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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 email@example.com
As a Capri client, we are here to help you navigate your business.
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Now that most of us are working from home, there are things as a small business owner that you can do to keep your business on track during this uncertain time. As you save on your travel time to the office, why not take the opportunity to get your bookkeeping and finances up-to-date.
The IRS announced last week the postponement of the April 15 payment deadline. While the payment deadline has been extended to July 15, for now, the tax return filing deadline is still April 15. With a few weeks left before filing, you still have time to organize your books so filing will be a lot smoother and less time-consuming!
Here are a few tips to help you get up-to-date on your books while your home:
#1 – Sort and Organize Your Financial Records
The first step to catching up on your bookkeeping is to get organized! You’ll want to start compiling and organizing invoices you sent to customers, receipts, bank, and credit card statements where you made purchases that are business expenses. Now is also a good time to review any outstanding invoices and collect on that debt.
#2 – Separate Personal and Business Expenses
We advise our clients to keep their personal and business expenses separate. Comingling business and personal expenses may result in you being held personally liable for your business’s debt and financial standing. We recommend going through every transaction to determine if the expense was personal or professional.
#3 – Review Your Expenses, and Look for Credits and Deductions
Once you have all of your records organized and in-hand, you should take the time to review these expenses and determine your deductions and credits. We suggest hiring a tax professional to review your records and advise you on which business credits and deductions are right for you.
#4 – Reconcile Bookkeeping
Once you’ve organized and separated your expenses, you can log in to your accounting software and reconcile these expenses with your bank statements. This is one of the most crucial steps in preparing for tax filing, so be sure to take care when matching records.
#5 – Collect Tax Forms
Your taxes can be more complex when you're self-employed or a small business owner. Managing and collecting the forms you need to file for yearly income taxes ahead of time can save you a lot of headaches down the road. When tax season rolls around, you will have all the right forms ready to go. Access IRS tax forms and determine which forms you’ll need for filing here.
#6 – Prepare for Next Year and Consider Hiring a Bookkeeper!
Catching up on your bookkeeping now is the best way to save yourself time during tax season. It’s never too late to get started yourself or hire a bookkeeper to handle the books for you. Feel free to reach out to us at firstname.lastname@example.org and let us handle your books or call (856) 229-0941 if you have any questions.