COVID-19 Southern Homes Support

Please Let Our Support Team Know If We Can Be of Any Help

Hello Brokers, I’m sharing the info below from our Company Accountant. Below is Good News & Bad News “Kinda”

Bad News

If you are an Independent Contractor you CANNOT file for Unemployment until the NC Gov & Federal Gov issues an update to the below policy. It appears they are working on this now to add Independent Contractors. See notice below from  NC.Gov.

We want to make sure you do not file as Southern Homes of The Carolinas being your employer. We do not deduct Payroll taxes from your commissions.  If you file using Southern Homes of The Carolinas this will slow any fillings you submit and will have to start over.

https://des.nc.gov/need-help/covid-19-information/covid-19-information-individuals#are-independent-contractors-eligible-for-unemployment-insurance?

Good News

According to our account you may be eligible for DISASTER LOAN ASSISTANCE

Go to the following Link to apply. It is my understanding that you do not have to be a Corporation to submit an application.

Visit this Link to apply: https://covid19relief.sba.gov/#/

From our Accountant:

Just sending out info to all clients in case they are in need

https://covid19relief.sba.gov/#/

This link is a small business grant and application is fairly simple with a grant up to 10K. I believe they are basing it on your gross receipts.  You just need to know your  gross receipts from 02/01/19 to 01/31/20.  You do have to put a zero in the cost of goods sold but you don’t need to enter anything else in any number spots.

Also attached is Paycheck Protection Program – this is from Live Oak but you can reach out to your bank to see if they are a qualified lender for this government program as most will be.  

You will have to request loan forgiveness at the end but I am expecting that to be relatively simple. 

Things you will need for underwriting of this loan

  1. 2019 P&L
  2. 2019 Balance Sheet
  3. YTD 2020 P&L
  4. YTD 2020 Balance Sheet
  5. Most recently filed corporate tax return (2018 or 2019)
  6. Most recently filed personal tax return (2018 or 2019)
  7. 2019 IRS Quarterly payroll tax reports (all 4 quarters) – Form 940, 941 or 944 depending on your business
  8. Last 12 months of Payroll Reports beginning with your last payroll date and going backwards 12 months
  9. Documentation of health premiums paid for each employee/owner
  10. Documentation of retirement contributions made by the company for each employee/owner
  11. Documentation of current lease or commercial mortgage payments

If you know of any conflict info that we are sending you or know of additional help links that we can share please for to us at:[email protected]

Stay Safe, Stay Healthy and Stay Home. This will be over soon!

Creigh Hill

Southern Homes of the Carolinas, Inc.

19901 West Catawba Avenue, Suite 104

Cornelius, NC 28031

Direct: 704-896-2000

Cell: 704-779-5263

Fax: 704-817-1506

Email: [email protected]