With the ongoing impact of COVID-19 and the financial impact it's imposing on businesses and individuals alike, we want to keep you in the loop with all current and potential financial relief options that may apply to you. That said, there's been talk for quite sometime that there may be a second round of stimulus checks on the horizon. As it stands, the time to make a decision this calendar year on the approval of a second relief package is running out. According to Nancy Vanden Houten, lead economist at Oxford Economics, she is "pessimistic about the prospect of any significant near-term fiscal relief, and fear several social safety-net programs may be allowed to expire, affecting millions of households across the country." If Congress 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...
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...
Small Business Relief Fund
The Entrepreneur Fund, Northland Foundation, and Northspan have partnered in developing the Small Business Relief Fund to support businesses in our region hard hit by the coronavirus pandemic. Funding will be used to provide financial assistance to business owners who are facing significant challenges. Small Business Relief Fund Eligibility Businesses located in the Entrepreneur Fund service area: Aitkin, Benton, Carlton, Cass, Cook, Crow Wing, Itasca, Kanabec, Koochiching, Lake, Mille Lacs, Morrison, Pine, St. Louis, Stearns and Todd Counties in Minnesota and Douglas County in Wisconsin. Be current on financial obligations as of March 1st, 2020. Affirm they intend to remain open or to reopen. Demonstrate need for financial Read More...
Coronavirus Funding – Senate Passes $484 Billion Bill
On Tuesday, April 21st, via voice-vote, Senate passed a $484 billion interim coronavirus funding bill which will replenish the emergency loan program for small businesses called the Paycheck Protection Program (PPP). This bill will also provide billions of dollars in funding for the Economic Injury Disaster Loan program (EIDL), hospitals, and will allow for expanded coronavirus testing. The $484 billion will be allocated as follows: $322 billion — is for replenishing the PPP, which dried up very soon after the application window opened. Roughly $60 billion of that total will be allocated to small lenders and community banks. $60 billion for the Economic Injury Disaster Loan program, which reaches communities and small Read More...
US Chamber of Commerce “Save Small Business” Fund
4/22/2020 - Update: The US Chamber of Commerce announced late on Tuesday afternoon (April 21st) that the overwhelming demand and influx of applications forced a system malfunction. With more than 15,000 applications in the first few minutes of opening the application window, the US Chamber is no longer accepting applications. At Christianson, we are aware of the economic challenges that have surfaced for businesses due to COVID-19 and we will keep you apprised of funding opportunities as they're released. ******************************************************************* 4/16/2020 - BREAKING NEWS: The US Chamber of Commerce Foundation has opened Small Business Grants of $5,000. Funded by corporate and philanthropic partners, the Save Read More...