funding.

The PPP loan program was established as part of the CARES Act. The program is $349 billion in total, and offers forgivable loans up to $10 million to companies with less than 500 employees.

Unlike the EIDL, this loan program is guaranteed by the SBA, but it will be administered by partner lending institutions. As such, you'll need to apply directly with a bank, and likely one that you already have a relationship with who has agreed to participate in the PPP program.

The maximum loan amount available to each applicant is generally based on 2.5x average monthly payroll (including costs such as benefit and some other items, and excluding individual compensation in excess of $100,000 annually).

Finally, and most importantly, this loan can be forgiven if you spend the proceeds over the proceeding 8-week period on payroll, rent, utilities and loan interest. If you don't the balance converts to a 2-year loan. There's more to it than that, but those are the highlights.
Employee Retention Tax Credit (ERTC)
The ERTC was just one tax related element of the CARES Act. Rather than filing an application like the EIDL or PPP, this aid is accessed through payroll tax filings with the IRS.

From extending tax deadlines to creating new rules around Net Operating Losses, there were a lot of changes to tax law as a result. Taxes were already complicated, but the CARES Act created another reason to have a pro take care of your business taxes.

This program is too complex to go into detail here, but at a high-level, it provides credits and refunds of payroll taxes related to your payroll expenses through December 31, 2020.

The important thing to know about this program is that if you apply for the PPP, you can't use theses credits... that's called double-dipping. And, this credit, as complex as it is, may offer more to your business than the PPP. Whether you're big or small, profitable or not, if you've got employees it's possible that this path might be more advantageous than the PPP... you might just want to think twice about filing that PPP application.
The above is just a short overview of each program. There are twists and turns involved with each.
Let us help you make the right decisions and maximize the amount of cash you deserve.
Expert Financial Advice You Can Trust
Our expert team of CFOs has helped gain millions of dollars for business owners like you to put back into their company.
11+
Years In <br>Business
Years In
Business
15M
funds raised
Dollars Saved In
2019 R&D Tax Credits
28
CFO avg years experience
CFO avg
years experience
40+
countries served
Countries
Served

Not Our First Rodeo

Startups & small businesses are who we are.

client logos

Handmade In The U.S.A.

Early Growth isn't a piece of software or an offshore accountant. All of our work is done locally, in the U.S. of A., by real people. Our CFOs and Accountants have years and years of business experience to add to your team.
Your Outsourced Finance & Accounting Solution
Our finance & accounting team can help augment your team.

Outsourcing your entire finance function or just parts of your accounting work, our team members provide a cost-efficient and highly flexible solution that is especially valuable during a time of such great uncertainty.
Get A Quote
cfo cfo

COVID-19 Resources For Small Businesses

Featured Blog Posts
What We Do
Early Growth is your strategic partner, leading your finances & accounting so you can focus on your business, customers & team.
Finance & Accounting
Finance & Accounting
An experienced financial team providing monthly accounting for founders who want to get back to focusing on their business.
taxes
Taxes
Domestic & international tax compliance, including income & sales taxes and R&D credit studies.
Equity Management
Equity Management
409a Valuations and Cap Table Management solutions to manage your equity & stock options.
Fund Administration
Fund Accounting
Helping GPs address monthly accounting, reporting, deal management, and LP communication.