CARES Act - Coronavirus Aid Relief

sba cares act

Many small businesses have been hurt by mandatory closures required to slow the spread of the Coronavirus (COVID-19). Fortunately, there are a growing number of resources and relief programs to fall back on, including:

-CARES Act (Coronavirus Aid Relief and Economic Security Act)
-Eviction Protection
-Business Loan Deferment
-Net Operating Loss Provisions
-Employee Retention Credits
-Loan Forgiveness

Figueroa & Co is here to help you successfully navigate the unprecedented economic challenges you face, and get your business back to business as quickly as possible. We provide assistance with finding the right program(s) for your unique set of circumstances, filing necessary forms and documentation, and providing sound financial advice at a time when you need it most.

We are providing this much needed service to all of our valued clients, in addition to new clients willing to establish a long-term business relationship with our firm.

Now is the time to take action. If you are an existing client, or willing to establish a long-term relationship with our firm, contact us today at 626-793-4322 or fill out our simple form to get started right away.


There are two types of relief you can apply for:

Economic Injury Disaster Loans (EIDL)

EIDLs are commonly granted on a local level following a natural disaster (such as a hurricane or a tornado). But right now they are authorized for small businesses in all U.S. states and territories due to the COVID-19 pandemic. Currently, each disaster loan provides up to $2 million to pay fixed debts, payroll, accounts payable, and other bills.The interest rate is fixed at 3.75 percent for small businesses and 2.75 percent for non-profits. EIDLs can be repaid over a period of up to 30 years. Additionally, due to COVID-19, the SBA is providing advances of up to $10,000 on EIDLs for businesses experiencing a temporary loss of revenue. Funds are available within three days after applying, and the loan advance does not have to be repaid.

Paycheck Protection Program (PPP)

The SBA has authorized lenders to start processing PPP loan applications on April 3, 2020. For businesses with 500 or less employees and in operation on 2/15/2020 loans made available through the SBA. The amount of the loan is limited to the lesser of $10 million or the borrower’s average total monthly payroll costs for the 1 year ending on the date of the loan multiplied by 2.5 plus any refinanced loan obtained after 1/31/2020.

The application period ends June 30, 2020. The loan proceeds may be used for payroll costs , employee benefits and commissions, interest payments on mortgages, rent, utilities, and interest on debt incurred before 2/15/2020. No collateral is required with a maximum interest rate of 4% and a maximum term of 10 years. While interest will accrue from the day the loan is made, not interest or principal payments are required for a 6-12 month period of time. The loan may be paid off at any time without prepayment penalties. The PPP loan has a forgiveness provision allowing the borrower to apply for loan forgiveness in an amount equal to the payroll costs, rent, utilities, and interest paid on mortgages during the 8 weeks after the loan is made. The amount of forgiveness will not be taxable to the borrower, but the taxpayer may not use both the loan and the employee retention tax credit .

How to apply

Small business owners can apply for an EIDL and advance here:

PPP loans go through approved third-party lenders. Talk to your bank or your local SBA office (given the current demands on the SBA, your bank may be a better place to start).

How Figueroa and Co Can Assist you on the loan application


  1. Please sign the attached IRS 4506T FORM for the Business (Business Loan Application-P.13)
  2. Fill out the attached Personal Financial Statement (Business Loan Application-P.9)
  3. If you have a third party prepared your corporation and individual tax return other then our office , please forward our office the copy and supporting financial data (QuickBooks copy etc)
  4. Background on your business or a website/social media page
    1. The owners back round, experience
    2. How is the COVID-19 Virus effecting your business and what’s your plan on how you would use the money and how would you pay it back ? Please be detailed


Please provide the past twelve months payroll information.

Pricing Model

  • All files will subject to the flat application fee- $ 295.00
  • Preparing Individual and business financial statement and supporting schedule will base on time spent with a billing rate $175.00/Hour.
  • Tax return prepared will be charged at the standard rate based on the tax program
  • Closing fee:
    • This will be paid once the account has been funded by the SBA.
    • See pricing chart below – If you want to charge a referral fee as well. Please let us know for each request.

Loan Amount: Less than $ 100,000

Application Fee: $295.00

Closing Fee: 1.25% of Final Loan Amount

Loan Amount: $100,001 - $200,000

Application Fee: $295.00

Closing Fee: 1.5% of Final Loan Amount

Loan Amount: $200,001 - $300,000

Application Fee: $295.00

Closing Fee: 1.75% of Final Loan Amount

Loan Amount: $300,001 over

Application Fee: $295.00

Closing Fee: 2% of Final Loan Amount

I’m here to help you in any way you need in this process. Don’t hesitate to reach out the office.