The Employee Retention Credit (ERC) is a refundable tax credit intended to encourage business owners to keep their employees on the payroll and minimize the number of workers filing for unemployment benefits. An employer is not eligible for the Employee Retention Credit if they receive a loan under the Paycheck Protection Program.
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On May 13, 2020, the SBA and Treasury issued interim Final Rule on Loan Increases, allowing partnerships and seasonal businesses to potentially qualify for higher loan amounts from the Paycheck Protection Program (PPP) – even if they have already received a disbursement.
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Applications for forgiveness should be filed as soon as possible at the end of the 8-week period with the lender. The lender and SBA then have 60 days to rule on your forgiveness application.
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Internal audits can be considered a risk management strategy, helping you identify problem areas before they get out of your control, while also ensuring you remain compliant with all applicable requirements, regulations, and codes.
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The SBA issued a new safe harbor in the form of FAQ #46 that states such borrowers “will be deemed to have made the required certification…in good faith” for borrowers with loans under $2 million.
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Key soft skills you should be sure to hone, refine, and perfect in business are your listening skills. Whether it’s in your dealings with customers, employees, competitors, contractors, or anyone else, being skilled at listening actively and thoroughly can make all the difference in the world.
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Too many leaders are ignoring the importance of their contribution margin, or, worse, don’t even know what the contribution margin is or what it measures. Do you know what a contribution margin measures or why it’s important?
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As your business matures, it’s also important to continuously weigh your various revenue channels. Some may provide more profits, some may have less risk, and some may just not be worth your time. So, how do you weigh your revenue streams?
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When careless spending on travel expenses gets out of hand, the potential benefits of such travel can be undermined. To ensure you stay on top of your travel expenses, here is a quick 101 overview of the travel expense challenges to track carefully.
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3 Reasons S-Corps Need To Open A Solo 401(K) Tax season can be a complicated and confusing time, but it can also serve as a wake-up call for ways you should be planning for your financial future. Perhaps you read about a type of tax-advantaged account that would have reduced your tax liability for this
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If it’s late March, we’re here to help you with some last-minute tax planning tips to help get you through another tax season!
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The Earned Income Tax Credit (EITC) is often misunderstood and underutilized for how much it can potentially benefit families. Learn more about the Earned Income Tax Credit and how to avoid common myths about it here!
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