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As businesses begin to reopen safely and keep team members and customers healthy and informed, small business owners are facing numerous new questions and unprecedented challenges. We’ve compiled a list of guidelines, small business advice, checklists and resources to help you make safe decisions as you begin your journey to rebuilding your business.
Small Business Loan Guidance:
COVID-19 Small Business Guidance & Loan Resources:
Workest HR Workspace Checklist
US Chamber of Commerce Digital Resources Center
NJ Government Guidelines:
Information and Guidelines for NJ Business
COVID-19 Advice for Entrepreneurs:
Protecting Your Business
Small Business Forecast
Predictions for the Future of Small Business
Have questions about your books or your business? We can help! Feel free to reach out today.
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There is no doubt that the pandemic had caused both short-term and long-term effects on the economy and small businesses around the world. We've seen many business owners, including our clients, make smart decisions during the pandemic, from taking advantage of the Paycheck Protection Program to adjusting business operations and investing in new revenue streams. While you can't prepare for a pandemic, you can certainly take these tough lessons learned and create a business budget to help get your business back on track going forward.
Here are some simple budgeting tips to help get your business back on track:
1. Get educated
Knowledge is power! Having a basic understanding of the financial side of your business can give you confidence when making business decisions. Taking an Accounting 101 or Budgeting Basics class can give you the tools you need to a better understanding of the underpinnings of your business.
Okay, so now you know the basics about the financial DNA of your business. When it comes to some of the everyday functions and processes, however, we recommend hiring a professional. Hiring an experienced tax accountant, business attorney, and bookkeeper, can drive the profitability of your business and help maintain your budget. Plus, they will likely catch issues that you may miss.
3. Automate Your Bill Payment Schedule
Managing your business's financials is a task in itself, so it's easy to forget your own personal finances. If you're making payments on business loans, credit cards, mortgages, or car notes, do yourself a favor and set-up automated payments so you don't feel as if you are working overtime to manage your financial responsibilities.
4. Utilize the Right Tools
Implementing the right budgeting tools for your business can have a significant impact on your business's success. Utilizing software like QuickBooks that offers a budgeting tool allows you to streamline your business, save time, and increase productivity.
We know maintaining your business budget can be a hassle, but it's well worth it in the long run! We hope these budgeting hacks will save you time and headaches when navigating the challenges in business today.
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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.