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IRS Issues Ruling on Paycheck Protection Program Forgiveness This week, the Internal Revenue Service issued guidance on PPP loan forgiveness via Revenue Ruling 2020-27, which can be found here: https://www.irs.gov/pub/irs-drop/rr-20-27.pdf. Don’t worry, I will summarize it for you with examples. First a little background. BACKGROUND In April 2020, Congress passed the CARES Act that allowed for a Paycheck Protection Program (PPP) loan from the Small Business Administration (SBA). If used properly, those loans may be
It goes without saying that 2020 has been quite the year—and it’s not even over yet! Of course, any one of us could easily come up with a long list of things to be ungrateful for, a negative list of every bad occurrence that has taken place since March due to the Coronavirus pandemic. In a sense, being sad or negative or depressed is simple. Being grateful is what’s really difficult, but we want to
Regardless of the type of relationship—personal, professional, or even acquaintance—communication is key. Specifically, if you want to have a healthy relationship with any individual, then it’s important to communicate clearly and fully. Communication is particularly necessary when it comes to customers and building a successful business. It’s even more important this year since many businesses have gone through so many changes. We’ve put together this article to not only detail the importance of customer communication,
One of the best tools to forecast cash requirements is the 13-week cash flow forecast. It can help a business owner predict what their cash balance will be 13 weeks in the future. It helps to answer whether there will be enough cash to cover payroll and bills for a particular week. If you’re having significant ups and downs in your cash balance, it’s the perfect tool to help gain clarity around your cash needs.
At the beginning of 2020, you might have thought that developing a business continuity plan was not a top priority. Or maybe you thought it was only for large businesses. Fast forward to today, and a business continuity plan has become an essential staple in business planning. There are more business risks than ever before to consider that can affect business continuity. Businesses are being shuttered, reopened and shuttered again from the pandemic, fires, hurricanes