There is so much noise right now about how to survive (even thrive) in the midst of this very difficult season.

“Pivot on your strategy, stay laser focused on your vision,” its been advised.

Yes, if you are running a business, these times call for a shift. Only a very small number of businesses haven’t been affected in some serious way by this ongoing crisis, unfortunately most have. As such, it is crucial to stay on top of strategies, options and or lifelines available for survival.  

That’s what we are doing on our end, uncovering new information and new benefits to share with you. We hope you find our messages helpful.

Today, we recap five primary ways you and your business can get help right now. 


1) YOUR Economic Impact Payments

Many business owners will not qualify for this because of income limitations, but of course, many WILL. We’ve written extensively about these in prior emails, but the short version … there’s not much you can do on this one, except wait. Direct deposit payments have begun, the checks will take a few more weeks to roll out, and the IRS tells us it should take about 5 months to get these to everybody.

Here’s the authoritative source to check on this for yourself.

2) Paycheck Protection Plan (PPP)

The Paycheck Protection Plan (PPP) is a loan given by lenders, backed by the SBA. You have to have employees to qualify for many aspects of this program, but the self-employed can also qualify.

For the self-employed, it’s based on your profit and loss, if you’re a Schedule C, or the amount of the paycheck you wrote to yourself, if you’ve got an S Corp.

PPP can be a forgivable loan if you meet certain requirements, and use the funding properly.

We ARE hearing from some business owners that funding has begun to be disbursed, depending on your lender. But there is still much confusion, even among bankers. It pays to have a good relationship with your existing bank or funding source, as they are not required to work with non-existing customers.

If you don’t have a relationship with your bank or funding source, PayPal and other non-bank lenders are beginning to roll out measures to accept applicants, but even then, it’s important that you have an existing relationship.

3) Unemployment for the Self-Employed

What seems clear is that you cannot both file for unemployment and get a PPP loan. So for the self-employed, it begs the question: Do I ask for a PPP or do I file for unemployment?

Perhaps both, but file first for the PPP?

Theoretically, that may work, but considering how long it’s taking to get PPP loans, you may not have time to do both before the programs expire.

Unemployment payments are now available for the self-employed, and there is a bonus of $600/week on top of the state payment, BUT you have to qualify under certain rules.

The states are overwhelmed and backlogged with the massive numbers of claims. They are short-staffed themselves, and trying to communicate under many shifting guidances.

Regardless, this wouldn’t be a path towards quick relief.

4) Economic Injury Disaster Loan (EIDL)

This was an existing program the SBA has had in place for some time, but because each state has been declared to be in a disaster, this program is cracking under the pressure (as is the entire SBA).

Of the five, this is probably the slowest program to take action. The initial $10K grant seems to have shifted (see this Senator’s web page under “Amount”) to $1K per employee, up to $10K. This tracks with what we have been hearing from tax industry sources, as well.

After the initial advance, you can (theoretically) get a loan for up to $2MM, at 3.75% interest, with other generous terms. Authoritatively outlined here.


We’ve been talking with you about this, and would like to repeat it:

Plan as if you will NOT get any funding, and adjust accordingly.

This is the time for the PIVOT.

It’s time to reduce the noise, innovate, and execute within your business. You simply cannot expect that these government programs will ride in on a white horse and save your business.

Yes, there might be some relief that comes. It might even help you survive.

But if you really want to make it through these times, look in the mirror, and start making positive plans.

The very good news for YOU is: we’re here to help. You DON’T have to do this all alone.

If you would like assistance or have questions, call us. We are here to help.



The Team at Legacy CPA

(541) 326-0993


Feel free to forward this article to a business associate or client you know who could benefit from our assistance. While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for families and business owners.