Business Services
If you are an entrepreneur, then ask yourself the following questions:
1) Do you need funding (funding and/or line of credit) & the traditional banks/credit unions have NOT been able to provide you with funding?
Option 1 {Same Day Funding up to $5,000} — For Gig Workers/Self-Employed Workers (1099 Contractors)
The requirements are below:
- Business based in the United States of America (USA)
- More than 6 months in business
- Lowest monthly revenue between $3,000 and $5,000
- Monthly revenue less than $15,000
- Personal checking account (no business checking account) regardless of your monthly revenue where online banking is already set-up
- No more than 5 non-sufficient funds (NSFs) or negative days in any of the past 3 months
- Personal FICO score under 550
- Not a resident of New York or California
Option 2 {Same Day Funding up to $25,000}
The requirements are below:
- Business based in the United States of America (USA)
- More than 6 months in business
- Lowest monthly revenue greater than $5,000
- Monthly revenue less than or equal to $15,000
- Business checking account (not a personal checking account) where online banking is already set-up
- No more than 5 non-sufficient funds (NSFs) or negative days in any of the past 3 months
- Business Owner’s personal FICO score over 550
Option 3 {Quick Online Funding up to $2 million}
The requirements are below:
- Business based in the United States of America (USA) and/or Canada
- More than 4 months in business
- Lowest monthly revenue greater than $15,000
- Business checking account (not a personal checking account) where online banking is already set-up
- No more than 5 non-sufficient funds (NSFs) or negative days in any of the past 3 months
- Business Owner’s personal FICO score over 500
Business Line of Credit {$5,000 - $100,000}
The requirements are below:
- Business based in the United States of America (USA)
- More than 1 year in business
- Lowest monthly revenue greater than $15,000
- No more than 5 non-sufficient funds (NSFs) or negative days in any past month
- Business Owner’s personal FICO score over 500
- If in business less than 2 years Or your business resides in New Jersey, California, Rhode Island, Nevada, Vermont, or Montana, then your FICO score must be greater than 600.
2) Do you want commercial real estate backed funding {$100,000 - $50 million}?
The requirements are below:
- Business based in the United States of America (USA)
- More than 2 years in business
- Lowest monthly revenue greater than $75,000
- The value of the commercial property should be over $125,000 with a minimum 20% equity. Or land that can be developed with an estimated value greater than $1 million.
- Business Owner’s personal FICO score over 600
3) Would you benefit from equipment financing {$20,000 - $200,000}?
The available lenders are industry-specific.
4) Do you require a payment processing system?
Point of sale (POS) providers and equipment are available.
5) Do you require an individual and/or family health care plan?
These are the optional plans beyond the health care plan:
- Dental
- Vision
- Critical & Accident (CI / AME / AD&D)
- Accident (AME / AD&D)
- Critical (CI)
- 24 Hr Virtual Care
6) Would you like ID protection and/or credit monitoring services?
We offer more options for a lower price than Lifelock.
7) Do you want to offer your employees the ability to receive an advance on their payroll direct deposits?
Employers can give their employees the opportunity to have a free, online checking account that also provides interest-free payday advances against their future checks. This is some basic information about the service:
- This is an interest-earning checking account
- Employees have access to online bill pay
- Employees can have free money transfers
- Employees can advance up to 50% of their pay
- The deposit can be made into any U.S. bank/credit union account
- There is automatic repayment on payday
- This is an advance — not a loan thus there is no interest (APR) to be paid
- There is a simple transaction fee of only $2.95 per advance
- There is no monthly fee charged to either the employer or the employee
8) Was your business impacted in 2020 and/or 2021?
Your business can qualify for the US Internal Revenue Service (IRS) Employee Retention Credit (ERC) — Payroll Tax Credit Refund — if you meet the following qualifications:
- for profit business
- the business had to begin operations on or before February 15, 2020
- Between 5 and 500 non-family member W-2 full-time employees {Please Note: The maximum number of employees for the 2020 credits are 100 full-time employees in 2019 while the maximum number of employees for the 2021 credits are 500 full-time employees. The minimum number of employees is for this company only & not the IRS.}
- Have operations that were fully or partially suspended during any calendar quarter in 2020 or the first 3 quarters of 2021 due to orders from an appropriate governmental authority limiting commerce, travel, or group meetings (for commercial, social, religious, or other purposes) due to COVID-19.
- Experienced a significant decline in gross receipts during the calendar quarter in 2020 and/or 2021.
Some specific examples of business impacts follow:
- Change in business hours
- Shutdowns of your supply chain or vendors
- Reduction in services offered
- Reduction in workforce or employee workloads
- A disruption in your business (division or department closures)
- Inability to visit a client’s job site
- Suppliers were unable to make deliveries of critical goods or materials
- Additional spacing requirements for employees and customers due to social distancing
- Change in job roles/functions
- Tasks or work that couldn’t be done from home or while transitioning to remote work conditions
- Lack of travel
The following explains more about the ERC for interested business owners:
- There is NO up-front retainer fee required. If and only if your business receives a refund check, the Certified Public Accountant (CPA) will be paid a percentage of your check after you receive it.
- The Employee Retention Credit (ERC) is a Payroll Tax Credit Refund designed to reward businesses for retaining employees during COVID-19.
- Business owners can receive a refundable credit up to $5,000 per employee in 2020, and $7,000 per employee, per quarter (excluding the 4th quarter), in 2021 for qualified wages. The total refund can total $26,000. This is NOT a loan. It is a refund check that business owners can spend as they wish.
- The credit was initially signed into law March 2020 as part of the CARES Act. The credit was later expanded upon with the Consolidated Appropriations Act in December 2020 and the American Rescue Plan Act in June 2021.
If you answered yes to any of the preceeding questions…
If you answered YES to any of the preceding questions, please contact me to see how we can assist you.
