Finance Resource Guide

Scroll down to find additional information on the following:

  • Helpful Links
  • Receivables & Deposits
  • Credits Cards & Lines of Credit
  • Loans
  • Deferred Payments
  • Tax Filing and Refunds
  • New Leave Requirements
  • Tax Credits for Sick/Family Leave
  • CARES Act: Passed into law on March 27, 2020
  • Additional Resources

Accounts Receivable

Start with your Accounts Receivable (money people owe you). It’s worth it to spend an hour sending out text messages and making phone calls to see what payments you can get to come down the pipeline sooner rather than later.


If you aren’t already taking routine deposits in order to schedule work, now is the time to start. Anywhere from 15-25% of the final project amount is pretty standard for a deposit, and they can help your cash flow problems. If you start getting requests to postpone work- ask for a deposit then, if you haven’t already! Tell the customer you envision “a major increase in demand, and I don’t want you to lose your spot in our production lineup!”

Credit Cards & Lines of Credit

CreditCredit is a huge part of “cash flow”. Painting is in demand, and will continue to be. You may still be experiencing a high production period, but the payments from customers could be a little slower to come.Credit cards (especially if you can get a sign on bonus with 0% APR for a time- look for these first!) are the perfect tool for covering operational and overhead expenses while you wait for checks to come in the mail.To Apply You Need: EIN, SSNs of Applicants (Business Shareholders), Income Estimates, and a good credit score Lines of CreditLines of Credit are preferred for a couple of other reasons- they can be used for expenses, like payroll (which credit cards can’t cover) and they’re a step up from loans in that you only pay interest for what you use. To Apply You Need: EIN, SSNs of Applicants (Business Shareholders), Good Credit Score, Business Financial Reports (PNLs and Balance Sheet), Tax Returns (Prior 2 Years Likely). A record of your Accounts Receivable and current work under contract will also help.


There are many opportunities for small businesses to apply for loans as relief. We have some of the major options compared below:

  • SBA Economic Injury Disaster Loan (EIDL): Amounts up to $2,000,000 with long pay-off options (up to 30 years). Interest rates currently published of 3.75%.

    To Apply You Need: SBA Loan Application (Fill out and Submit Online). Tax Information Authorization for each shareholder of 20% or more. Most recent business tax returns, and personal returns for each shareholder of 20% or more. Signed Financial Statements of 20% or more shareholders. Schedule of liabilities listing all fixed debts.

  • SBA Express Bridge Loan: Pilot program for quick cash turnaround for businesses who have an existing relationship with an SBA Express Lender. Up to $25,000 cash, streamlined process, to help bridge the time until EIDL loans are disbursed. Funds may be rolled into the eventual EIDL loan.

    To Apply You Need: An existing business relations with an SBA Express Lender

  • Expanded SBA 7(a) Loans via the CARES Act: Max Loan of $10 million, expanded uses to cover payroll, mortgage, rent, utility (with limitations), insurance premiums and other debt obligations

    To Apply You Need: Apply through an approved SBA 7(a) lender, per their application process. Financial reports, Debt and Asset Itemized List, Personal Tax information of shareholders, AND documentation of 12 month average Payroll, and relevant overhead expenses (mortgage, rent, utilities, insurance premiums)

  • “Paycheck Protection Program” Loan Forgiveness: Potential forgiveness program for targeted loan funds spent on payroll, interest on mortgage, rent, utilities in the 8 week period after funding (potentially retroactive to help bring back workers who were previously laid off)

    To Apply You Need: Discuss with your approved SBA 7(a) lender how to follow and apply for forgiveness qualification

Deferred Payments

  • SBA Loan Subsidy : For 6 months after the enactments of the CARES Act, SBA is required to pay all principal, interest and fees on all existing SBA loan products including 7(a), Community Advantage, 504, and Microloan programs for six months.
  • Individual Loan Program Deferrals: Many lenders have responded to the COVID19 crisis by proactively offering deferrals on payments for vehicle loans, business loans, line of credit, and credit card payments. Reach out to your individual lenders to ask what options are available to extend your payment options. Be sure to ask about how interest applies to any deferrals- are you accruing interest expenses during the deferral period?
  • Mortgage Forbearance Programs: Federally backed mortgages, as well as some private servicers, are offering Mortgage Forbearance programs which can prevent late fees, delinquencies reported to credit bureaus, and suspend foreclosures or other legal proceedings. Renters are encouraged to discuss these options with their landlords as well. Mortgage administrators will need to be directly contacted to apply for assistance.

Tax Filing and Refunds

  • Federal Tax Filing Deadline for Individuals, Corporations and Nonprofits extended to July 15th
  • Tax Payment deadlines deferred to July 15th (including 2019 Income Taxes, and 2020 Estimated Taxes Due)

New Leave Requirements

  • Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19
  • Leave requirements have been announced to be in effect as of April 1, 2020 through Dec 31, 2020. Any leave paid out to employees prior to the commencement date does NOT reduce benefits available through the FFCRA.
  • All Employees must be granted:
    • Two Weeks (up to 80 hours) of paid sick leave at employee’s regular pay rate, where the employee is unable to work due to quarantine and/or COVID-19 symptoms and seeking a diagnosis


    • Two Weeks (Up to 80 hours) of paid sick leave at two-thirds regular pay rate because employee is unable to work because of a bona fide need to care for an individual subject to quarantine, or care for a child whose school or care provider is closed for reasons related to COVID-19
  • Employees who are employed for at least 30 days must receive:

Tax Credits for Sick/Family Leave

  • Employers receive 100% reimbursement for paid leave pursuant to the Families First Coronavirus Response Act.
    • Health insurance costs are also included in the credit.
    • Employers face no payroll tax liability.
    • Self-employed individuals receive an equivalent credit.
  • Fast Funds
    • Employers will be able to offset the qualified leave payments by immediately retaining the withheld payroll taxes (including employee income tax withholding, employee FICA withholding, as well as employer FICA withholding)
    • At the quarterly 941 Filing deadline, the tax amounts withheld, as well as the accrued tax credit, will be reported to the IRS.
      • Any tax credit in excess of the withholdings will then be eligible for a disbursement via a request for an accelerated payment from the IRS (estimated processing time of 2 weeks).
      • Withholdings in excess of the credit will be paid to the IRS
  • Small Business exemption: businesses with fewer than 50 employees may be able to claim exemption from only from the requirements to provide leave related to school closings or child care unavailability.
    • Exemptions are available on the basis of the leave jeopardizing the viability of the business
    • Awaiting further guidance on the exemption standards

CARES Act : Passed into Law on March 26, 2020

  • Individuals:
    • Individuals earning less than $75,000 can expect a one-time cash payment of $1,200 (married individuals each receive a check), and households receive $500 per child
      • Based on either your 2018 or 2019 taxes
    • Extra unemployment payments
      • $600 per week from the federal government on top of whatever base amount a worker receives from the state
      • Boosted Payments will last for 4 months
      • Pandemic Unemployment Assistance Program: new program to help the self-employed, gig-workers and contractors gain access to unemployment benefits who lose work as a result of the public health emergency
    • Student Loans: Employers can contribute $5,250 in tax-free student loan repayment benefits
      • Deductible for the employer
      • Non-taxable for the employee
    • Insurance: all private insurers are required to cover COVID-19 treatments and vaccine, and makes all coronavirus tests free
  • Small Businesses:
    • Emergency grants: $10 billion dedicated to grants of up to $10,000 to provide emergency funds for small businesses to cover immediate operating costs
    • Forgivable loans: $350 billion allocated to bolster SBA Loan programs, portions used on payroll and certain operating expenses may be eligible for forgiveness
    • Relief for Existing Loans: $17 billion to cover 6 months of payments for small businesses already using SBA loans

Additional Resources:

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