We’re going through some pretty tough times right now. Not only is the coronavirus sweeping the world, but we’re in the midst of the worst economic crisis in at least a decade. We’ve closed our businesses and we’re stuck at home to quarantine ourselves until it’s safe enough to leave again. As a result, a lot of us are suffering financially. Small businesses are struggling to stay afloat. Many business owners are enlisting the help of the U.S. Small Business Administration to help weather the storm. At MM Accounting, we can help you to navigate this time, as well.
Most small business owners agree they need help right now. However, they’re just not sure how to go about it or which steps to take. The U.S. Small Business Administration is a 67 year-old federal agency that’s struggling to cope with a massive influx of requests for disaster relief loans. The coronavirus is having a devastating effect on bars, restaurants and businesses of all entities right now.
Additionally, this is a very unique situation. Usually, disaster relief requests come in the wake of a hurricane or natural disaster. In those cases, requests come from one specific geographical area. However, the coronavirus is impacting the nation as a whole. As a result, this is a particularly challenging scenario.
MM Accounting Can Help!
A lot of small business owners need the assistance of SBA loans. However, they have no clue how to get them or if they qualify. At MM Accounting, we can help you prepare for the application and guide you through the loan process. Throughout any situation like this, it’s absolutely best to have your own financial representative, like a virtual CFO, on your side. Essentially, a virtual CFO wants more than anything for your business to flourish.
Preparing For the Loan
MM Accounting can assess your financial records to determine both if you are eligible for the loan and to help you prepare the necessary paperwork. Obviously, the SBA is not just going to hand out loans to anyone who applies. Applicants have to provide a series of detailed and coherent financial documents in order to be considered.
For example: business owners must provide their most recent tax return, a tax information authorization form, sources of income and unpaid taxes, and year-end profit and loss statements, just to name a few. For many of us, these can be overwhelming and confusing. Basically, that’s why a virtual CFO can do the confusing stuff for you.
Coming Up With a Plan
At MM Accounting, as a virtual CFO, we can help you well beyond simply acquiring the loan. In addition, a virtual CFO can create a measured and educated long-term plan for the future. Essentially, we’ll help you to prepare for the success of your business well after this crisis has passed.
One of the many benefits of a virtual CFO is their ability to examine financial paperwork and see things that most people can’t. Basically, this includes formulas for success that can help you navigate tough times. So many businesses are suffering right now. We need all the help we can get in order to survive.
MM Accounting – Stay Safe!
If you have any additional questions, contact MM Accounting today! But more than anything: stay inside if you can, wash your hands, and do your part to help stop the spread of the coronavirus. Hopefully, this will pass sooner rather than later with minimal losses.
In any case: if your business needs help weathering this storm, a virtual CFO like MM Accounting can help. Get in touch with us today to begin the SBA loan process.
