American Rescue Plan Act
The American Rescue Plan Act (ARPA) was passed by the Senate on Saturday, March 6 and in the House on Wednesday, March 10. The $1.9 trillion relief bill now heads to President Biden’s desk. He signed the bill into law on Thursday, March 11. Read on for details on the provisions included in the ARPA. Individual Stimulus Checks Estimated portion of the stimulus package: $422 billion The ARPA includes another round of economic impact payments [Read More]
Changes in the PPP Program Working Better This Time Around
This article discusses how the Small Business Administration has made significant changes when comparing the first round of the Paycheck Protection Program (PPP) and the most recent program. Specifically, the SBA stated that “The changes aim to speed up the flow of funds to PPP applicants while maintaining the integrity of the program.” These changes lead to money reaching the smallest of businesses, reaching rural communities, and increased partnerships. Be sure to check out this [Read More]
Changes to the New PPP Attempt to Aid Small Businesses
This article discusses some of the key changes the Biden administration is making to the application process of the paycheck protection program. Specifically, Monday started a two-week period in which only businesses that have less than 20 employees are able to apply for the loan. Additionally, changes to the loan calculation formula are going to be implemented as well. The aim is to help sole proprietors, independent contractors, and self-employed individuals. Be sure to check [Read More]
Keys to Successful Change Management in Family Business
This article discusses how important family businesses are to the economy of the United States. However, “70% of family businesses last just one generation before they either fail or are sold.” Succession planning can be difficult at times, but implementing strategies such as narrowing your target, taking a step back, and measuring everything can prove to be beneficial when handing down your company. Be sure to check out this article for more information and details! [Read More]
What is Business Identity Theft and How to Avoid It
This article dives deep into the concept of business identity theft, as well as preventive measures that you can take in order to reduce the potential fallout. For example, one piece of advice is to “hire forensic accountants to look at your books…and frequently.” Along with bringing on a forensic accountant, investing in security can be a potential business saver. Be sure to check out this link for more information and details! To view this [Read More]
Congress Has Authorized a Second Round of PPP Loans
Congress passed, and President Trump signed, the Consolidated Appropriations Act, 2021. Included in its approximately 5,600 pages is a second draw of forgivable Paycheck Protection Program (PPP) loans. The first round allowed loans to businesses with 500 or fewer employees and to certain businesses with multiple locations, for which each location could not have more than 500 employees. Unfortunately, this opened the door to some large businesses gobbling up the allocated funding and shutting out [Read More]
Things to Consider Before Applying for a PPP Loan
This article discusses and addresses the uncertain times that businesses are living through right now due to the coronavirus pandemic. With the passing of the Paycheck Protection Program, there are many things to consider when applying for this government aid. For example, knowing the guidelines are not set in stone, tax burdens, tax-deductibility, and a second draw are all things to be contemplated as you start the application process. Be sure to check out this [Read More]
Clarification on PPP Loan Payments and Forgiveness Applications
The latest guidance from the U.S. Small Business Administration (SBA) states that Paycheck Protection Program (PPP) loan forgiveness applications can be submitted any time before the maturity date of the loan, which is either two or five years from the loan’s origination. However, loan payments are only deferred for 10 months from the end of their covered period before payments must be made. For example, if the 24-week covered period ended October 30, 2020, then [Read More]
Marketing Tips for Start-ups
This article outlines and then continues to dive into detail about seven marketing tips for your start-up business. As a start-up, funds can be limited, but tips such as solidifying your brand, staying true to yourself, clearly define your goals and metrics, budgeting, and social media usage can all benefit your business. Be sure to check out this great link for more information and details on how to utilize these tips! To view this article, [Read More]
Building a Lasting Family Business
This article acknowledges and discusses the portrayal that the media gives us of family businesses. Although this industry operates on the more risky side, the owners of family businesses possess a unique decision making power. Additionally, this article outlines the different types of models that you may want to incorporate inside your family business as well as the owner strategy triangle. Be sure to check out this great source for more information! To view this [Read More]