A few items for retailers to note:
– The six-digit NAICS Code for most retailers falls under 441310. Retailers will need that to get the process started. I checked and it’s “available” as a qualified business code for some of these programs.

– Businesses and entities who have been in operation on February 15, 2020 and under 500 employees can qualify for the Paycheck Protection Program (PPP) Loans and the Small Business Debt Relief Program (not disaster relief-related.

– According to the documentation, LLCs, S-Corps and C-Corps DON’T qualify for the Economic Injury Disaster Loans & Emergency Economic Injury Grants. Only Sole Proprietorships (with or without employees and Independent Contractors. Other qualifiers for that are Cooperatives and Employee-Owned Businesses, Tribal Small Businesses and Non Profits. (typically none of which are a 12 volt retailer).

Generally speaking for loans/relief payments, retailers should be prepared to submit:
– 1.5 hrs of time to work through applications
– 2018 Business tax return – they will need to upload
– 2019 P & L statement to get Sales and Cost of Goods Sold
– Schedule of Business Debt (if any)
– Personal Financial Statement info:
– Cash in bank accounts
– Home purchase date & original cost IF they own their home
– Current value (lower is better)
– Mortgage balance & loan payment info (if applicable)
– Cars owned (lower the value the better)
– Other personal debts (if any)
– Contingent Liabilities (As Endorser or co-maker) put total of all company debt.
– Upload signed 4506-T. This is the form that allows loan processors to get copies of the retailer’s tax return for the business – basically to verify the information is accurate.

Tough and uncharted waters, but we’ll all get through this!
Stay safe.
TODD RAMSEY