In March, when COVID-19 restrictions began to hit us, we certainly hoped commerce would be back in full swing by now. It isn't of course, but what does continue to be in full swing is the resilience and ingenuity of the small businesses in our community. I am inspired and hopeful by the many ways we have all managed to keep moving forward. One of the best ways to continue on the path to success is knowledge and information. I am pleased to be a Small Business Center partner. The SBCs offer free courses designed to meet the unique needs of small businesses. Below is a list of the courses, sponsored by the Small Business Centers, that I will be presenting in September - I hope to see you there!
For those of you who have NOT received funds from the PPP, Main Street Lending Program, or NC Rapid Recovery Loan Program, you may be eligible for the N.C. Job Retention Grant. The application deadline is September 1, 2020, so you must act now!
For those of you that have received Paycheck Protection funds, we know you are anxious to submit your Forgiveness Application. Unfortunately, the SBA portal is not currently open to accept the Loan Forgiveness Applications at this time. At Solid Rock Accounting, we continue to be in close contact with our SBA representative, so that we can provide you the most up-to-date information possible.
If you don’t know where you want your business to be in one year, five years, or ten years, will you still be in business at those benchmarks? In today’s uncertain environment, it is not enough to simply record income and expenses; you need to develop a road map, a budget, to help you carry out your business’ objectives and strategies in a manner that is measurable and makes sense to you.
I am happy to continue to work with the NC Small Business Centers to provide free courses to small businesses. Below are two of my upcoming, in-person courses being held at Craven Community College. The Craven SBC is following COVID-19 guidelines including limiting classes to 50 percent capacity and requiring all staff and participants to wear masks. There are a few seats still available for the below offerings–click the links to sign up today!
From the Team at Solid Rock, Happy Independence Day! At Solid Rock Accounting, we are not just about numbers! We are also about family, friends, and gratitude for our veterans and the great nation we live in.
In recent months we have all been submersed in COVID-19 related business needs, but of course we still need to keep our eyes on the everyday non-pandemic business essentials. HR paperwork is one of those constants that doesn't always receive the attention it needs. Below is information you need to know about I-9 and W-4 forms.
Join me Tuesday June 16, 2020 from 6:00 to 8:00 p.m. for a free webinar: QuickBooks Online. Register today at www.nashcc.edu/sbcg
Join me Thursday June 11, 2020 from 6:00 to 7:30 p.m. for a free webinar: Strengthen Your Financial Structure Now. Register at www.nashcc.edu/sbc
To address some of the challenges small businesses encountered with the PPP, the Paycheck Protection Program Flexibility Act (PPPFA) has been passed. Here’s what you need to know:
At SRA we have been working diligently to provide you the most up-to-date information possible. The information regarding the Economic Injury Disaster Loan (Not to be confused with the EIDL Advance Program) has been unclear over the past couple of weeks, and we apologize for not being able to provide you this much-needed information sooner. Here is what we have confirmed regarding the Economic Injury Disaster Loan:
The loan forgiveness application is provided in the link below. But first, here are some key tips to get you started.
Solid Rock Accounting is currently seeking two new team members! Please see the listings below for Administrative Assistant and Accountant/Bookkeeper positions and how to apply.
The EIDL Advance is a program offering up to $10,000 in assistance to small businesses. This loan advance will not have to be repaid. These program funds are separate and distinct from PPP funds. Some small businesses are receiving funds from both EIDL and PPP. If you have applied for and/or are receiving EIDL and PPP funds – your EIDL Advance should not be used for payroll related expenses. EIDL Advance monies can be applied to a variety of overhead expenses including:
Here’s what you need to know to ensure your loan is forgiven: Time frame for fund utilization, what funds can be used for, fund tracking requirements, and the penalty provision related to employees. Exceptions will NOT be made for those who do not follow the guidelines.
You are in control of your business’ restart. Maybe not the date of opening, but you do control how you prepare. Let’s talk about the specific steps you can take now to prepare for success when it’s time to reopen. Small business owners know that assessing where they are and where they are going is an ongoing process. When a business shutters temporarily and unexpectedly, the assessment looks a little different and digs a little deeper. Here are initial, critical questions to ask yourself – be prepared to make some lists!
The second wave of PPP funding was signed off on today. If you did not apply for the PPP in the first round and you are a small business that provides payroll or you are self-employed, you should apply for the new offering. At Solid Rock Accounting, we have found that businesses that are able to process their PPP applications through smaller banks, have more success in receiving approval and funds. Each bank’s process may vary, but to get you started we have included a list of required documents below.
Through a conversation with the SBA, I have been informed that the processing for EIDL, both the advance (or grant) and the loan programs, is backlogged. This means that if you have previously applied but have not heard a response yet that doesn't mean you have been denied. It may simply mean that your application has not yet been processed. There have been reports of SBA emails going to junk and spam folders – I encourage you to check these folders regularly. The email will come from disastercustomerservice@sba.GOV.
Three Unemployment Programs and How the Division of Employment Security Will Implement Them. The Division of Employment Security has received official guidance from the U.S.Department of Labor on how to implement the three unemployment programs of the federal CARES Act. We are working as quickly as possible to modify our systems to make sure people receive proper and accurate payments. If you are due any benefits prior to the full implementation of these programs, you will be paid retroactively.
We have good news to share: Our clients, both commercial and nonprofit, are beginning to receive funding through the Paycheck Protection Program (PPP). This means that the stimulus wheels are beginning to turn, and you need to be prepared when you receive your PPP funding. PPP recipients are required to put their employees back on their payroll whether or not their employees are able to work at this time. So, if your company is unable to open for business, how can you best utilize your paid employees’ time? Think outside the box.
Update to the Paycheck Protection Program: We all understood April 3, 2020 to be the application open date for the PPP, however, the SBA has not yet released the program. At this time, your lender is unable to process applications for the PPP. Solid Rock Accounting will provide the most up-to-date information as soon as we receive it.
In response to the COVID-19 pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan Advance of up to $10,000. The SBA Loan Advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
"The PPP authorizes up to $349 billion in forgivable loans to small businesses to pay employees during COVID-19 crisis. Loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and employee and compensation levels are maintained."
Some good news to share: The Paycheck Protection Program (PPP) of the CARES Act provides cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans will be forgiven. This program helps workers remain employed, as well as helps affected small businesses and our economy snap-back quicker from this crisis. PPP has a host of attractive features such as forgiveness of up to eight weeks of payroll based on employee retention and salary levels, no SBA fees, and deferrals of six to twelve months.
NC state income tax filing due date is extended to July 15, 2020. NC taxpayers can also defer state income tax payments due to July 15, 2020.
Federal income tax filing due date is extended to July 15, 2020. Taxpayers can also defer federal income tax payments due to July 15, 2020. No penalties or interest will be charged for payments made by July 15, 2020.
In this time of COVID-19, who is eligible for unemployment and how do they apply?
We have answers to your questions: Who is eligible? What can the loans be used for? What are the loan interest rates and terms? How do I apply?
As a business owner, you must love what you do. Solid Rock Accounting Services lets you focus on what you do best. We’ll take care of the financials; you take care of your business.
You may know the people who work for you personally, but do you know their correct employment classification? Labor laws specifically define who is an employee and who is considered an independent contractor. If you don’t understand the classifications or are unsure about the status of your workforce, it can result in costly fines and penalties for your business.