PPP forgiveness Gets Some Wiggle Room

The U.S. Senate just passed the House version of Paycheck Protection Program (PPP) legislation this past Wednesday, tripling the time allotted for small businesses and allowing for more flexibility. The Senate approval sends the bill to President Trump, who is expected to sign the document. A brief summary of the main points:   Borrowers can […]

To Pivot Successfully: Start with Why!

  Business is hard! Even in a booming economy, companies that don’t constantly pivot and adapt to changes in their industry, the economy, and the needs of their consumer can often go out of business as a result.  Throw in a global pandemic, stay-at-home orders, and more than 40 million jobless claims since the start […]

Congrats, You Got Your PPP Money… Now What?

How should I be using this money? The proceeds from your Paycheck Protection Program (PPP) loan should be used only to cover the following items Salary / wages / commissions (capped at $100,000 on an annualized basis for each employee), including benefits Interest on mortgage obligations that is incurred before February 15, 2020 Rent under […]

PPP Loan Amounts under $2 million Meet Good Faith Requirements

The Treasury Department continues to update a list of frequently asked questions regarding the CARES Act including the Payroll Protection Program (PPP). Recently we informed you of an update that instructed borrowers of the PPP loan to certify in good faith that their PPP loan request was needed under a new standard. What followed was […]

Treasury provides new standard for PPP loan “good faith” certification

The Treasury Department continues to update a list of frequently asked questions regarding the CARES Act including the Payroll Protection Program (PPP). A recent update instructs borrowers of the PPP loan to certify in good faith that their PPP loan request was needed under a new standard: 31 & (37) Question: Do businesses owned by […]

PPP Loan Update – Potential Treatment of Forgiveness Not Taxpayer Friendly

The CARES Act provided the ability to have your Paycheck Protection Program loan or a portion forgiven while having that forgiven component excluded from income. However, the Act was silent as to the treatment of allocable expenditures. Generally, businesses are allowed a deduction for ordinary and necessary business expenses. There are limits to deductibility where […]

An Offensive Playbook for Nonprofit Arts Organizations

Nearly every performance has been cancelled. Galas and other critical fundraising events will not occur. Important youth programs have been curtailed. Like just about every other corner of society, the COVID-19 pandemic has had a sudden and severe impact on arts organizations. The economic impact on the arts and culture industry across the nation is […]

Planning for Re-Entry – What Will Business Look Like When We Get Back Our Offices?

As I am beginning my fourth week managing a firm and client projects from an upstairs office in my home, I am beginning to get a bit anxious to get back to the office and find that sense of normalcy again. People communicating face to face; real-time shared excitement when we win a new client; […]

Leading Through a Black Swan Event

Last week, participants from around the globe participated in a Webinar sponsored by the World Business Forum featuring Jeff Immelt, Venture Partner, New Enterprise Associates (NEA) and former Chairman & CEO of General Electric (GE). Mr. Immelt led a global team of 300,000 people at GE for more than 16 years and led the organization […]

Analysis of Employee Retention Credit and Payroll Tax Deferral Provisions of the CARES Act (Sections 2301 and 2302)

Employee Retention Credit for Employers Subject to Closure Due to Covid-19 Eligible Employers are allowed a credit against Applicable Employment Taxes each calendar quarter equal to 50% of Qualified Wages paid to each employee. Taxpayers who receive covered loans under the SBA Paycheck Protection Program (See previous H&W analysis of loan programs under the CARES […]