The IRS released guidance disallowing business deductions to the extent of eligible loan forgiveness under the Paychecks Protection Program (PPP). The CARES Act created the Paychecks Protection Program to add liquidity to businesses by issuing forgivable loans through the Small Business Administration (SBA) for expenses such as payroll, employee benefits,...
Read More
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...
Read More
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...
Read More
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...
Read More
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
Read More