Scott Gottlieb, CPA


105 Maxess Road, Suite N116
Melville, New York 11747

Office: 631-574-4484 or 631-253-CPA2
scott@gottliebcpa.com

 
 
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NEWS BYTES
November 2001


HELP AVAILABLE TO WTC AREA BUSINESSES

TO ALL OUR CLIENTS AND FRIENDS

Our firm would like to extend as much help as we can to all our clients affected by the terrible events of September 11, 2001.

We have gathered information on disaster financial relief. Please call us if you need additional assistance.

The following loans are being offered by the SBA (Small Business Administration):

Business Physical Disaster Loans for Small Businesses- Loans to businesses to repair or replace disaster damages to property owned by the business, including real estate, machinery and equipment, inventory and supplies.

Economic Injury Disaster Loans (EIDL) for Small Businesses- Loans for working capital to small businesses to assist them through the disaster recovery period. These loans cover operating expenses the business could have afforded to pay, if disaster had not occurred.

These loans should be applied for in person by a greater then 20% owner at the following locations:

  • 633 3rd Avenue at East 42nd, 32nd Floor
  • 80 Pine Street
  • 110 William Street
  • 62 Mott, ½ block south of canal
  • 180 Waters Street

The owner representing the business should bring the following information with them if they have it available:

  • Business Financial Statements
  • Corporate tax returns of the business (prior three years)
  • Current year income statement (Through August 31,2001 if information is available)
  • Current year Balance Sheet (within 90 days of filing)
  • Owner’s personal financial statement (or current Bank and portfolio statements)
  • Schedule of liabilities of the business.

Filing Deadlines:

  • For physical damage to property   November 10,2001
  • For economic injury June 11, 2002

Credit Requirements:

  • Collateral is required for all physical loss loans over $10,000 and all economic loans over $5,000.
  • Applicants must show the ability to repay all loans.
  • Applicants do not need to have full collateral; SBA will take what is available to secure each loan.

Private Credit Sources

New York’s banks are extending additional credit, waiving loan payments for businesses seriously hurt in the disaster. Please check with your financial institution to see if you qualify for any of these concessions.

If you should require copies of tax returns or financial statements for your bank or the SBA please call on us, we are ready to help.

 

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The materials on this Web site are for informational purposes only and are not intended and should not be construed as accounting advice. This information is not intended to create, and receipt of it does not constitute, a CPA-Client relationship. You should not act upon this information without seeking counsel from a Certified Public Accountant