MLR

Category: General Business

Beginning April 3, 2020, both small business and sole proprietorships can apply for loans under the Paycheck Protection Program (PPP) of the CARES Act through existing SBA lenders. Starting April 10, 2020, independent contractors and self-employed individuals will be able to apply for the PPP loans through SBA lenders as well

On March 25th the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  The CARES Act, which includes significant tax provisions and other measures to assist individuals and businesses impacted by the economic effects of the COVID-19 virus, was passed by the House and signed by the President on March 27th.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed by President Trump on March 27th, includes small business relief in the form of SBA “paycheck protection” loans.  Key provisions of this program are highlighted in this article.

Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes your company, one place you can look to for some assistance is the Small Business Administration (SBA).

Questions from employers and employees about coronavirus (COVID-19) pandemic are multiplying almost as fast as the virus itself. Employers need to rely on a combination of authoritative legal and medical advice, and their own common sense, to keep employees safe. This article explains some of the issues that employers are facing as the COVID-19 affects their workplaces.

Suppose that your growing business is taking over one of your competitors. If you keep some of the company’s employees on the job, your business will be increasing its payroll tax liability. However, the good news is that payroll taxes paid by the former employer may reduce the amount owed for the year. Conversely if one employer acquires another employer during the year — and it continues to employ some of the same workers — the successor can count the wages paid by the predecessor towards its own Social Security wage base.

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Business owners are urged to create succession plans for the good of their families and their employees. But there’s someone else who holds a key interest in the longevity of your company: Your lender. If you want to maintain a clear path to acquiring the working capital your business may need after you’ve stepped down, it’s important to keep your lender apprised of your progress in putting a carefully considered succession plan in place.

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You already may have reviewed a preliminary draft of your company’s year-end financial statements. But without a frame of reference, they don’t mean much. That’s why it’s important to compare your company’s performance over time and against competitors.

The impact of the Tax Cuts and Jobs Act (TCJA) on businesses was just as significant as it was for individuals. For starters, the TCJA imposed a flat 21% tax rate on corporations, doubled the maximum Section 179 “expensing” allowance, limited business interest deductions and repealed write-offs for entertainment expenses. In addition, the TCJA made extensive changes affecting international taxpayers that could play an important role in any year-end planning decisions.

It’s common for owners of closely held businesses to transfer money into and out of the company. But it’s critical to make such transfers properly. If you don’t, you might hear from the IRS.