CAEA Tax & Accounting

04/27/2020

If you are experiencing delays or trouble accessing SBA portal to apply for small business assistance, you are not alone. In the meantime make sure you all your account information is up to date and ready to go so that you don't have any more delay because of not being prepared.

Bankers tell NPR that the SBA's portal wouldn't allow them to enter the loan application information that is needed to access the PPP program.

04/22/2020

Why do we even have our small businesses? For most of us, it was to have the freedom to do what we want and care for our families at the same time. So set up the business to do this in good and bad times. This takes tax and financial planning. You need your accountant, lawyer, and financial advisor on board to advise you. You are never too small of a business to do this. Your business will only benefit from this planning.

04/20/2020

Right now, we wonder how small businesses are doing during the COVID-19 crisis. We know here at CAEA we’ve been helping our clients fill out paperwork for the Paycheck Protection Program and the SBA disaster loan. It seems that keeping client books together during the year has paid off during this time of crisis.

Last week shared 2 of those things we recommend for our clients to prepare for in the event of a crisis, check out our new article for the rest!

Preparation for small businesses is key when crisis strikes. Learning from COVID-19, CAEA is here to give you tips on how to plan for any disaster.

04/17/2020

What we are seeing when it comes to the Paycheck Protection Program and the SBA EIDL Loan: What you need to know to get your employees off unemployment.

04/15/2020

On Monday I shared the first of Five lessons that all small businesses can learn during these critical days.

So here's Lesson #2: Pay yourself properly.

So many S-Corporations, partnerships, and sole proprietors are obsessed with not paying any taxes. To do this, they do all they can not to show any income. However, a bank isn’t going to loan money to you if you don’t seem to be making any money during the year. They figure you are either flushing all of
your personal expenses through the company to get the profit down or that you are just mismanaging the company and it's doomed to fail. This is true even during non-crisis times. Try getting a mortgage showing you only made $10k. If you don’t know why your company doesn’t show much of a profit, you
need to be talking to your accountant more during the year.

04/13/2020

Is it true that we must fall before we learn? or that Hindsight is 20-20? During this health & yes economic crisis there are lessons to be learned. I've been helping small businesses set foundations for their business and families and there are 5 lessons we should take note of during these times especially going forward.

Lesson # 1 is Know your numbers and be ready to prove them: Knowing your numbers not only helps you run your company properly by seeing how you are doing on a month to month basis. But it helps to get a loan in a split second when you have your stuff together.

What are some lessons you are learning during these days?

04/10/2020

Here we are ending week 3 of self-distancing and for many working from home with the kids for the first time. As a mom and small business owner with a team, I can feel the pain of finding the balance of juggling all the things. I thought this article from Forbes had some great practical tips on how to manage working from home in these unprecedented times.

During the coronavirus outbreak, many companies are suggesting or requiring more employees to work from home. Learn tips to face the challenge if you aren't used to working alone or being confined at home 24/7.

04/08/2020

Now is more important than ever to contact an accountant. Knowing what to do when applying for SBA loans or knowing whether filing taxes right now is more beneficial than waiting to file later are questions we can answer in your FREE 60 min consultation. Feel free to call us at 770-554-7024. We are here for you.

04/06/2020

So the SBA has great information on their website with how they are supporting small businesses during COVID-19 crisis. Be sure to check out there website-

Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.

04/02/2020

As an accountant, I see the effects of COVID-19 on small to medium-sized businesses daily. I hear and understand the concerns because the consequences are far-reaching. But I feel that it's my responsibility to keep my clients and the public informed on what is actually available right now. In the news, we are hearing a lot of talk about how the government is helping but there has been some confusion on what is just talk and what's actually available now. So for my clients, I have been in constant contact telling them what is in available, where to go & how to be prepared. So this article is just one of the most updated resources available to small businesses and individuals.

For both businesses and individuals that are needing help understanding the resources available during the COVID-19 crisis for you or to forward this to someone you know that is trying to get help for their business. The Federal government is doing all they can for you not to put your employees on u

03/31/2020

Attention To Small Businesses & Individuals: On SBA and bank loans to help during the Covid-19 crisis.

There are two loans out available right now that the SBA is talking about.

**SBA Covid-19 Economic Injury Disaster Loan: Is a loan given directly from the SBA to help a small business make their bills for the next couple of months and it can be used for payroll. There is 3.75% interest on it and it could be forgiven later depending on what you used it for. You can access this application online at- https://covid19relief.sba.gov/ #/

***Paycheck/Payroll Protection Program: Is a loan you get directly from a bank. You have to go to one of the SBA approved bank lenders and apply for the loan there. The Washington Post says the interest rate is 4%.

The Paycheck/Payroll Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses. If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable.

The link to this information at the SBA is https://www.sba.gov/funding-programs/loans/paycheck-protection-program -header-2 Notice that there's not much there yet since they are still rolling out the program.

Remember, the Paycheck/Payroll Protection Program is a loan from a bank and we are yet to find out what banks are certified to give this loan. We keep checking the SBA website for the list of lenders. You can be proactive and call your bank and see if they will be one of those. Get those applications ready.

How they will know what you used the money for? They will go over your financials before and after this process so please have your financial books up to date and ready to submit with these loans.

It's not totally clear if you can get both loans at the same time. We are still getting the details. I prefer to get it from the SBA directly and not some news article.

Hang in there. I'll keep you posted.

Please stay safe and healthy.