The ACMA has been paying close attention to the various COVID-19 relief efforts coming out of Capitol Hill and The White House. They are complex, tricky and cumbersome, and as a result, the ACMA is launching a new service to help members not only navigate their options to gain the most potential government support, but also get in front of the right officials to gain the fastest action.
As of early May, there were at least eight programs available for companies seeking relief in the form of direct grants, loans and credit facilities. Below are four relief options offered by the Small Business Administration (SBA):
- Paycheck Protection Program (PPP)
- Economic Injury Disaster Loan (EIDL) Emergency Advance
- SBA Express Bridge Loans
- SBA Debt Relief
The other four programs are being carried out by the Internal Revenue Service (IRS), the Federal Reserve and Treasury Department to also alleviate burdens for businesses:
- Middle Market Credit Facility
- Employee Retention Tax Credit
- Main Street New Loan Facility
- Main Street Existing Loan Facility
Service Clears Up Confusion, Provides a Roadmap
There’s been considerable confusion as to how to take advantage of these programs, which of them your company may be eligible for, how to wade through the fine print, and other details. Some of these programs are mutually exclusive. Others have specific criteria as to who they will apply to. What’s more, the final regulations for many are still a work in process.
To help address the need for accurate information as well as have open channels of communication with the Administration, Treasury, the Hill and others, ACMA is offering advisory services in concert with our partners at The Vogel Group to create a roadmap for companies seeking to maximize potential relief in terms of grants, loans and credits offered by the packages. ACMA is providing these services at an attractive rate to our members, so if you’re not already a member, click here to join now.
ACMA Consulting Service: A Q&A
Q: How is the ACMA-Vogel Group service different?
A: As you may have already experienced, many of the legal firms and accountants being called on to assist in this process are not accurately informed, which is not surprising given the circumstances. Regulations and implementation guidance are being written daily. Details and fine print are still being ironed out. ACMA’s experts are in Washington DC are in ongoing contact with the White House, Treasury, Capitol Hill and the many other agencies that are involved in a rescue. Information we get is generally a day or two ahead of what is being popularly reported or covered in trade newsletters.
Moreover, most professional firms are not lobbyists and do not have direct access to lawmakers or the agencies that report to them. Members of Congress want to help their constituents, especially at a time like this, but one must have access to get the story before them and phones are ringing off the hook right now. Our experts can quickly get things unstuck, straightened out and clarified.
Q: How is it priced?
A: Whereas most legal or accounting firms have to bill on hourly rates, this service is priced on a fixed fee basis after the initial free consultation call. Once our experts have assessed your company’s specific case, their rate will be offered at up to 50% off of their market rates exclusively for ACMA members.
Q: Why isn’t ACMA doing this free for all its members?
A: Like many other organizations around the globe, we are by sharing ever-evolving details on our website daily. But the scope of ACMA’s government relief programs consulting solution is specifically tailored to each individual company.
Q: What are my next steps?
A: Contact Lynn Noble (513-608-4749 firstname.lastname@example.org) for a free consultation with our experts.
ACMA will continue to look for ways we can help. If you have needs ACMA might address beyond what is being offered by this service or more generally, please reach out to us. We are committed to doing all we can to minimize this disruption and get through this crisis.
Please continue to keep us advised as to how we can help you in this extraordinary time. In the meantime, stay safe, be well, and let’s make sure that the restart and recovery allow all our member companies to have a bright and viable future.