As you probably know, the Small Business Administration (SBA) offered two kinds of much-needed loan assistance… Payroll Protection Program (PPP) loansEconomic Injury Disaster loans But do you know about the other SBA loan programs? There were several loan programs that pre-dated the pandemic and didn’t require a disaster to occur in order for you to qualify. These … [Read more...]
Legislation
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2020 Last-Minute Year-End Retirement Deductions
Are you currently using a retirement plan that’s helping you and your employees reach important retirement goals? Well, you should have one. And soon. (Read the article for full details.) Why the rush? Because if you act by December 31, you’ll be able to put a business retirement plan in place, or make the switch to an extremely useful Roth IRA (if your income is down … [Read more...]
Be Sure to Pay the PCORI Fee if You Have an HRA
What the heck is the pesky little PCORI fee you have to pay and why should you care? Here’s the short answer… If you’ve established a Health Reimbursement Arrangement (HRA) for your employees and/or your spouse, you’ve got to pay the small PCORI fee to Uncle Sam. (More details below.) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ A Quick Reminder.HRAs that you likely have come … [Read more...]
No PPP Loans Today, but You Can Still Get $150,000 from the SBA
It’s true. Forgivable Payroll Protection Program (PPP) loans are no longer available right now. But this doesn’t mean you can’t get financial assistance that can help you weather the COVID-19 storm. You see, another source of relatively cheap money is available right now thanks to the Economic Injury Disaster Loan (EIDL) program. It’s administered by the Small Business … [Read more...]
Seven Things to Know Before You Take Out an EIDL
Does your business need working capital due to the terrible impact of the COVID-19 pandemic? If yes, consider taking out a Small Business Administration (SBA) EIDL loan. EIDL stands for the Economic Injury Disaster Loan program and it can provide up to $150,000 to businesses in need. But be aware. Although the EIDL can provide you with much needed capital, it’s a … [Read more...]