Rayman Financial Solutions, Inc.

PPP Changes Offer More Flexibilty The biggest complaint around the PPP loan program was that it required businesses to spend 75% of the loan on payroll. For those businesses shut down due to COVID-19, this meant playing the role of unemployment office, paying their workers to stay home and do no work. The PPPFA reduces the amount of the loan needed to be spent on payroll from 75% to 60%, thus increasing the amount of funds available for other expenses from 25% to 40%. The PP...PFA fixed this by extending the time period to spend the loans to 24 weeks. While businesses will still need to spend the money on payroll and authorized expenses, they now have until the end of 2020 to do so. The new deadline to rehire workers is now December 31, 2020. Source: Forbes.com

https://www.forbes.com//04/07/stimulus-checks-coronavirus/ Stimulus Checks Should Go Out This Week Or Next, Says Kudlow The checks from the Treasury and the IRS probably start going out...I think this week, perhaps early next, Larry Kudlow, Director of the U.S. Economic Council, said to CNBC. That’s good ... www.forbes.com

The US Government has current grants/loans to help small businesses. I have provided two links below, the first is the $10,000 grant, you do not have to pay back and the other is the PPP (payroll) SBA Grant/loan (some will be forgiven and some will be paid back based upon formula at June 30, 2020): Link 1: https://www.sba.gov/funding-programs/disaster-assistance... This is a $10,000 grant to any small businesses (including rental properties you may own). This does not have to be paid back; however, any amount received may be considered taxable income (pay the tax rate on the grant). The only dollar amounts needed to apply for this grant is sales and cost of sales (direct cost not overhead) or rental income if applicable rental property for the last 12 months. Link 2: https://about.bankofamerica.com//latest-updates-from-bank- This is for Bank of America customers only, please go to your business bank website and they will have a similar application. This application is to cover up to 2.5 months of payroll, rent and utilities - only 8 weeks of these expenses can be forgiven if approved*. The only dollar amount required is one month of payroll (payroll - you may include payroll taxes and any 1099 contractors you intend to pay by June 30, 2020). *There will be an application after June 30, 2020 that will required to show funds were spent on payroll, rent and utilities (payroll reports, cashed checks, etc.). You have to apply for any of the amount received to be forgiven it is not automatic (forgiven amounts may be considered taxable income), any amount not approved as forgiven will become a 1% interest bearing loan. This application can only be found at your bank, contact your business banker if you do not see where to apply. At www.sba.gov, they also have the normal disaster relief fund loans not apart of the above for those that need additional funds. This is a pure loan (no grants/forgiveness), estimated interest rate 4%. If you have any questions regarding the programs, please contact your business banker as they have additional details and links with more information. I hope these funds assist during this difficult time.

The CARES Act Last week, the U.S. Congress passed and President Trump signed into law the CARES Act (the Coronavirus Aid, Relief, and Economic Security Act) a significant piece of legislation that seeks to provide approximately $2 trillion worth of economic assistance to consumers and businesses. As a part of the new legislation, the Small Business Administration (SBA) has created a nearly $350 billion loan program called the Paycheck Protection Program. This program is ava...ilable to businesses with 500 or fewer employees to help with payroll, rent, utilities, healthcare costs and more. The SBA has also expanded a number of their existing programs, including the Economic Injury Disaster Loan program. The federal government is currently finalizing the details and protocols about how and when different programs and relief will be implemented, and how Bank of America as a financial institution will help facilitate the execution of these programs. If you believe that you will qualify for relief from the CARES Act: Although details are still being finalized, some documentation may be required when applying for a program when it becomes available. Based on the legislation, it may be helpful for interested business owners to gather the following information about their business: 2019 Payroll including the last 12 months of payroll 2019 Employees 1099's for 2019 employees and independent contractors that would otherwise be an employee of your business. (Note: Do NOT include 1099's for services) Healthcare costs all health insurance premiums paid by the business owner under a group health plan. Retirement your company retirement plan funding paid for by the company.

For those that have been laid off from work (unemployment and stimulus checks are here to assist): Please file with federal unemployment the the Federal DOL to claim up $600 per week in addition to state unemployment that is available. https://www.dol.gov/general/topic/unemployment-insurance... For the state of Georgia unemployment filing: https://dol.georgia.gov/unemployment-benefits Between Federal and Georgia (check your state), you could receive a maximum of up to $930/week. Also, stimulus checks will be sent out this month, $1,200 per individual and $500 per child (there are maximum limits, must have filed a tax return and limits on check amounts due to income). https://www.cnn.com///stimulus-check-calculator/index.html