IMPORTANT: Before you read on, I'll begin by promising this is NOT an expensive exercise. Truly. When we suggest to "Rest Easy," we mean it. You're important.
Today in Colorado, Governor Polis closed many businesses for the next 30 days. So, with time and resources both coming at a premium for all of us, let me quickly cover our process so we can get you in line for the EIDL. I'll be brief but also as comprehensive as I can.
What We Know
Our firm has been engaging in this work for many years. If you look around on our website, you'll get a sense of who we are and where we've been. We are knowledgeable and trusted, and have done well by relying upon a network of seasoned human assets in government. We've been in contact with the SBA in Colorado and in Washington, D.C., even long before the shutdowns you may be observing in the media. More importantly to you, the Economic Injury Disaster Loan (EIDL) is not new. The Small Business Administration (SBA) has only added COVID-19 as a new category within the program previously restricted to natural disasters only. So, the process of applying for the EIDL is not new either.
Like most every client we have served over 12 years, we begin on the premise that an owner prefers to focus on their daily business operation, especially during difficult and uncertain times, so they give Capitol Steps Consulting permission to pursue objectives on their behalf. The EIDL is just one of many of those objectives for which we have experience. Here's are the general steps we'll take while pursuing an EIDL:
Step 1: Our EIDL toolkit contains every form necessary to submit to your request to the SBA. This includes ancillary forms to provide for whether you have filed taxes on time, and whether you need an extension. But having all the forms ensures every box is checked. Not surprisingly, if there is even one error on a comprehensive package submitted to the government, it will be rejected, and you will receive eventual notification asking you to resubmit everything.
Step 2: We will engage in a non-disclosure agreement (NDA) with you to protect your confidentiality. We will only share what is collected with the SBA. Securing and maintaining client privacy is of the utmost importance. Then one of our knowledgeable associates will carefully walk you through the forms and populate the fields to collect the necessary information and backup documentation needed for support. We will check and double-check everything with you before we ask you to sign-off on what has been assembled.
Step 3: We will organize all the data and backup documentation collected during our "Discovery" phase, and prepare to submit it online directly to the SBA representative. Accounting for the fact there is no room for error, we double-check all entries and guarantee the quality of the submission.
Step 4: We commit to a communication plan with our clients that makes us available to clients for accurate status of where you are in the SBA pipeline. It will be our job to work the phones and email, so our client isn't chasing status updates. Getting through to a federal agency can be difficult. We do our best to rely upon the human asset network we have assembled over the years.
Step 5: Walking our clients through the phases of closing the loan ensures they are signing-off on the right-sized SBA product, and that the terms are clear, and the pathway to accessing the funds meets their expectations.
And that's it. Our group ensures your pre-qualification and the quality of your submission, and then we pursue the status and keep every stakeholder in the loop. That way, business owners can focus upon their operation day-by-day, bringing in that next dollar. As of the time of this posting, the landscape is changing rapidly. Please feel free to contact me directly by email, our contact form, or by text/phone call to 202.460.6252. I'll promise to answer or promptly return your call if you leave a voicemail.
Important Note on Timing
Currently, as we wait for the formal announcement from Governor Polis on the topic of SBA and the EIDL, people have been calling us to prepare early so their submissions are ready by the time the SBA opens the door for the applications. It's good to be among the earliest applicants than after the rush has begun. It's just the simple math of the bottleneck. First come, first serve is the rule of government processing - so we must advise our clients to adopt that reality. Most importantly, Capitol Steps Consulting is also a small business. You can always count on our adopting a sense of urgency on your behalf. I hope to hear from you. Stay hungry and positive. We'll get through this.