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President Signed Stimulus Bill to Aid Small Businesses
The President signed the COVID Relief bill on Sunday, December 27, 2020, but also made several suggestions about how it could be changed. It is not anticipated that Congress will be able to agree on the changes and the bill will go into effect as originally written. Fahrenheit Advisors Managing Director, Doug Jones, outlined key highlights of the bill in…Read More -
New COVID-19 Relief Bill Highlights
On Monday, December 21, 2020, Congress passed a $900 billion relief package in response to COVID-19 in connection with its annual spending bill. This bill addresses many items impacting small businesses and taxpayers facing economic uncertainty. The following is a high-level summary of the new package:
Passed by both houses of Congress. The President is expected to sign.
As experienced…Read More -
Payroll Record Keeping Guidance During COVID-19
The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed and, in some cases, rehired. There has also been crisis relief for eligible businesses in the form of the Paycheck Protection Program and the payroll…Read More -
(UPDATED) COVID-19: Navigating the SBA Disaster Assistance Program
The SBA has provided $20 billion to small businesses and nonprofits through the Economic Injury Disaster Loan Advance (EIDL) Program. Fahrenheit business transformation expert, Tim Hayes has provided helpful resource links to access small business loans. Funds are still available with very affordable terms:
3.75% interest rate for small businesses
2.75% interest rate for nonprofits
30-year maturity
Automatic deferment of…Read More -
6 New PPP Loan Forgiveness Updates
It has been awhile since we updated our clients and friends about the Payroll Protection Program (PPP). New applications were not accepted after August 8, 2020, most earlier loan recipients completed their 8-week covered period over the summer, and the pace of revisions to the program finally slowed down. As a result, there was not a lot new to talk…Read More -
Avoid These 5 Common Accounting Software Mistakes
No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid:
Some companies rush into buying an accounting system without stopping to consider all their options. Perhaps most important, they may…Read More -
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. Extension of time to use PPP funds and qualify for forgiveness from 8 weeks to 24 weeks from receipt of PPP loan or December…Read More -
(Video) PPP: Additional Guidance and a Promise for Upcoming Changes
"https://fahrenheitadvisors.com/staff/all/doug-jones/" target="_blank" rel="noopener noreferrer">Doug Jones and Jay Carpenter highlight the latest guidance on the Paycheck Protection Program and discuss the reality that more changes are expected in the near term. Pending legislation in the House could lead to more changes in the program. Managing your business, not focusing solely on loan forgiveness, is key in these changing times. Let us…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