Year: 2020
May 1, 2020 by Staff
In order to provide support to businesses impacted by COVID-19, Hennepin County implemented the Small Business Relief Program which was “designed to help small local businesses meet immediate financial needs.” This program provides emergency forgivable loans up to $7,500 to pay for critical operating expenses, such as: Utilities Rent/Mortgage payments...
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The CARES Act includes a provision allowing employers and the self-employed to defer a portion of social security tax payments for the remainder of 2020. Employers All employers are eligible to defer payment of the employer portion of social security taxes on wages paid from March 27, 2020 through December...
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Maintaining communication and cash flow are key to keeping your business as healthy as possible during a pandemic. Luckily the technology exists to help streamline many areas of your business for the current situation. Video Communication – Phone calls are great, but video conference programs such as Zoom, Skype for...
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April 3, 2020 by Staff
The following resource from the American Institute of CPAs provides an overview of the Paycheck Protection Program, a loan meant to provide businesses with quick access to cash: AICPA paycheck-protection-plan-resource
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Background The new law establishes a payroll tax credit for employers subject to closure or experiencing economic hardship due to COVID-19. The business must meet one of two tests for its wages to qualify for the credit: 1. Business is fully or partially shut down due to orders from a...
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