Posts Tagged ‘accounting’
Small Businesses Suffer with SBA Out of Funds
Summary of Keywords PPP funding exhaustion: On April 16, the U.S. Small Business Administration announced that the $349 billion Paycheck Protection Program (PPP) funds authorized under the CARES Act were fully exhausted, halting acceptance of new applications after just 14 days. Application timing challenges: Several major banks, including Capital One and Wells Fargo, opened application…
Read MoreCapital One still not accepting applications for the Paycheck Protection Program
Summary of Keypoints Capital One status: Capital One was not accepting Paycheck Protection Program (PPP) applications while many other banks had launched online application portals. Impact on customers: Businesses banking with Capital One were forced to seek alternative lenders to submit PPP applications. Alternative lenders listed: Forbes published a list of banks and fintech companies…
Read MoreGoogle Tells us Who is Moving Around
Summary of Keypoints Source of insights: Google’s COVID-19 Mobility Reports provide location-based data showing how movement patterns changed across communities during the pandemic. Behavioral trends: The data indicates that people are moving around less and staying home more, reflecting responses to stay-at-home and shelter-in-place orders, though compliance varies. Workplace reality: The report highlights that working…
Read MoreBREAKING UPDATE – Paycheck Protection Act: Where to find a loan, and how much am I eligible to receive?
Summary of Keypoints Purpose of update: The article addresses common questions from small business owners about the Paycheck Protection Program (PPP), including how to calculate eligible loan amounts and where to apply as guidance continues to evolve. Payroll calculation guidance: The American Institute of Advisors (AIaccountant) advised that average monthly payroll costs for PPP applications…
Read MoreInterest on all student loans held by the Federal Government Waived due to COVID-19
Summary of Keypoints Relief measure announced: Interest on all student loans held by the Federal Government was waived due to COVID-19, providing temporary financial relief to borrowers. Eligibility confirmation: Borrowers are instructed to contact their loan servicer online or by phone to confirm whether their loans qualify for the interest waiver. Finding your loan servicer:…
Read MoreComprehensive List of Private and Public Loans, Grants, and Financial Support for Small Businesses
Summary of Keypoints Purpose of resource: The post highlights financial relief efforts launched in response to COVID-19 by federal, state, local governments, and private organizations to support small businesses. Compiled by Gusto: Gusto created a comprehensive, centralized list of available loans, grants, and financial support programs. Scope of assistance: The resource includes both public and…
Read MoreNew Guidance from the DOL on Administering FFCRA Leaves
Summary of Keypoints Source of guidance: The U.S. Department of Labor released a Questions and Answers document to help employers administer FFCRA leave provisions ahead of the April 1 implementation date. Employee eligibility limits: FFCRA leaves are not available to employees who are furloughed, have reduced hours, or work at locations that are closed due…
Read MoreFairfax County Help For Businesses due to Covid-19
Summary of Keypoints Overview of Fairfax County business assistance: Fairfax County provides COVID-19-related relief measures aimed at supporting local businesses impacted by the pandemic. Tax deadline extensions: Fairfax County extended deadlines for certain local taxes, including car (business personal property) taxes and real estate taxes, to help ease short-term cash flow pressures for businesses. Purpose…
Read MoreBusiness Tax provisions
Summary of Keypoints Employee Retention payroll tax credit: Employers may claim a refundable payroll tax credit equal to 50% of qualified wages, up to $10,000 per employee, if business operations were disrupted by COVID-19 shutdowns or gross receipts declined by at least 50% compared to the same quarter in the prior year, with different wage…
Read MoreLatino Economic Development Corp – Tax Planning and Reporting for Small Business
Summary of Keypoints Event overview: A tax planning and reporting presentation for small businesses hosted by the Latino Economic Development Corp on March 19, 2020. Presenters: The session was led by Jennifer Eubanks, with participation from Rod Johnson of the U.S. Small Business Administration. Primary focus: The presentation addressed tax planning and reporting considerations relevant…
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