By far, the number one question we hear, typically thrown out in almost “hey why not” fashion, is: “What can I do to pay less in tax?”
Preparation
Beyond having a great idea, product, or service; beyond being able to lead a team; beyond being able to get your message out and generate attention; beyond doing the work… your business needs cash!
The SBA pushed out guidance on the new “PPP Second Draw Loans” yesterday. While we still don’t have sight of the application and the “portal” isn’t open for banks to submit loan packages we do have more answers – not all, but more.
This “second-draw” of forgivable loans is aimed at “harder hit” small businesses.
What do liquid lunches, PPP, Unemployment, and Cape Cod Bridges have in common? This bill.
Your company core values should serve as a small set of vital and timeless guiding principles – they should define your culture and who you truly are as people. When they are clear, applied and lived by, you can build a thriving culture around them. Here is what I shared with the team.
It is likely you will not know if your loan is forgiven and by how much until 2021, which will have implications on your tax planning and financial reporting. Here is what we know about the timeline to apply for forgiveness.
If you haven’t applied, and you have experienced, or foresee the potential for “economic uncertainty” caused by the pandemic for your business you should consider applying.