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SBA Reopens EIDL Program to Small Businesses and Nonprofits
In mid June, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible applicants still struggling with the economic impact of the COVID-19 pandemic.
The EIDL program offers long-term, low-interest loans to small businesses and nonprofits. If your company hasn’t been able to procure financing through the Paycheck…Read More -
PPP Update: The Latest Happenings
The PPP landscape continues to shift on a regular basis. The Payroll Protection Program Flexibility Act and the latest Revisions to the Interim Final Rule and Revisions to the Third and Sixth Interim Final Rule (no, I am not making this stuff up!) included various changes or clarifications. The most important are shown below along with our comments in italics:…Read More -
PPP Update: Senate Passes House Bill to Add Flexibility
On the evening of June 3rd, the Senate passed the same bill that the House passed last week (H.R. 7010) to add flexibility to the Payroll Protection Program. It now goes to the President for signing. The main provisions are: Extension of time to use PPP funds and qualify for forgiveness from 8 weeks to 24 weeks from receipt of…Read More -
PPP Update…Still Beneficial to Many, But it Doesn’t Get Any Easier
The Paycheck Protection Program established under the CARES Act has been the hot topic of conversation for the last month…articles, webinars and thousands of hours of discussions and arguments among tax and financial professionals. While we still believe the program will be beneficial to many organizations, the more we learn, the more we understand that the program will generally be…Read More -
COVID-19: CARES Act Paycheck Protection Program Loan Forgiveness Provisions
As companies move beyond the CARES Act Paycheck Protection Program application process, they will turn towards how to calculate the loan forgiveness amount. While the Act has a lot of specifics and some guidance has been issued by the SBA, the SBA has stated several times that it will issue additional guidance. As companies begin to think about how to…Read More -
Current Highlights on the Payroll Protection Program
Fahrenheit Advisors Managing Director, Ben Shealy shares the highlights of the PPP that you need to know. Due to the rapidly changing regulations and program specifics, some items in this post may have changed since the publication date. If you have questions, please call Ben Shealy at 434-996-6715 or e-mail: bshealy@fahrenheitadvisors.com.Read More -
Lessons Learned by a CFO in the 2008 Economic Crisis
Our team has been on the front lines helping organizations through difficult and uncertain times in the past and through this COVID-19 crisis. In this video, Ben Shealy shares his experiences and lessons learned as a CFO in the 2008 economic crisis.Read More -
15 mins with a Fahrenheit CFO: What CEOs need to know to Manage Cash and Survive the COVID Crisis
Doug Jones, Managing Director with Fahrenheit Advisors spends a critical 15 minutes with CEOs discussing what they need to know now to manage cash flow, liquidity and how to plan a strategy to survive the COVID-19 crisis.Read More -
Payroll Considerations Under FFCRA
Please make sure that you are up to speed on the latest payroll procedures, so you don’t overpay your payroll taxes! On March 20, the IRS issued a release on the mechanics of recovering the sick, family and medical leave paid under Families First Coronavirus Response Act (FFCRA) from the IRS. (See our post, \"FACT SHEET - The Family First…Read More -
COVID-19: Navigating the SBA Disaster Assistance Program
The U.S. Small Business Association (SBA) provides Disaster Assistance up to $2,000,000 for businesses and non-profits. As part of the Nation’s response to COVID-19, the SBA has implemented a direct loan program providing up to $2 million in assistance to help overcome the temporary loss of revenue by businesses and non-profits. The loans may be used to pay fixed debts,…Read More -
Business Strategy – COVID-19 Quick Tips for Turbulent Times
These are unprecedented and turbulent times for sure. Here are a few things I focus on when navigating crisis times in business: Cash is King – Know your liquidity position, no matter what! Map out your cash flows for the next 30-60-90 days. Find ways to reel in what you are owed and manage what you pay out. Don’t Panic,…Read More