In March 2020, the Treasury Department and Internal Revenue Service put into place a three-month tax deferral as a result of the economic impact of the Coronavirus pandemic. The extension provided individuals and small businesses extra time to get their finances in order without interest or penalties. The new tax deadline of July 15 is rapidly approaching. Do you have all the information you need to file on time?
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Automation of HR is fairly new, but the benefits for small businesses are immense: Where a small business was priced-out of running enterprise-level HR services, now the market is booming. Ultimately, HR is about hiring the best people, growing the best people, and retaining the best people for your company’s growth.
HR, as a department within your business, is the branch of operations that is responsible for managing a company’s human resources (or human capital; or employees). Wondering whether a Human Resources Manager, a full Human Resources Department, or an outsourced service is the best fit for your business? We can help you decide.
Wilson applied for a Payroll Protection Program loan with the bank where she has her business account. She was quickly approved and saw the loan deposit less than two weeks after approval. Per the SBA’s instructions, she understood 75% of the loan needed to go into payroll and employee retention during the next two and a half months in order to be eligible for forgiveness. There is ample trepidation about following the government’s directions.
As part of the CARES (Coronavirus Aid Relief and Economic Security) Act, the Federal government gave the EIDL program a boost, which included $10 billion for $10,000 advances/grants given to small businesses impacted by the Coronavirus pandemic. In a pre-COVID world, the process was remarkably fast. However, we are not in a pre-COVID world, and there is no concrete answer here. Now, more than ever, it’s essential to know what documents are needed to apply for disaster loans and to have those resources readily available. Also, be prepared to wait, as the SBA states that applications might take up to four weeks.
It took less than two weeks for the funds approved for small businesses through the CARES (Coronavirus Aid Relief & Economic Security) Act to run dry and for banks and lenders to close applications. Experts warned from the start that the money would not go far compared to the magnitude of the need, and that prediction rang true. With the country shuttered and the majority of states under stay-at-home orders with essential businesses closed for the foreseeable future, stress is mounting. Talks are already underway about a continuation of funding in an effort to halt the catastrophic economic impact of the Coronavirus pandemic, but at the moment the loans are on pause.
Different lenders have different policies, some businesses may face delays, and not every loan timeline will be identical. However, we’ve looked at lender policies, SBA guidelines, and comments and complaints from business owners to help determine the timeline for PPP loans, from the time you submit your application to loan disbursal.
Paycheck Protection Program (PPP) Loan Guide For Independent Contractors, Freelancers, & The Self-Employed
On December 27, 2020, a new COVID-19 aid package was signed into law and includes more funding for the Paycheck Protection Program (PPP) program. Sole proprietors, independent contractors, and self-employed individuals are eligible to apply.
While the CARES Act has many moving pieces and parts, the sections dedicated to protecting small businesses and the people they employ will be a salve amid a tragic month of anxiety. One of the specific offerings in the stimulus package is the Paycheck Protection Program. These loans come with stipulations but are equipped with some generous benefits to help protect payroll. Keep on reading to find out what they might mean for your business.
Small businesses in the time of COVID-19 are faced with brutal choices and will need to employ creative solutions as the pandemic changes the landscape of our lives. If you have a service that meets the needs of your community during the pandemic, getting information out to potential customers is a necessity. People right now want to help small businesses thrive, and they are looking for ways to spend their money conscientiously. We’ve got a few tactics to help you navigate the current landscape and build a community around your business.