Hello,
In response to the COVID-19 Economic Impact Payments, BeanLab is setting aside tax season resources to help our clients discern the best option for them during this difficult time. Our team has been dedicated to keeping up on the details as they evolve and we’re ready to support you!
Please refer to the email “BeanLab Update for Business Clients 3.30.2020” regarding loan options, PPP with Forgiveness (available only thru SBA approved banks/lender) and EIDL (available only thru the SBA website). If you did not receive this email on Monday, please contact us and we will be sure to get you those details! Please use this link to see the latest update from the U.S. Treasury Assistance for Small Businesses. Applications for the PPP Loans are planned to be accepted beginning tomorrow, April 3rd for small businesses and sole proprietorships. Click here PPP Information Sheet for further details.
NOTE: Each bank/lender will provide a specific list of required documents that they will need from you. Regardless of the level of BeanLab support, we encourage you to establish online access with your current (SBA approved) bank. The application process will be completed via their website and their requirements should be listed online. Banks are rolling this service out at different speeds, so be patient and keep checking their website for updates. Please refer to Sample PPP Loan Application. Each bank will have their own application and will not accept this SAMPLE, it is merely for your reference for what to generally expect.
If you feel that you need an initial, brief consulting call to help navigate through the CARES Act, please let us know by a phone call or email to beanlabteam@beanlab.com to schedule. This will be provided at no charge. We are getting a lot of inquiries and requests for assistance and truly want to help everyone! Our services will be provided on a first come-first serve basis, with priority extending to those business clients who are established on a prepaid services agreement. If you have already contacted us requesting help, you are on our list and will be contacted as soon as possible!
To best serve your individual needs regarding loan options, we have created 2 levels of assistance that BeanLab can provide for you. If you are not sure what level of assistance you need, please email us or call us to discuss which option is best for you.
Level 1 – Report Retrieval
Resources required to gather requested documentation can range significantly. We anticipate that most requests will require up to a minimum of 30 minutes, which will be offered at no cost to you! Additional time incurred for complexities such as non-BeanLab payroll clients, questions, and clarifying reports will be charged at a discounted rate of $75/hr. We estimate the time to complete this project to be 30 minutes – 1.5 hrs.
PPP Loan Package information, as requested by you per your bank, will be placed in your SmartVault “BeanLab to client folder” and emailed to you for your convenience (password protected if appropriate).
If service fees are incurred, we will invoice upon delivery of the loan document package.
Level 2 – Report Retrieval + Loan Assistance
If you are not comfortable completing the loan application, we can help with that also! This level of support Includes Report Retrieval plus strong financial loan application assistance through phone calls, emails, and loan application screen share. We will walk beside you through the process, providing you with the details being requested or guidance on where to get them, through to the submission of the application.
The rate for this level of service will be discounted at $125/hr. We estimate the time to complete this project to be between 3 – 5 hrs, although much of this time is dependent on the bank and their specific requirements, clarifying questions, and the streamlining of their process.
BeanLab’s fees will be invoiced upon the loan application completion.
All invoices will be extended a 30 day grace period for payment.
