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Blogging Beyond the Numbers

Posted by: Kate Serpe 3 hours ago
Shuttered Venue Operators Grant Portal Open The Shuttered Venue Operators Grant (SVOG) portal opened on 4/8/21 at noon EST on the SBA.gov website.  There have been reports that the website has been down intermittently due to an overwhelming response for funding.  We recommend being patient and persistent in your efforts to complete the application process.  As a reminder, once you submit your SVOG ap...
Posted by: Dan Bergs 2 weeks ago
Businesses and organizations that have suffered a decline in gross receipts may qualify for an employee retention credit (ERC). Recent legislation has extended the ERC through Q4 2021. For 2021, your business operations must be either fully or partially suspended by a COVID-19 governmental authority shutdown (mandate) for any quarter in 2021 OR gross receipts are less than 80% of gross receipts for the ...
Posted by: Kate Serpe 2 weeks ago
PPP Extension Passed in the Senate This afternoon, the Senate passed the bill to extend the time to apply for a PPP first or second draw loan to May 31st. This is great news for those that have not yet applied, or for applicants whose loan remains on hold or in processing. The bill also provides the SBA with an additional 30 days after the May 31st deadline to continue processing loans. This provision w...
Posted by: Jamie Landsinger 3 weeks ago
The American Rescue Plan Act, signed into law on March 11, 2021, hopes to provide a variety of tax and financial relief to Americans to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are advance tax credit payments that will be made to eligible individuals and parents. Below are some answers to common questions about these payments. What are the two types of payments? ...
Posted by: Kate Serpe 1 month ago
On March 5th, the SBA released a Preliminary Application Checklist that walks through documents needed once the application portal opens.  This list is a working document and may change as the program continues to evolve, but it is a great reference for all of the information that potential applications should start gathering immediately.  An important reminder that applicants are required to register fo...
Posted by: Carrie Shefchik 1 month ago
Did you have payroll expenses last year? Will you have payroll expenses first or second quarter of 2021? Was your company struggling during the pandemic and is it continuing to struggle? If so, it literally pays to be sure you are receiving all the COVID relief you are eligible for. Who is eligible for the ERC The Employee Retention Credit (ERC) is a refundable credit for qualified wages.  Recen...
Posted by: Dan Bergs 1 month ago
The IRS recently came out with Notice 2021-20 providing guidance on the employee retention credit. This guidance is specific to 2020, but the concepts can also be applied to 2021. The Employee Retention Credit encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID...
Posted by: Kate Serpe 1 month ago
The Shuttered Venue Operator Grant (SVOG) program was established as part of the Economic Aid Act signed into law on December 27th, 2020.  The program was allocated $15 billion in funds for grants to shuttered venues.  This program, like the PPP and EIDL programs, is being administered by the SBA.  Eligible applicants may qualify for funding equal to 45% of their gross earned revenue up to a...
Posted by: Kate Serpe 1 month ago
On February 22nd, the Biden administration announced that PPP loans would be made exclusively available to employers with less than 20 employees beginning February 24th through Tuesday, March 9th.  This was done to ensure that the smallest of businesses in need of funding would have enhanced access to lenders for a predetermined amount of time.  As of today, the current deadline to apply for a PPP2 first...
Posted by: Kate Serpe 1 month ago
Additional funding was made available for the Economic Injury Disaster Loan (EIDL) Advance program with the Economic Aid Act signed into law on December 27th.  However, with this round, the grants will be targeted to specific applicants.  At this time, there is no application to apply for the grant advance, the SBA will be reaching out directly to those applicants that are eligible.  Adva...