COVID-19 Weekly Update – October 21st 2020

Lately, economists have been talking about a “K-shaped” recovery from the current recession. As this article in The Conversation explains, this kind of recovery happens when different parts of the economy recover at different rates. White-collar workers who can more easily work remotely may have an easier and faster path to recovery than blue-collar and service workers who must be physically present to do their jobs. Moving forward is the…  Read more

COVID-19 Weekly Update – September 30th 2020

With our normal routines turned upside down, people have found as many ways to cope with the pandemic as there are neighborhoods. I love the section of the New York Times showing a series of postcard vignettes of neighbors coming together to connect and help each other, check it out. In Los Angeles, a family picks citrus fruit from trees in their neighborhood, sharing the bounty with the owners of the trees…  Read more

COVID-19 Weekly Update – August 26th 2020

In the past, automation and technological advances created more jobs than it disrupted, and innovation has greatly improved our lives. However, as this article in the Wall Street Journal reports, economists caution that the COVID-19 pandemic may have accelerated the changes that have already been happening for the last several decades which may be creating a divide between skilled and low-skilled workers. “For many professionals, technology has been a lifeline…  Read more

COVID-19 Weekly Update – August 19th 2020

Until scientists develop an effective and safe vaccine, and that vaccine is administered to millions of people, our best means of protection from COVID-19 is herd immunity. Recent models hint that the protective effects of a population that has already been infected by the COVID-19 virus may exist at much lower percentages than previously thought. Instead of requiring that 70 to 80 percent of a population be immune, that threshold…  Read more

COVID-19 Weekly Update – August 5th 2020

It’s no surprise to most Americans that the U.S. economy has suffered greatly from the impacts of the COVID-19 pandemic. But what may surprise you is the extent of the decline: a record 32.9% contraction during the second quarter of 2020, the biggest drop since 1947. The virus is still spreading across much of the country, and for 19 straight weeks, more than 1 million people have submitted new claims…  Read more

COVID-19 Weekly Update – July 29th 2020

Perhaps the most challenging part of dealing with the COVID-19 pandemic is that many infected people never show symptoms or have such mild symptoms it’s easy to chalk that out-of-sorts feeling to a poor night of sleeping. Some estimate that as many as 40% of those infected never exhibit symptoms, and these people could be shedding nearly as much contagious virus as those with full-blown symptoms. This high rate of…  Read more

Should I Accept my SBA Economic Injury Disaster Loan Offer?

“I got an Offer for an SBA Loan Now What Should I Do?” A few weeks ago 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 an SBA Loan Now What Should I Do?” Then I said…  Read more

COVID-19 Weekly Update – July 8 2020

One of the baffling aspects of the COVID-19 pandemic is the fact that we don’t yet know precisely how deadly this virus is. Estimates of the fatality rate range from a low of 0.64%, estimated by analysis of data by Australian researchers, to a high of 16% in Belgium. Many infections are asymptomatic or mild, which means there may be 10 unrecorded cases for each documented infection. What we do…  Read more

COVID-19 Weekly Update – July 1, 2020

In the six months since the coronavirus began spreading around the world, doctors have learned many lessons. For example, placing patients on their stomachs seems to alleviate pressure on the lungs, and prevention is crucial. However, some unknowns remain, such as long-term effects of COVID-19 infections and how long it will take patients to recover. A big surprise to medical professionals was how widely asymptomatic carriers could spread the virus.…  Read more

Friday Morning Briefing, Our Office and Due Date Updates & this Morning’s Photo Opp…

I have been looking forward to seeing my staff in person and had ordered special “cute masks” with filters, high powered cleaning products, a digital thermometer, created a staggered in office work schedule, set up a hand sanitizer station and started our visitor log.  Over the weekend I finalized our plan and certified our readiness. As a New York City accounting office we were all set for phase 2, our…  Read more

COVID-19 Weekly Update – June 24 2020

As a New York City accounting office, I like many have been looking forward to seeing our staff and co-workers in person starting this week with the “Phase 2 re-opening”. We are happy to see that as businesses across the country slowly reopen, the IRS is also beginning to send employees back. So far, employees in seven states (Kentucky, Texas, Utah, Georgia, Minnesota, Tennessee and Missouri) are back at work,…  Read more

Goldman Sachs Small Business Voices Virtual Capitol Hill Week

I was thrilled to be a participant in the Goldman Sachs Small Business Voices Virtual Capitol Hill Week.   As a small business owner and CPA supporting other small businesses I was in a unique position to share my personal experience and shed light on the general hardships that small businesses have been facing and continue to face during the Covid-19 pandemic. A big thank you to Goldman Sachs who made…  Read more

PPP Loan Forgiveness, Cash Flow Forecasts, Re-opening Consequences & this Morning’s Photo Opp…,

Managing cash flow is a vital part of running a successful business. Some business owners think managing cash flow simply means keeping track of how much money enters and leaves their business, but there’s actually more that goes into it. As I take my morning run I try to clear my head and think about what I can do to help alleviate the pressures we are all facing.  Our firm…  Read more

Friday Morning Briefing, Free Masks and N.Y.S. Estimates Due Date Update…

I woke up this morning with lingering nightmare threads.  somehow I had driven to a beach and parked my car and was now running up and down the street hunting for it. Go figure, I guess I am feeling guilty for working out indoors this week! Then I really woke up to a nightmare as I opened my emails and found that N.Y.S. had issued Notice N-20-8 changing the due…  Read more

COVID-19 Weekly Update – June 10 2020

Weekly Digest – 10 June 2020 Resources to Help You Survive – and Thrive – During the COVID-19 Pandemic As painful as the shutdown has been, a recent study indicates that it may have prevented as many as 60 million COVID-19 infections in the U.S. and 285 million in China. Banning large gatherings had the most impact in France and South Korea, while evidence is mixed on the impact of school closures.…  Read more

New Options for Business Owners Under H. R.7010: Paychex Protection Program Flexibility Act!

BLOG UPDATED AFTER THE U.S. DEPARTMENT OF TREASURY ANNOUNCEMENT  ON JUNE 8TH  We are thrilled that Congress, The Senate and President moved so swiftly to pass this law which gives business owners more options for applying for loan forgiveness as they start to reopen and rehire. This video summarizes the key points and pitfalls- RECORDED PRIOR TO THE DEPARTMENT OF TREASURY ANNOUNCEMENT:  click through to the latest announcement  by the…  Read more

Business Lessons Learned During COVID-19

If you’re like many small business owners you’re probably astounded by how the world has changed in a very short time. While we can all hope that the pandemic is a once-in-a-lifetime scenario, the truth is there is a lot in life and in business that is uncertain, and there is a great deal we can learn from the response to COVID-19 to help plan for the future. Yes, your…  Read more

The Senate passed H.R. 7010: “PPP” Flexibility Act of 2020

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

COVID-19 Business Update – 3 June 2020

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 Got an Offer for a SBA Loan Now What Should I Do?” …

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

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