An update on crisis relief for small businesses

Posted Leave a commentPosted in Banking, crisis management, Payroll, Small Business

Almost nothing went right in the launch of the Payroll Protection Program over the past two business days. The best advice is to keep trying and don’t give up. Don’t forget what’s happening on a state level. The state programs quickly oversubscribed but today but more relief is likely. If you are sweating bullets to […]

Focus is the key to transformation and crisis recovery of small businesses

Posted Leave a commentPosted in crisis management, Self-employed, Small Business

Small Business Administration Chief Jovita Carranza tweeted on Friday afternoon that 12,461 crisis response loans were already approved totaling more almost $4 Billion. The problem is, none of the nationwide network of small business accountants I am connected with online knows any small business that has been approved yet. While the aid package was supposed […]

No fee for Payroll Protection Program applications

Posted Leave a commentPosted in crisis management, Payroll, Small Business

I am not charging fees – and you shouldn’t need to pay for anyone else’s fees either – for preparing small business Payroll Protection Program applications in accordance with federal law and the guidance of both the AICPA and the NJCPA1. Specifically, the CARES Act states: ‘‘FEE LIMITS. — An agent that assists an eligible […]

Small Business “Crisis Management Live” – Update Friday April 3

Posted Leave a commentPosted in crisis management, Payroll, Self-employed, Small Business

For those employers planning to apply for the Paycheck Protection Program: there are new developments related to this program since yesterday. It seems likely that we will hear more today. The most important change is that late yesterday we learned that the federal funding is not yet available to the lending banks so the banks […]

New Jersey Small Business Disaster Relief Checklist

Posted Leave a commentPosted in crisis management, New Jersey, Small Business

Checklist of resources Federal Financial Resources through SBA Payroll Protection Program through your own bank New Jersey State Financial Resources Income Tax Payment Deferral Information Private/ Corporate/ Third-Party Financial Resources State of New Jersey New Jersey Business Action Center (BAC) New Jersey Department of Labor New Jersey Economic Development Authority (NJEDA) NJ Department of Labor […]

Small business crisis management update for Thursday April 2

Posted Leave a commentPosted in crisis management, Small Business

My firm, based on the consensus of our active small business accounting industry groups, recommends that all small businesses submit online applications through the SBA for at least one of the two types of government loans. Some should be submitted by Friday April 3 to stand the best chance of approval. The amount should be […]

Coronavirus Disaster Relief for Dummies

Posted Leave a commentPosted in crisis management, Financing, Small Business, Taxes

The title of this post might imply that I’m spoofing on the popular book series. That’s not my intent. The title of this post refers to the amount of deliberate or just unformed false information spewed out in social media about disaster relief right now. A lot of the misinformation appears to be coming from […]

Small business disaster relief: What’s my next step

Posted Leave a commentPosted in crisis management, Financing, Small Business

Self employed business owners want to know – Should I apply for the SBA loan/grant program? Is it really free money? Will I be approved? What will it cost to get my application approved? What’s the maximum benefit I can receive? If I apply, does that disqualify me for other financial assistance? Could it be […]

59 Q&As on Families First Coronoavirus Response Act All Miss the Main Point!

Posted Leave a commentPosted in News and Politics, Payroll, Small Business

The U. S. Department of Labor thoughtfully provides 59 Questions and Answers related to the Families First Coronavirus Response Act but omits the most common situation encountered in the small business market. So I will add Q and A #60 to the list: 60: What happens if my employer has lost 75% to 90% of […]

“I hope you weren’t looking to read good news this morning”

Posted Leave a commentPosted in News and Politics, Small Business

A few clients and other people have commented about my lack of response to recent government actions. Some, I notice, seem to be enjoying an emotional buzz about jockeying for their potential share of the $2 Trillion government aid package. In short, it’s just that there isn’t much worthwhile for me to say about any […]