We have compiled a list of resources that you may find helpful in navigating the COVID-19 Pandemic for your small business.
On Friday June 5th President Trump signed new legislation (Payroll Protection Flexibility Act) that relaxes Payroll Protection Program (PPP) rules in regards to forgiveness. This may have a favorable impact on PPP loans that were previously deemed partially unforgivable based on past guidance. SmartBooks will continue to review these and future changes and assess the direct impact as it relates to the forgiveness of your PPP loan.
On Friday May 15th the U.S. Small Business Administration (SBA) published the application and related instructions to request forgiveness for the Payroll Protection Program (PPP) loan. Small business owners and advisors have been anxiously awaiting guidance on the forgiveness terms since the PPP was announced in March. There will likely be additional guidance and information that will be provided in the coming weeks.
On May 13th the Small Business Administration (SBA) released FAQ #46 related to the “good faith certification” requirements for Payroll Protection Program (PPP) loans. You can read the FAQs on the Treasure website, but here is a brief summary of the most recent notice.
The U.S. Small Business Administration (SBA) has made several programs available to help small businesses. The Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP) loan are two very aggressive pieces of legislation that were passed in order to combat the significant impact that COVID-19 has had on the economy of the United States and, more importantly, main street businesses. Although many articles have been written explaining the details of the loans, very few articles have been written explaining how and why business owners should go about choosing the various loan options.
In this white paper, we help businesses who are grappling with a high degree of uncertainty and some fear about their revenue, profit, and cash flow for the next several months or longer.
On Friday March 27th The House passed the Cares Act which was signed into law by President Trump shortly after. The $2.2 trillion dollar relief package can be described as a first aid kit for taxpayers. It’s got a little bit of everything in it for everyone and everyone should be thinking how they can take advantage of this bill.
Accessing cash to support your business through the COVID-19 pandemic can be challenging for small businesses. Here are a variety of programs and options that you can consider to help you.
SmartBooks will continue to provide information related to small business tax related to the COVID-19 Pandemic.
With all of the information coming out about COVID-19 it can be challenging to find credible resources to help small businesses understand the impact and options that are available to support them. We have compiled a list of government resources for employers and employees to understand and navigate work-related issues related to COVID-19.
A collection of resources for employers and employees who are undergoing layoffs for each state.
A collection of resources from the Small Business Administration to help navigate.
The SBA provides low interest disaster loans for businesses impacted by COVID-19.
Up-to-date information from the CDC about the COVID-19 virus.
SmartBooks has worked with many clients to model different revenue scenarios and help determine options to adjust cost structure and/or utilize different credit facilities. Our senior team, including our CEO, COO, and Controllers are ready to help. To schedule a free 15 minute finance consultation, please click here to book time directly on our calendars.