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...
EIDL Accepting Applications
The SBA is once again accepting applications for ag, non-ag businesses, and certain non-profits, as of June 15th for the Economic Injury Disaster Loans (EIDL). The program designed to help businesses through the COVID-19 pandemic had only allowed agricultural businesses to apply over the last 6 weeks. This left some out in the cold. Early on as the EIDL emerged, Ag businesses were not certain they would qualify and eagerly awaited a solution. Some took the chance and applied but many waited, not wanting to waste their energy. Congress has fully addressed their need with additional funding. Since May 4th, the program has been open exclusively to agribusinesses and farmers, but has now been re-opened to all eligible small Read More...
Access to Christianson PLLP During COVID-19
We plan to err on the side of caution by gradually increasing our occupancy and lessen exposure for all until the timing is appropriate to move to Phase 3. Even post Stay Home MN and Stay Safe MN orders, it is not our intention to have the full staff or full client traffic return to the building, but to increase occupancy slowly. We are more than willing to save you a trip into the office by providing a virtual solution or by offering the use of direct mail. Contact your service professional if you would prefer Access to the Willmar Location Employees who work inside the building and clients who enter must follow the established protocol which is listed at the entry points. The most important of which is to be symptom free. Signs will Read More...
Business & Industry Loan Guarantees
With many rural businesses and agricultural producers facing financial challenges as a result of the coronavirus pandemic, the Department of Agriculture announced that it will make available up to $1 billion in loan guarantees for these entities through Farm Service Agency loan programs and through the USDA Business and Industry CARES Act Program. This is a new program that provides working capital loans to help rural businesses prevent, prepare for or respond to the effects of the pandemic. What does this program do? According to the USDA, this program offers loan guarantees to rural businesses in an effort to improve the economic health of rural communities by increasing access to business capital through loan guarantees. This enables Read More...
PPP and the Senate’s Success
PPP and the Senate's Success! In the latest news of PPP happenings, the Senate passed HB 7010 with a whole lot of goodies for borrowers on its way to the President's desk. Extended Window of Reporting Borrowers who have already taken out their loan will now have the option to elect 8 or 24 weeks as their applied forgiveness period, allowing more time for workforce expenses. New Forgiveness Percentages There will be increases to the current limitation on non-payroll expenses (such as rent, utilities, mortgage interest) for loan forgiveness from 25 to 40%. The 75% payroll requirement was too rigid for many small businesses, particularly during the 8 week covered period where many businesses were completely closed due to stay at home Read More...
Options in Personal Finances during COVID – Provisions for the People
COVID did a number on business finances, which seep into personal finances. Most of us have heard about the $600 unemployment bump and the $1200 stimulus checks meant to help individuals. Even if we are not feeling distress, we should be aware of all the options available to us to improve our financial situations. IRA Contributions Since the 2019 filing date for taxes was extended until July 15th, it was only fitting that IRA contribution dates moved as well. If you are one who does not consistently take advantage of these full annual contributions and you have some cash on hand to invest, your curiosity should be peaked. We have never had so much time to make contribution decisions for 2019. We now have over half of 2020 to glean what Read More...
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