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There is no doubt that the coronavirus pandemic has had a negative impact on small businesses. From business closures to remote work, the COVID-19 outbreak has forced businesses to adapt. Here at Capri Bookkeeping Solutions we understand the challenges the pandemic has caused and are here to support other small businesses like ourselves.
We believe that all business is essential. Our economy and community are built around the many small businesses like you that we serve. Capri Bookkeeping Solutions is working to bring you the best resources and information to help you navigate this challenging time. We are here to help you make sound financial decisions, navigate the COVID-19 resources available to you, and manage your bookkeeping to keep your business moving forward.
Stay safe and healthy,
– Ethan Capri, Founder and CEO, Capri Bookkeeping Solutions
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The U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, recently released additional Paycheck Protection Program (PPP) Loan Forgiveness guidance in the form of the PPP Loan Forgiveness Application, which includes important definitions and detailed instructions for the new application. This new guidance provides more insight on what the forgiveness process is going to look like.
From the SBA:
The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:
#1 Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
#2 Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
#3 Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
#4 Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
#5 Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
The most notable updates are the new options for borrowers to calculate payroll costs using an “alternative payroll covered period” (if more favorable) and the more specific definition that allows both phone and internet to be considered a “utility” towards the loan.
Download the new PPP Loan Application with new guidelines here and refer to all of the COVID-19 resources available to small business owners here. If you have any questions about the new guidelines please feel free to reach out to us.
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Intuit, the financial software company that powers QuickBooks, is providing a wealth of knowledge of resources for small business owners in a response to the Coronavirus pandemic. We know many of our clients rely on us and the power of Intuit to maximize their businesses. Now they are also offering advantages as a customer to help maximize benefits during this challenging times.
“It’s our mission to power prosperity around the world — and we’re committed to being there for our employees, customers, partners, and communities when they need us the most. By partnering with the U.S. government and leveraging our platform capabilities, we’ve launched three new offerings – Intuit Aid Assist, TurboTax Stimulus Registration, and QuickBooks Capital for Paycheck Protection Program – to help consumers and small businesses better understand and potentially access billions of dollars through the recently passed federal aid and relief programs.”
If you aren’t already taking advantage of the current government programs available through the CARES Act, we recommend taking a look at the Intuit resources available to you as an Intuit customer.
Head to intuit.com for more information, and be sure to reach out to us if you have any questions. Call us at (856) 229-0941 or email firstname.lastname@example.org
As a Capri client, we are here to help you navigate your business.
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Like so many of you, we are working differently these days. While working remotely is not new for us at Capri, since we are an outsourced bookkeeping company, maintaining social distancing and shifting from in-person meetings to video meetings and conferences with clients are new.
What hasn’t changed is our dedication to providing our clients with customized, one-on-one Bookkeeping, Payroll, and QuickBooks services based on their own business needs and budget. Our goal continues to be helping our clients succeed holistically by taking a proactive approach to help improve clients’ businesses and bottom-lines.
Today that means personally guiding them through the new loan programs available as a result of the pandemic, helping them make smart decisions and strategizing for the future. As our clients have adapted to new challenges and applied for new loans, we work to simplify the process with organized and accurate financials to maximize their benefits.
While we may not be able to meet our clients in-person right now, we are a phone call, video chat, or email away. If you’re already a Capri client, feel free to reach out today with any questions or call us for a complimentary consultation to get started (856) 229-0941.