HR 7010 which passed the house last week, passed the senate unanimously and now its on to the president to sign it into law. You may have missed last week’s blog which I posted after this bill passed in the house with some “notes” based upon the House and Senate versions that blog post can be viewed here. This updated version now goes to President Trump to be signed into… Read more
Resources to Help You Survive – and Thrive – During the COVID-19 Pandemic Now that some states are lifting lockdown restrictions, retailers whose offerings differ by the season are having an especially challenging time with reopening. Many were not able to fully restock their stores with spring items before they had to shut down, and have warehouses and stores full of items that no one wants now. Restaurants are also… Read more
I clicked on the email from disastercustomerservice@sba.gov and was a bit surprised that they were inviting me to set up my portal so I could continue my SBA Economic Injury Disaster Loan Application. I said to myself “I got an Offer for a SBA Loan Now What Should I Do?” then I said to myself this is an opportunity and I should approach this as I would any other opportunity… Read more
On May 28th The House passed the Paycheck Protection Program Flexibility Act of 2020 with nearly a unanimous vote of 417-1. The official text of the Bill H.R. 7010 is posted here The bill is intended to make the terms of use for the PPP funds more flexible, as many businesses are still prohibited from opening and many employees are reluctant to return to their workplace. This expansion is NOT… Read more
I am hoping that everyone practiced safe social distancing as we celebrated our war heroes this memorial day weekend. NYS has just opened the New York Forward Loan Fund (NYFLF) for pre-applications. This is a new working capital economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak. NYFLF targets the state’s small businesses with: Gross revenue… Read more
At the onset of the debates and proposals for the stimulus packages, the C.A.R.E.S. Act, PPP & EIDL Loans one of my friends told me about the system some European countries use to support business in times of mandatory shutdowns. It sounded pretty straight forward and she said it accomplished what most economists were saying we needed; a way for employees and businesses to continue paying their bills during the… Read more
Resources to Help You Survive – and Thrive – During the COVID-19 Pandemic The COVID-19 pandemic has impacted nearly every part of the economy. According to a survey by the Census Bureau, 75% of all small businesses in the U.S. have applied for a loan through the Paycheck Protection Program, but as of May 2, only 38% had received funding. For unknown reasons, businesses in some parts of the country… Read more
May 19 2020 I am glad to not only share a beautiful morning sunrise with you, but also the links and important information and guidance regarding the Paycheck Protection Program loan forgiveness process. New guidance has come out about the Paycheck Protection Program loan forgiveness process, as well as an application form and instructions. Here is the link to the: Paycheck Protection Program Loan Forgiveness Application with Instructions Reminders… Read more
Every country around the world has its own strategy for dealing with the COVID-19 pandemic. Some countries, like Sweden, are relying on the development of “herd immunity.” However, that approach is not without risks, and shouldn’t be adopted by other countries without consideration of those risks. On the other end of the spectrum, New Zealand effectively eliminated coronavirus. Like Sweden’s approach, New Zealand’s won’t work everywhere. Here in the U.S.,… Read more
I spent my mother’s day morning with a friend on a plant buying expedition Mother’s Day Greenhouse Plants garbed in gloves hats, masks and glasses and as we practiced social distancing while meeting other gardening enthusiasts at the Brooklyn Terminal Market. I know others who hosted mother’s day dinners via video chat software or FaceTime. It was not quite “business as usual” but it was good to be out among… Read more
This video is a portion of a recent panel discussion with Andrea and other tax professionals on how they set up their offices and were able to support their clients during the COVID-19 Pandemic. Andrea also discusses how cloud software, payroll portals, and document portals enabled her team to support their clients’ grant applications. We are not sure what the new normal will look like once we “open our doors”… Read more
Check out our weekly Digest for April 29th located in the Latest Updates and News sections our Covid-19 resource center which includes a link to the SBA’s PPP policy guide and the SBA’s PPP FAQ’s (as updated April 28th) among other great resources … Check out our recent blog post & video Will I Ever See the Stimulus Money I was Promised?, which details how to update your banking information for… Read more
It seems appropriate to discuss this topic as the news this week is focused on “returning to work”. I wonder what that will look like for people, I believe it depends on our ability to be flexible, creative, careful, courageous, determined and considerate as we continue to work remotely or create processes for a sustainable remote/onsite system. I was asked to contribute to a recently published online article here is… Read more
Here’s hoping that this email and my “not so short video” answers your questions about the stimulus checks or at least clears up some of the confusion. Remember: The amount you get in your stimulus check in the coming months is determined by your 2019 or 2018 tax return (whichever tax return was most recently filed). Next year, when we prepare your 2020 tax return we will complete a reconciliation… Read more
We are looking forward to the starting of the next wave of PPP application submissions and hoping that more of our clients will be funded. We have created a specific process for our clients to follow so that they can comply with the rules and conditions for each of the loan/grant programs. Please follow our blog posts and email blasts for companion videos as well. and on to this morning’s NYT… Read more
Posting this a bit later in the day, I wanted to make sure that I had the most up to date information to share. I have attended 3 webinars today, including a U.S. Chamber of Commerce Town Hall meeting where the discussion was focused on potential additional funding for both the Paycheck Protection Program (PPP) and EIDL, other small business grants. “The PPP is out of money: On Thursday morning,… Read more
I am so glad to share this photo from another beautiful morning run on the beach today, I hope you are all doing something for YOU each day, it really does help. The reports are coming in about the stimulus checks. It seems that only those eligible individuals who had an over-payment direct deposited into their (current) bank account when they filed their 2018 or 2019 tax returns… Read more
It was overcast this morning on the beach, but I was glad to get out to clear my head on #TaxDay? Yes it’s April 15th but the only extensions we are filing are for our self-employed clients who operate in NYC (there was only a minimal extension of time to file the Unincorporated Income Tax Returns (UBT). EIDL And PPP Applications and Funding I am hearing from others in the… Read more
In this video, I talk about how the Economic Injury Disaster Loans & Emergency Economic Injury Grants can help your business. I remember the joke that “Ask an accountant how much is 1+1”, and they say “what would you like it to be”. It sounds like the new Non-Joke “what is my average monthly payroll cost” and we say “what day is it” … Please watch my video, which I… Read more
You may have missed our announcement about our CARES Act Overview and Resource Center This post has many critical resources that are also in our resource center which I wanted to highlight, as well as updated information we have put together from all of our research. We believe that the “PPP loan to grant” program is worth reviewing. We have gotten word that our banking partners do not have complete… Read more