Wealth Strategy Insights

Wealth Strategy: Government Relief for Business Owners

24 April 2020

Calamos Wealth Management Wealth Strategy Group

Author: Nancy E. Anderson, J.D, CTFA, CAP, AEP, CEPA
SVP – Head of Wealth Strategy and Trust Services

The following information is intended to help business owners with information related to the Paycheck Protection Program (PPP) loans offered through the Small Business Administration (SBA) and Economic Injury Disaster Loans (EIDL) and Emergency Grants.

We encourage business owners to work with their local business lenders, CPAs and business lawyers to engage them for assistance in preparing the PPP application and supporting documentation. All loan terms will be the same for everyone regardless of the lender facility they use.

On Friday, April 24, 2020, President Trump signed into law a $484 billion coronavirus stimulus bill that includes a provision allocating about $370 billion toward the loan programs for small businesses cited below. About $310 billion of the funds will replenish the Paycheck Protection Program (PPP) and approx. $60 billion to the Economic Injury Disaster Loan Program (EIDL).

Paycheck Protection Program (PPP)

Loan PPP applications dates:

Economic Injury Disaster Loans (EIDL) and Emergency Grants

 

We encourage business owners to review their business situation and consult with their tax advisors before applying for a loan. If a loan is needed, applying for the funds as soon as possible may be prudent.

Calamos Wealth Management and its representatives do not provide accounting, tax or legal advice. Each individual’s tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation. For more information about federal and state taxes, please consult the Internal Revenue Service and the appropriate state-level departments of revenue, respectively. This information is provided for informational purposes only and should not be considered tax or legal advice.  Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. 
You should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized advice from Calamos Wealth Management LLC. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Calamos Wealth Management LLC is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. If you are a Calamos Wealth Management LLC client, please remember to contact Calamos Wealth Management LLC, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. A copy of the Calamos Wealth Management LLC’s current written disclosure statement discussing our advisory services and fees is available upon request.