SBA Servicing Strategy
Mission Statement
Assist clients in navigating the Federal and State regulatory guidance regarding small business relief under the CARES Act in response to Covid-19 by providing: business advisory services bespoke to the client’s needs and business; assistance with the client’s application process; compilation and preparation of necessary financial information to secure the loan and assistance with the loan forgiveness and loan compliance process.
- Business Advisory Services
- Assistance with Application Process (EIDL or PPP)
- Preparation of Financials to Secure Loan
- Assistance with loan Forgiveness
- Loan Compliance
Pricing
- Initial Consultation – $250 – PHASE 1
- Price range of services – $995 – $1,500 (inclusive of the consultation fee) – PHASE 2 & PHASE 3
Description of Services – Phases 1, 2 and 3
PHASE 1 – Consultation
- Covid-19 business impact analysis focusing on:
- Type of business/industry and entity type
- Areas of concern
- Type of expenses and nature variable/fixed
- Loan relief overview and Federal (EIDL/PPP) and State options
- CPA recommendation and facilitation/compliance/forgiveness plan
PHASE 2 – Loan Facilitation
- Assist clients with a walkthrough of the application for the respective loan
- PPP Loans
- Assist in the calculation of average monthly payroll
- Compile and/or prepare and/or attest to financial information required for the loan
- EIDL Loans
- Work with the client and their bank to facilitate the secondary loan process post the initial EIDL grant
- Compile and/or prepare and/or attest to financial information required to obtain the loan
- State Loans
- Compile and/or prepare and/or attest to financial information required to obtain the loan
- Establish a forecasted plan with the client on how to disburse and handle loan proceeds to maximize loan forgiveness and compliance with loan covenants over a 10-16-week period
PHASE 3 – Loan Compliance/Forgiveness
- Assist the client in working with their bank to process the loan forgiveness for PPP including substantiating cash flows and expenditures in accordance with loan agreement.
- Assist the client in preparing a forecasted budget incorporating the EIDL loan repayment
- Assist the client with loan compliance for State loans including substantiating cash flows and expenditures in accordance with loan agreement.
Contact Pungello CPA
Contact Pungello, CPA (848) 222-2520
