When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business owners are no strangers to such worry. It’s long been known that, if too much of a company’s supply chain is concentrated (that is, dependent) on one thing, that business
Employment laws and compliance have become more confusing and difficult during the pandemic, leaving some with more questions. Here are some common Q&A’s. Q&A: What Happens If An Employee Doesn't Return to Work Everyone has to play this one carefully, thanks to guidance from the SBA. An employer may want
It’s August, and that means it’s time to get ready to go back to school for many students. If your child recently graduated from high school and is heading to college in the next few weeks, besides assembling the essentials — such as clothing, toiletries, bedding and a laptop —
The Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify for a coronavirus-related distribution? The Early Distribution Basics In general, if you withdraw money from an IRA or eligible retirement plan
The SBA just released a revised PPP Loan Forgiveness Application and a new EZ Loan Forgiveness Application for borrowers. The revised form includes the changes from the Paycheck Protection Program Flexibility Act of 2020 that was signed into law on June 5th. The new EZ form has fewer calculation requirements
Until recently, employers in only a handful of industries had to provide significant reporting on COVID-19 transmission in the workplace. But as of May 26, new Occupational Safety and Health Administration guidelines require a much wider range of employers to determine whether employees caught the coronavirus at work or while
Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals and entertainment. It’s unclear whether Congress would go along with
Businesses, employers, and SBA lenders have been waiting for further clarification and added relief regarding the SBA Paycheck Protection Program (PPP). The new Paycheck Protection Program Flexibility Act of 2020 (PPPFA) provides some of the much needed guidance. Here is a summary of the bill. These provisions are retroactive to
Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks later, those projections had changed significantly — and not for the better. Because of the novel coronavirus (COVID-19) pandemic, businesses
Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board (FASB) has decided to give certain entities an extra year to
