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 – 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

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

NYT Morning Briefing, PPP Loan & P4 Updates

The PPP loan applications close today at midnight, the rules have relaxed, so if you have not yet applied, today is the day to do so. It’s hard to believe that we have been researching the guidance on these programs for four (4) months and there are still so many unanswered questions. Please follow this link for the SBA Lender Match Tool if you have not applied yet. If you…  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

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

H.R. 7010, Paycheck Protection Program Flexibility Act of 2020 Passes in the House

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

Friday Morning Briefing, Consider a Different Way of Funding Small Business…

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

COVID-19 Business Update – 20 May 2020

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

The Morning Briefing and Sharing Today’s Beautiful Sunrise

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

A New Normal Mother’s Day, Office Safety Protocol & Your Morning Briefing…

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

Bank PPP Loan Emails, Open at Your Own Risk…

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

The Morning Briefing and New News on the PPP Loan Calculations…

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

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