Houk Consulting COVID-19 Updates

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Updated on 5/11/2020

We are fully operational and available to help you during this time. Our team is working remotely to the extent possible. We have been authorized by the state to continue operations.  We will still provide onsite service when essential.  If you need anything, please don’t hesitate to reach out to us.

We are closely monitoring these events and remain committed to helping businesses navigate the technical hurdles involved with making a transition to remote work. We’re also helping protect you from opportunistic threats.

The need for these additional capabilities has created a surge in assistance as companies make this transition. We have a do what it takes attitude to provide service to our clients during this crisis and are well-positioned to effectively address and deliver exceptional service, even now.

Financial Assistance

A number of financial assistance programs are available to small businesses.

Several financial assistance programs are available to help small businesses weather the storm.  The programs below will likely be popular and could max out quickly.  If you are interested in the funds, you should move quickly to apply.

Federal CARES Act Paycheck Protection Program (PPP)

This will be administered by the banks.  It will forgive a portion of the loan that was used for payroll expenses, rent, healthcare benefits, retirement benefits, and state and local taxes assessed on payroll during the 8 week period following the issuance of the loan.

The requirement to get this is only that COVID-19 has negatively impacted your business.  It seems most businesses could benefit from this. The loan amount will be for the average monthly payroll costs for 2019 times 2.5.  So for an average payroll of 100,000/month in 2019, the loan would be for $250,000.

Applications will begin to be accepted on April 3, 2020.  Since the funding on this program has a ceiling, you should move quickly to submit an application if you would like access to these funds.  Talk to your business banker for details.

More information is at the Department of Treasury’s website.

Pennslyvania PIDA COVID-19 Working Captial Access Program

The state has announced special funding available to small businesses through a 0% loan.  It is a 3 year loan capped at $100,000 with no payments due for the first year.  You can find more information on the PIDA COVID-19 Working Capital Access Program page.

Update 4/2/2020 – PA funding for this program was exhausted and they are no longer accepting applications.

SBA EIDL Program

This is a standard disaster loan from the SBA with favorable terms and is broadly available to many businesses.  It has a maximum interest rate of 3.75% with a 30-year maturity.  The loan can be up to two million dollars.  Loans less than $200,000 do not require a personal guarantee.  As part of this loan, an immediate $10,000 grant is available, even if the EIDL loan or the PPP loan is denied.  However, if you also receive the PPP, the loan forgiveness with that program will be decreased by this 10,000; it is not cumulative.

More information can be found on the SBA Disaster page and you can apply for the loan and grant at the SBA COVID-19 Relief page.

Information Technology Resources

Below are some resources we’ve created to help companies as they make the technical changes necessary to continue to work at their jobs:

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