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Covid SBA Loans Simplified

Covid SBA Loans Simplified

Covid SBA Loans Simplified

I was a little confused at first about where to go on the SBA website ( to access the small business Covid funding available. As busy entrepreneurs, I find the need to for information to be simplified. I want to know what to pay attention to, and more importantly, what to ignore.

Here is a DIRECT LINK to the page you want to focus your time and attention on.

By the time you read this post, funding for the first two options (PPP and EIDL) will probably be gone. If you want simplified explanation or more information and resources on what all of these funding options mean for your business, visit us at

For step-by-step instruction on how to get to this page on the main website, here goes:






Covid Financial Survival Strategies for Small Business Owners

Covid Financial Survival Strategies for Small Business Owners

Covid Financial Survival Strategies for Small Business Owners

One of the rules of business is get funding when you don’t need it. Before the government funding is gone and the banks tighten their wallets in response to the economic impact post-Covid 19, you do want to continue to access as much capital as you can. I expect loans will be harder and harder to access in the coming months and years as we enter our next great depression.

Here are a few priorities small business owners can focus on to stabilize and protect your cash. Normally, you would take each step one at a time. We are not living in normal. You will likely be doing all of these at once. As I write this post, I have all of the below strategies in various stages of “in process”. Do focus on the first FREE money step as THIS MONEY WILL RUN OUT!

Breathe, you’ve got this. You are not alone. We are all in this together.

First, focus on accessing all of the free money you can in the form of forgiveable loans, grants, stimulus checks, and government debt payments. You can read more about those options at This is all about speed to the food bowl. Give up your loyalties to any one bank, don’t worry if it is perfect, and just apply and get as much as you can right now.

There is a high probability that all of the PPP and EIDL funding will be gone by the time you read this post. However, this isn’t a reason to stop. It means it is time to enter the next phase of cash preservation and financial survival.

Second, focus on acquiring as much capital and lines of credit that you can. “Your bank is only as good as your banker”. Based on what is happening now, this statement could not be more true. After the dust settles, small business owners will start to realize how important it is to start and nurture relationships with your bankers. Look locally and build relationship with a Community Bank or Credit Union. They work best with small businesses. There are a TON of options in your local market. I really love the resources from Honestly, at this point, google search your local market, your industry, your gender, anything and everything you think you might qualify for.

Third, you’ll want to start the next strategy to protect your cashflow, which are basic cost cutting measures and cost restructuring to protect you and your business. This is an entire conversation we’ll have another time, but for the moment, look at these two major areas:

  • largest monthly costs
  • employees and contractors
  • fixed versus variable costs

Cut any cost non-essential to your business. Let go of anyone that isn’t performing or essential, we can’t save everyone. I am fiercely loyal, but there is a reason why we are told to “put the mask you yourself first.” If you know you want to keep them long-term, furlough don’t layoff. Turn as many fixed costs (i.e. a cost you pay regardless of any income you earn such as rent or salaries) into variable costs (i.e. a cost you pay only as a percentage of your income such as 100% sales commissioned employees). I’ll say more on this in another post.

Fourth, restructure and renegotiate all of your debt. See a separate blog post outlining our top recommendations:

Covid Stimulus Check Status

Covid Stimulus Check Status

Covid Stimulus Check Status

Want to know how much you should be receiving in your Stimulus Check? Want to check the status of your payment?


When I went to check to see the status of my check I was shocked to discover they were ready to send my payment, but they needed more info. Yikes!

They do ask you to complete a short form to verify your Adjusted Gross Income (AGI) which is Line 8b on 2019 Form 1040 or 1040-SR, or Line 7 on your 2018 Form 1040.


U.S.  citizens, permanent residents or qualifying resident aliens will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:

  • $75,000 for individuals
  • $112,500 for head of household filers and
  • $150,000 for married couples filing joint returns

Taxpayers will receive a reduced payment if their AGI is between:

  • $75,000 and $99,000 if their filing status was single or married filing separately
  • 112,500 and $136,500 for head of household
  • $150,000 and $198,000 if their filing status was married filing jointly

The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds.

Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible and will not receive payments.

Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans’ benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.

Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.

To learn more, visit:

Not Eligible

Although some filers, such as high-income filers, will not qualify for an Economic Impact Payment, most will.

Taxpayers likely won’t qualify for an Economic Impact Payment if any of the following apply:

  • Your adjusted gross income is greater than
    • $99,000 if your filing status was single or married filing separately
    • $136,500 for head of household
    • $198,000 if your filing status was married filing jointly
  • You can be claimed as a dependent on someone else’s return. For example, this would include a child, student or older dependent who can be claimed on a parent’s return.
  • You do not have a valid Social Security number.
  • You are a nonresident alien.
  • You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019.


Do You Need to Take Action?

People who filed a tax return for 2019 or 2018

No additional action is needed by taxpayers who:

  • have already filed their tax returns this year for 2019. The IRS will use this information to calculate the payment amount.
  • haven’t filed yet for 2019 but filed a 2018 federal tax return. For these taxpayers the IRS will use their information from 2018 tax filings to make the Economic Impact Payment calculations.

People who aren’t typically required to file a tax return

Social Security and Railroad Retirement recipients who are not typically required to file a tax return need to take no action. The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate Economic Impact Payments of $1,200 to these individuals even if they did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits. Social Security Disability Insurance (SSDI) recipients are also part of this group who don’t need to take action.

For Social Security, Railroad retirees and SSDI who have qualifying children, they can take an additional step to receive $500 per qualifying child.

There are other individuals such as low-income workers and certain veterans and individuals with disabilities who aren’t required to file a tax return, but they are still eligible for the Economic Impact Payments. Taxpayers can check the tool – Do I Need to File a Tax Return? – to see if  they have a filing requirement.

If you don’t have to file, use the “Non-Filers: Enter Payment Info Here” application to provide simple information so you can get your payment.

For more resources related to Covid for small business owners, please visit