By the Book, Inc.

12/25/2020

Merry Christmas!

07/27/2020

Rebuild VA

More help for small businesses and non profits

Governor Ralph Northam, 73rd Governor of Virginia

05/21/2020

Once again, we are reaching out to help in understanding the process of the SBA loans specifically loan forgiveness with the Paycheck Protection Program (PPP). There are VERY specific guidelines that must be followed to try and achieve 100% forgiveness. It is not just a simple 75/25 split between payroll and other costs such as rent, utilities and loan interest. Our goal is to make sure that you have the information needed to get as much forgiveness as possible. The SBA has released the Loan Forgiveness application that will need to be filled out and submitted to your PPP lender.

The following is from the SBA website

“Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.”

There is a risk of NOT having 100% of the PPP Loan forgiven. Do not make these mistakes!


Pay the owner all the PPP loan money as officer salary. The maximum amount that can be paid to the owner is the equivalent to their 2019 salary averaged over an 8-week period.

Because of layoffs you do not meet the required FTE’s (Full Time Equivalent). You must meet the required number of FTE’s by 6/30/20 based on the FTE Calculations of the look back period.

Reduction of an individual employee’s payroll more than 25%....ex. $20/hr to $10/hr

Waiting until after your 8-week loan period to calculate loan forgiveness. We highly recommend forecasting to maximize the loan forgiveness.


These are some of the steps that By The Book is recommending


Establish your Full Time Equivalent (FTE) numbers. There are four different calculations. Two based on 2019 payrolls and two based on 2020 payrolls. The FTE number at 6/30/20 is one of the deciding factors in how much of the PPP will be forgiven.

Forecast your payrolls that are included in your forgiveness period.

Forecast the Other Costs that can be forgiven….Utilities, Mortgage Interest, Rent

Consider whether you want to pay back any unused money immediately or have it roll into a loan. The loan will be at 1% interest to be paid back over 2 years…..the first six months of payments can be deferred. You are looking at 18 months of loan payments……how much is that loan payment going to be?


As always we are here to help in any step of the process…..from the FTE calculations to the whole forgiveness process start to finish. Fees for services start with a two-hour minimum of $55/hr.


We hope everyone is doing well as we continue to work our way through Covid-19.



Karen Burtnette
By The Book, Inc.
757-218-6767 (Cell)

04/02/2020

I wanted to share some information regarding the SBA loans that have been rolled out as part of the Stimulus package passed over the weekend. I’m hoping to simplify it for you to help you in deciding what’s best for your employees and your business’. I am also attaching a pdf that gives more detail on all three options and has links to the SBA to apply for the EIDL Grant. The PPP loan will be handled through your local bank.

If you have had to lay off your employees, they are going to receive a Federal Unemployment amount of $600 for four months in addition to the amount of their eligible State Unemployment. This could be more than their normal pay and the intention is to get cash flowing into the economy for the next few months until this is over. This may be the best option for your employees. The maximum amount of state unemployment is $378/week so they could receive up to $978/week.



The SBA has several different loans to help businesses stay afloat.



Economic Injury Disaster Loan (EIDL)

An immediate advance up to $10,000 possibly available in three days however we may have to be patient on this one with the number of businesses that will be applying. This can be used for payroll and operating expenses. This advance does not have to be paid back.



Paycheck Protection Program (PPP)

To help employers specifically with payroll costs and you may also use the funds for rent, utilities and some interest payments. Call your banker now! To apply for this loan, you will work with your local banker. They are funded by the SBA.This loan can be up to 250% of your average monthly payroll cost, but only 8 weeks of payroll costs can be forgiven. Loan Repayments will be deferred six months These loans are available through 6/30/2020. There is a formula to calculate how much you will receive.

Total Payroll Costs – Unallowed Payroll Costs = Allowed

Allowed Payroll Costs x 2.5 = Amount of PPP Loan



Small Business Debt Relief

This loan is for those who need more than the EIDL $10,000 advance and/or the PPP Loan.Please read the attached pdf with more details and links to the application.



All of us at By the Book, Inc. are here to help with any step of this process. No additional fees will be charged but there will be a two-hour minimum of our regular hourly bookkeeping rate of $55/hour. We will continue to update everyone as we go through this process together.



Take care and be safe!

Karen Burtnette

By The Book, Inc.

757-218-6767 (Cell)

05/02/2014

It is a sad day today at By the Book as one of my awesome ladies moves on to a new adventure in her life. Thank you Dot Bowling for being a part of By the Book for the last 10 1/2 years.

04/24/2014

Thank you Leslie McAllister for all you do for me and By The Book! Happy Admin Professionals Day! Sorry I am a day late!

04/02/2014

Today is our 15th Anniversary! Thank you to all of our awesome clients!