Two months ago the U.S. House of Representatives passed a bill called the “HEROS Act” that included financial resources to small businesses struggling to restart after the disruptive effects of pandemic shutdown. While the entire bill is not likely to become law because of objections by U.S. Republican Senators, the small business portions of that […]
I’ve received a lot of questions about the new Main Street Lending Program. This post is meant to provide general non-technical information as a starting point in evaluating whether the program may work for your business. What is the Main Street Lending program? A program established by Congress run through the Federal Reserve offering loans […]
IRS says: “The gig economy, also called sharing or access economy, is activity where taxpayers earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. While there are many types of sharing economy businesses, ride-sharing and home rentals are two of the most popular. Here are […]
More than two months ago on LinkedIn I posed a summary of the problem that Wells Fargo small business clients were locked out of the PPP program. I don’t know why so many small nonprofits use Wells Fargo, but they do. As an agent who handles transactions for several of these, it was perplexing. An […]
This past week the U.S. House of Representatives passed the HEROS Act that includes: – Money for city and state governments struggling to provide public services with the collapse in tax revenue– Hazard pay for front line workers– Virus testing, tracing and treatment– Second round of direct payments to citizens make up for lost income– […]
I represented nine small businesses attempting for federal aid through the Paycheck Protection Program this past month. The circumstances and timing of applications vary. Some are for profit businesses and some are 501(c)(3) nonprofits. I am applying as an owner, authorized representative, controller for some of the businesses. Others I am acting as accountant assisting […]
From the first day that we discussed coronavirus relief programs I emphasized the need for all of us to be wary of the claim “I’m from the government and I’m here to help”. Over the past seven years I’ve worked with well over one hundred clients hurt by superstorm Sandy but hurt even more by […]
The coronavirus crisis is causing many nonprofit organizations to raise questions about strategic management positions and related compliance issues. Questions on these two issues below are common. Through online discussions, I found that many advisers are not aware of these specific details. This post includes a short discussion and a link for more information. Change […]
On April 24 the US Treasury issued this guidance on how to calculate the maximum amount of loan under the Paycheck Protection Program. It would have been a lot more useful if was dated April 3, instead of April 24 but we have to complete the details now on how to compute the maximum loan […]
This comes from a real email exchange today: CLIENT: Subject: Re: status update on Payroll Protection Program Tony, I don’t believe I heard anything back from this? Has xxxxxx responded to our request? ME: Correct. No response after initial confirmation of application more than two weeks ago. I did attempt to contact the officer who […]