Hopefully we don’t see a pandemic like COVID-19 in a long time or never see one again. Aside from practicing safety, there are many business changes that you are probably thinking of making and here are a few examples: Work from Home More, but not too Much Now that many of us have been forced […]
COVID-19
More PPP Updates!
More PPP Updates: New Forgiveness Application: A new application to apply for loan forgiveness became available on June 16th. There is also an EZ Loan Forgiveness Application. Payroll Costs % Decrease Only 60% of loan proceeds must be used for payroll costs versus 75% with previously issued rules. Maturity Date Loans issues prior to June […]
A Few PPP Loan Forgiveness Tactics
You want to make sure that as much of your PPP loan is forgiven as possible. Here are a few ways you may not have thought of: Non-Payroll Costs: You can include interest payments on loans, the cost of telephone services, including your cell phone, faxes, VOIP services, and Internet services, fuel for your vehicles, […]
PPP Loan Forgiveness Application
There is a forgiveness application that was made available from the Paycheck Protection Program and here are the highlights and definitions: Average Full-Time Equivalent “FTE” Calculation: To calculate FTE, you can use a simplified version to determine this by assigning a 1.0 for employees who work 40 hours or more per week and 0.5 for […]
What Will Your Business Look Like and What Changes Can You Make?
Eventually things will open up fully and business activity will be flowing better than it is right now. What will your business look like and what are some changes you can make? Technology The use of virtual meeting technology has skyrocketed with apps like Zoom and Google Meet. This pandemic has forced businesses to be […]
PPP Loan Forgiveness
It sounds like it would be straightforward to have your PPP loan forgiven, but that’s like saying the tax code is straightforward. Here are details and confusion on loan forgiveness: 8 Week Period Qualified expenses have to be paid or incurred during the 8 week period after receiving the loan. Is it incurred or paid? […]
What Should We Do?
With business closings, unemployment, restrictions, and people directly or indirectly impacted by the virus, what should we do? Here are some things we can do: Don’t Make Drastic Changes When possible, do not make significant, time-consuming, and cash-consuming changes. These are not normal times and no one knows how long this situation will last. Adapt […]
COVID-19 Updates: I Received my PPP Loan, Now What?
If you received your PPP loan, what should you do now? The main purpose of the PPP loan is to keep your employees on payroll and the proceeds should be used for: Payroll costs, including payment of state and local taxes based upon compensation Group healthcare benefits and retirement Interest on mortgage obligations Rent Utilities […]
COVID-19 Tax and Financial Updates 04-17-2020
Tax Updates Some taxpayers have started to receive their Economic Impact Payments The CARES Act also provided retroactive tax law changes, such as allowing improvements to nonresidential buildings to be eligible for bonus depreciation (the ability to be expensed 100% in one year), while reducing the number of years of depreciation from 39 to 15 […]
COVID-19 Tax and Financial Updates 04-03-2020
Here are the latest updates and some may have already changed after this was written: Tax Updates Tax deadlines: both New Jersey and New York have finally extended the tax deadline from April 15th to July 15th. CARES Act economic impact payments: payments will begin in the next three weeks and will be distributed automatically. […]