Congress continues to debate on the second round of stimulus designed to throw lifelines to every American in what is being called the “Coronavirus Recession.” Their self-imposed deadline to agree is August 7th and has us watching developments closely this week. Here’s our quick analysis. Democrats have proposed the Heroes Act and Republicans the HEALS Act. Both have plenty of well-meaning material proposed, but some key differences they will need to meld. We are watching these 4 areas closest: Stimulus Checks It appears they agree that some form of $1200 payment will come again to all individuals like what we experienced in the CARES Act earlier this year. We expect this to once again be figured on the same income formula based on the Read More...
Making Tax Season 2020 Easier – What to Consider
Rapidly approaching tax filing deadlines inspire many to vow that we’re finally going to organize that bottomless shoe box of receipts and documents that we will "get to later". One of the many questions we've been getting this year is what documentation should I retain and how can I prepare for next year's taxes? Tax planning is always important, but with the financial impact that this year’s pandemic may have imposed, you should prepare now to minimize your tax liability and/or maximize your savings from the new tax rules? With the extension being moved to July 15th, we now have less time to prepare for next tax season. We want to make it easier for you by helping you understand what should be kept, in what format and for how long. Read More...
‘Main Street’ Program – Lender Registration
From the ABA Banking Journal: Lenders may now register for the Federal Reserve’s Main Street Lender Program (MSLP), the Boston Fed announced today, adding that lenders “are encouraged to begin making Main Street program loans immediately.” Last week, the Fed announced several adjustments to the MSLP intended to facilitate participation by more small and midsize businesses. Responding to calls by ABA and others to increase small business access to the program, the Fed lowered the minimum loan size for certain loans from $500,000 to $250,000. The Fed also increased the maximum loan size for each loan option under the MSLP, increasing the term for each loan option from four years to five years and extending the repayment period for all Read More...
8 Steps to Temporarily Closing a Business
8 Steps to Temporarily Closing a Business This is an unprecedented time that has forced many small business owners to make the difficult decision to close their business. Some businesses have chosen to close permanently during this pandemic, while others are temporarily shutting the doors. A temporary closure requires a little more than hanging a “closed” sign and locking the door. The recognition of a closure needs to go further than the patrons and be recognized federally and by the state. There are proper steps that must be considered when temporarily closing and today, we take a look at those 8 steps. 1. Contact Your CPA During a period of transition or closure, your CPA will be your best friend. It's important to be strategic Read More...
PPP Extension
The Journal of Accountancy: The U.S. Senate passed by unanimous consent a five-week extension of the Paycheck Protection Program (PPP) on Tuesday night just a few hours before the application window on the program was scheduled to close. The House of Representatives would have to pass the measure and President Donald Trump would have to sign it before the extension would take effect. Both chambers of Congress are expected to adjourn by the end of the week for a two-week recess. The surprise move is intended to provide more time for small businesses to apply for the approximately $129 billion in PPP funding remaining. The PPP was launched in early April as the COVID-19 pandemic battered the U.S. economy and forced many businesses to Read More...
IRS Urges Taxpayers to Keep Economic Impact Payment Notice
The Internal Revenue Service (IRS) this week is informing taxpayers that they should keep their Economic Impact Payment notice with the rest of their tax records for the next filing year. Read more below from their recent news release. People who receive an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of their payment, how the payment was made and how to report any payment that wasn’t received. For security reasons, the IRS mails this notice to each recipient’s last known address within 15 days after the payment goes out. It’s especially important for people to keep this notice if they think their payment amount is Read More...
PPP EZ Forgiveness Application
From the Journal of Accountancy: The U.S. Small Business Administration (SBA), in consultation with Treasury, released last Wednesday a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application for forgiveness of PPP loans. The applications reflect changes to the PPP made by the Paycheck Protection Flexibility Act of 2020, P.L. 116-142, which became law June 5. The applications and instructions are available in the links below: Revised PPP Loan Forgiveness Application and instructions EZ PPP Loan Forgiveness Application and instructions The releases Wednesday came only hours after the SBA issued a new interim final rule providing guidance on how to calculate Read More...
USDA Dairy Safety-Net Program
News from the USDA about the Safety Net Program was released last week and we want to share that with you today. Income-over-feed margin for April triggers second payment for 2020 WASHINGTON, June 18, 2020 – The U.S. Department of Agriculture’s (USDA) Farm Service Agency (FSA) announces that Dairy Margin Coverage (DMC) safety-net signup for 2021 coverage will begin October 12 and will run through December 11, 2020. DMC has already triggered payments for two months for producers who signed up for 2020 coverage. “If we’ve learned anything in the past six months, it’s to expect the unexpected,” said FSA Administrator Richard Fordyce. “Nobody would have imagined the significant impact that current, unforeseen circumstances have had on an Read More...
DEED – Small Business Relief Grants
The Minnesota Department of Employment and Economic Development (DEED) will oversee the Minnesota Small Business Relief Grants Program approved by the Minnesota State Legislature and signed by Gov. Tim Walz on June 16, 2020. This program will make available $10,000 grants to Minnesotan owned and operated businesses that can demonstrate financial hardship as a result of the COVID-19 outbreak. A total of $60.3 million is available for grant awards which will be selected through a computer-generated, randomized selection process. Awards will be disbursed and administered by qualified local and regionally based nonprofit organizations. Grant funds received by individual businesses shall be used for working capital to support payroll Read More...
Know Your EIDL Options
You might be one of the 10,000 businesses per day being offered your final EIDL terms. We want you to remember that you are not required to take out the loan simply because you were approved. The power of choice is still yours. Rest assured the [up to] $10,000 loan advance you received after your application is still yours, either way with no repayment expected. That should have no bearing on your next moves. However, if you do have economic need and have interest, you can then apply for a loan for up to $150,000. Here are some other practical considerations before you sign your EIDL: Do you need an EIDL? You might first need to look at what it can be used for. The SBA site says, “These loans can provide vital economic support to Read More...
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