Covid Relief Case Studies: Businesses who went from Uncertainty to Survival
Received funding? Still waiting for approved funds? We get it, there is no same situation for anyone.
We are all struggling with the uncertainty of how or when we will receive funding to keep our businesses afloat. After reading comments from our community asking the what, when, and where’s of how individuals got approved for funding. We decided to create case studies from different types of businesses to shed some light on their Covid lending experiences.
*NOTE: All information provided by the businesses are kept completely confidential*
Here are two case studies from businesses in the CPA MOMS community who graciously shared their experiences.
Case Study #1:
An accounting firm organized as an S Corp has an annual revenue of $600,000 per year and an annual income/net profit of $300,000 per year. The company has 3 employees. They applied for the PPP (Paycheck Protection Program) with Carter Credit Union, as a new relationship. This new bank relationship was actually introduced through CPA MOMS. They applied on Saturday, April 25, 2020, for the amount of $56,000. They were approved within 5 days and received funding for the full amount.
Case Study #2:
A business organized as a General Partnership (Form 1065) has an annual revenue of $7,600,000 per year and an annual income/net profit of $1,300,000 per year. The company has 18 employees. The company applied for the PPP (Paycheck Protection Program) with Synovus Commerical Bank, in which they had a good existing relationship. They applied on Saturday, April 4, 2020, for the amount of $225,060. The funds were received on April 11, 2020, for the full amount.
Do you have a unique or successful experience with applying for funding? Let us know! Comment below or join one of our Facebook communities below to share it with others.
CPA MOMS Entrepreneur Facebook Group: https://www.facebook.com/groups/cpamoms.entrepreneur/
CPA MOMS Accounting/Tax Facebook Group: https://www.facebook.com/groups/cpamoms/
For more Covid resources or support for small businesses, please visit: https://cpamoms.com/covid-blog-sba-loans-simplified/