Avoid These Common Small Business Mistakes
Running a small business can give you the independence and creative license you have always wanted for your career. When everything goes according to plan, you earn a living while enjoying your passion. On the flipside, owning a small business can quickly become difficult when you are faced with unanticipated challenges or circumstances. Don’t let […]
The Beginner’s Guide to ERC
The Employee Retention Credit The Employee Retention Credit (ERC) was created as part of the stimulus bill, under the Cares Act, that was signed into law on March 27, 2020. This law allowed employers to take the credit against employment taxes for qualifying wages paid March 13, 2020, through December 31, 2020. Under this original […]
Can an Employee Retention Credit Help Your Business?
Created at the same time as the Paycheck Protection Program (PPP), the Employee Retention Credit (ERC) might be able to help your business manage through the ongoing COVID-19 pandemic. While this provision of the Coronavirus Aid, Relief, and Economic Security Act (CARES) did not receive as much coverage in the media as the PPP, it […]
Getting Granted Approval
How to prepare your financial records for future economic recovery grants While the application period for the Paycheck Protection Program (PPP) closed on August 8, with no clear end to the COVID-19 pandemic in sight, small businesses should be preparing for the possibility of future COVID relief opportunities now. Congress has been negotiating what a […]
PPP Loan Forgiveness
You have spent all of your PPP loan monies and now you want to apply for forgiveness to complete the process. You may want to consider delaying the submission of your forgiveness application for a few reasons: We are expecting additional legislation related to the forgiveness of the PPP loans in the next congressional bill […]
SBA Releases New PPP Applications
Earlier this week the SBA released a few items of guidance regarding the recently enacted Flexibility Act and new forgiveness applications. As a reminder, the Flexibility Act extended the PPP forgiveness period from 8-weeks to 24-weeks. Borrowers still have the option of using an 8-week forgiveness period. It also reduced the amount required to be spent on […]
Paycheck Protection Program Reform Bill Coming
The U.S. Senate passed the House version of the Paycheck Protection Program (PPP) and the President is expected to sign it. The updated legislation, passed Wednesday night, will triple the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. Following is a […]
PPP Forgiveness Guidance Issued as Congress Mulls Changes
A couple new interim final rules were issued late Friday giving additional details on forgiveness. The rules didn’t make needed changes to either the eight-week period during which PPP funds must be spent to qualify for forgiveness or the rule requiring PPP borrowers to spend at least 75% of the funds on payroll costs to […]
Maximizing PPP loan forgiveness
As a recipient of a Paycheck Protection Program loan, we want to remind you of program rules— especially in relation to maximizing loan forgiveness. Regulations and guidance from the government have evolved and we will continue to keep you updated on changes moving forward. General rules Borrowers are eligible for loan forgiveness equal to the […]
Important EIDL Advance Program Update
As we continue to monitor updates to the recent legislation in Washington, we learn just how quickly things can change. This morning we learned that the U.S. Small Business Administration’s Massachusetts District Office announced that, nationwide, the SBA has decided to implement a $1000 cap per employee on the EIDL Advance, up to a maximum […]