The CARES Act is designed to provide assistance to many businesses that may not meet the customary small business thresholds, including two loan program and the potential for loan forgiveness —eligible small businesses who have been economically impacted by the COVID-19 pandemic should strongly consider taking advantage of the loan programs.

Paycheck Protection Program Forms and Fact Sheets

Application forms and fact sheets for the PAYCHECK PROTECTION PROGRAM (PPP) under the CARES Act have been made available from the Treasury Department.

Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing Small Business Administration (SBA) lenders. Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders. Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.

View Sample SBA Loan Application

The fact sheet encourages small businesses to apply for a PPP loan as quickly as possible, as there is a funding cap on the program, and lenders will need time to process loan paperwork. While there is a trade-off between relief benefits under the PPP and certain BUSINESS TAX PROVISIONS OF THE CARES ACT (specifically the Employee Retention Credit and payroll tax deferral), you may want to submit an application as soon as possible, and subsequently optimize benefits under the PPP and business tax provisions of the CARES Act before executing loan documents.

View Borrower Fact Sheet

Contact your financial institution to for a list of required loan application documents.

Economic Injury Disaster Loan Program Form

The SBA has started collecting information in order to make a loan under SBA’s Economic Injury Disaster Loan Program to qualified application that are impacted by the Coronavirus (COVID-19).

If you are considering applying for both the EIDL and the PPP Loan in any entity, the ability to consolidate the two loans may have passed, however you should submit the online EIDL application —we were given guidance that the deadline for EIDL if you were doing both was 3/31, but we think it makes sense to apply anyway if you haven’t already done so. 

Part of the EIDL is a grant for those who submit an application for disaster assistance. Applicants who meet the qualification criteria to apply for an EIDL loan and submit an application to the SBA, will receive a $10,000 advance within three business day. The EIDL grant does not need to be repaid.

View EIDL Program Application

EIDL Overview

Given the various qualification criteria, the programs and incentives enacted under the CARES Act must be evaluated separately for each business, considering industry, legal requirements and financial and other contractual commitments during this challenging time. Please CONTACT US or connect with your R+R advisor to discuss your organization’s questions, concerns, and priorities.

Please note that this is a fluid and quickly-moving situation, and Reynolds + Rowella will continue to monitor and update this page as new information becomes available.


Reynolds + Rowella is a regional accounting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with our clients. As members of DFK International/USA, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve.

The firm has offices at 90 Grove St., Ridgefield, Conn., and 51 Locust Ave., New Canaan, Conn. For more information, give us a call at 203.438.0161 or email us.


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