Surviving the Coronavirus Outbreak: Resource Information for Small Businesses and Individuals
Branch Accounting LLC – Your Branch Office For Accounting
Since many businesses across the nation have had to cut back on operations to protect everyone’s health and safety, the economy has endured a very large shock.
To help you focus on meeting your needs, I’ve collected some critical information, so you and your small business can adjust.
Coronavirus Resources for Employees, Small Business Owners, and People Owing Mortgages
Employees, who need temporary financial assistance due to unemployment through no fault of their own while seeking a new job, can apply for unemployment insurance in Georgia through the State Department of Labor.
JPMorgan Chase Bank asks small business owners to consider contacting your financial or legal advisors as you get ready to work on the SBA Form 3508 or 3508EZ, which is needed to submit a PPP Loan Forgiveness request.
Small Business Owners
The Potential for Business Interruption Insurance Claims
If you have a business insurance policy, please check to see if the terms include coverage for losses resulting from business interruption. This kind of coverage can vary widely, for example, depending on the insurer and the kind of insurance policy a business may have. Because there are requirements for making notices of claims, it is important for a business to notify an insurance carrier of a potential claim. To make a claim, it is essential for you to demonstrate losses to a business resulting from current and future business interruption and the reduction of business operations. Please contact an accounting firm to help you accounting records, so you can calculate your profit and losses before and during the Coronavirus outbreak.
Small Business Loans
Small business owners can apply for loans funded through the recent Federal stimulus package. Congress has subsequently approved a deadline extension to Aug. 8 that now awaits the President’s approval.
- Who Is Eligible For Small Business Loans In The Economic Stimulus ? [Forbes]
- Coronavirus (COVID-19) : Small Business Guidance & Loan Resources [SBA]
- SBA Issues PPP Loan Forgiveness Guidance [Forbes]
- House Clears Extension of Small Business Loan Program to August ; Measure Now Goes to the President For Signature [Bloomberg]
If you applied for economic relief through the SBA’s Paycheck Protection Program (“PPP”), you may be eligible for Loan Forgiveness. These are some of the anticipated changes to the Loan Forgiveness Application.
For those who were able to participate in the PPP loan program, the deadline for Form 3508EZ is October 31, 2020. The link below is the checklist that will guide you to calculate the forgiveness amount and the required documents needed to submit to your lender.
The Federal stimulus package directs financial institutions holding Federally-backed mortgages to suspend mortgage payments for up to 12 months if a borrower has lost income because of the Coronavirus outbreak. Foreclosures and foreclosure-related eviction actions are also suspended. Rules are changed pertaining to credit reporting during at least some of the coronavirus emergency period.
- How to Get Mortgage Relief [Investopedia]
Federal Income Tax Returns
The deadlines to FILE and PAY federal income taxes are extended to July 15, 2020.
Coronavirus Impact Payments
The Government has established two Web portals for individuals seeking to ensure that they receive their stimulus payment :
Individuals, whose earnings do not require the filing of income tax returns
The IRS has established a Web portal to help such non-filers register for Economic Impact Payments.
All others, including individuals, who have not provided their banking information to the IRS
Some individuals began receiving stimulus payments at the end of April. You can check the status of your stimulus payment, and submit your payment information, via the Get My Payment Web portal.
Please do not call the IRS about updates. To save yourself time, please check the IRS Web site.
- Coronavirus Tax Relief [IRS]
Use technology to your advantage
Because so many businesses have had to scale back “normal” operations, it is important to find ways to make remote working a way we all do business.
Branch Accounting’s information technology consultant has recommended that businesses needing secure, co-working software should try CryptPad, a platform that allows individuals to work on collaborative documents using encryption carried out by your Web browser. There are some free options.
If you would like more information about how Branch Accounting manages remote working in accounting functions, please let me know. I would be happy to tell you how Branch Accounting uses technology to operate with success.