A new grant program, funded by the state of California, rolls out today. The grant, which is available to small businesses in California, aims to give funds to businesses that have been impacted by the Covid-19 virus and the subsequent safety and health restrictions. This grant is not awarded on a first come, first served basis. Applicants have until January 8, 2021 to complete and submit their application.
For complete grant eligibility, application requirements, and tips for applying, visit the California Relief Grant Program website: https://bit.ly/3aUMU33. The grant application can be found: https://sbdc.mylendistry.com/login; make sure to click “FIND GRANTS NOW” to begin the application.
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California Relief Grant Program - Law Firm CPA | Accounting, Tax, and Law Firm Management
New Year, New Stimulus. After months of partisan haggling and threats of a presidential veto, a new $900 billion Covid-19 relief package has been passed to help bring much-needed aid to American families and small businesses.
With some relief finally on the way for the American people, hopefully we can start the new year with optimism and look forward to a better 2021!
AANDTCPAS.COM
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Good news! The deadline to apply for the California Relief Grant Program has been extended to January 13.
Small businesses that are retail, food and hospitality, health and wellness, personal care, and “Underserved small business groups” meaning women-owned, Minority/Person of Color-Owned, or veteran-owned businesses should definitely look into applying.
Details and eligibility requirements can be found here: http://bit.ly/2Ls0Ve9
Grant application can be found here (click "FIND GRANTS NOW" to begin application): https://bit.ly/2L6SGnS
There are still a few days to apply for the California Relief Grant Program! If you are a small business that has been affected by Covid-19 and you meet the requirements, make sure to apply!
https://www.aandtcpas.com/california-relief-grant-program/
We are looking for a Staff Accountant to join our all star team! 🤩 Applicants should have an accounting degree, or will graduate soon with an accounting degree. Apply by emailing resume to abedianandtotlian@aandtcpas.com.
Loan applications through the Payroll Protection Program will soon be available to all small businesses. If you or your business received a PPP Loan during the first round and could use additional aid, you may qualify for a second round of funding.
Abedian + Totlian has received guidelines from our bank on PPP Second Draw Loan requirements, found here: https://bit.ly/2Lvova7. While your bank’s requirements may differ, this should give a good indication of what is needed to apply for a second PPP Loan. If you have any questions, please contact us!
Starting today, the Small Business Administration will begin accepting PPP applications from businesses applying at community financial institutions only. By limiting applications to these select lenders and borrowers for now, the SBA hopes to make PPP loans available to small businesses and underserved communities which had a difficult time securing loans earlier in the pandemic.
The program will soon open applications to all small businesses. There is no exact date announced yet, but should be available sometime during the week of January 18.
As a reminder:
-Businesses may now get a second PPP Loan.
-There is more flexibility in how loan funds can be used and still qualify for forgiveness.
-The forgiveness process is simpler.
Additional information, as well as applications can be found here: http://bit.ly/3i13AYq
There is help on the way for small businesses that have had trouble accessing loans from the Paycheck Protection Program. This week, President Biden announced a series of PPP revisions aimed at helping smaller and minority-owned businesses as well as sole proprietors.
Revisions include:
• Starting February 24 and running for two weeks, applications for PPP loans will only be accepted from small businesses with fewer than 20 employees.
• The loan calculation formulas for independent contractors, sole proprietors, and self-employed individuals will be revised so they are able to get more aid.
• The restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the PPP has been removed.
• The restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the PPP has been removed.
• Guidance has been clarified that those who are non-citizen small business owners and are lawful U.S. residents can have access to apply for PPP relief using Individual Taxpayer Identification Numbers (ITINs).
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The COVID-19 crisis has led to many changes in how teams collaborate and work together. While we don’t yet know which changes will be lasting, remote teams are probably here to stay, at least in some form.
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The past year has been unforgiving for many, and lawyers are no exception. With uncertainty all around, it can be hard to know what steps to take to keep your practice healthy. Here are 4 tactics to tune up your practice.
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We are a year into the Covid-19 pandemic, a year into stay-at-home orders and shutdowns – all of which have dramatically affected our businesses. With vaccines becoming more widely available and an additional stimulus package ready to be signed into law, things are hopefully looking up for the health of our families and for our economy. If you received a First Draw PPP Loan to help your business ride out the pandemic during the first wave of approvals, it has been almost 10 months and it’s time to start thinking about applying for loan forgiveness.
Check out our blog post here - http://bit.ly/3v6CSni - for info on how to start the PPP Loan forgiveness process now. As always, let us know if you have any questions!
Schedule C Filers, Rejoice! 😁
The SBA issued new Paycheck Protection Program guidelines allowing those that are self-employed and file Form 1040, Schedule C to calculate their maximum loan amount using gross income instead of net profit. Larger loans could help the self-employed and gig workers that have been hit particularly hard by the economic downturn survive the pandemic.
These new rules apply only for new loan applications that are approved after March 3, 2021. If a first or second draw PPP loan has already been approved, the loan cannot be increased based on the updated calculation methodology.
With sole proprietorships being the most common business structure in the United States, these new rules are good news, giving access to larger forgivable loans to millions of people.
Visit SBA’s FAQs here: https://bit.ly/3bWZqOA for more information about the Paycheck Protection Program. Let us know if you have questions about the PPP Loan!
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The American Rescue Plan is designed to facilitate the country’s recovery from the devastating economic and health effects of the Covid-19 pandemic. The latest stimulus package is widely popular, with benefits reaching most Americans.
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Earlier this week we urged First Draw PPP borrowers (with loans $150,000 or less) to start looking into loan forgiveness. If Bank of SoCal is your PPP Lender, good news - their short form forgiveness application is ready! 😁
We're not sure where other banks stand on their short form applications, but whoever your lender is, make sure you contact them (now!!) to see what documentation you will need to submit your forgiveness application.
https://www.aandtcpas.com/time-to-start-thinking-about-first-draw-ppp-loan-forgiveness/
70% (!!!) of small law firms are doing absolutely nothing to find new clients.
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Good News/Bad News - Tax Deadline Extended
😀Good news! The IRS has formally announced that the 2020 filing deadline for individual taxpayers has been extended from April 15 to May 17, 2021. Individual taxpayers can now wait until May 17 to make income tax payments without accruing penalties and interest.
☹️Bad news: The deadline extension does not apply to estimated income tax payments, which remain due by April 15 for the 2021 tax year (1st quarter payments).
Taxpayers who request an extension will have until October 15 to file their tax returns, but any tax payments owed for 2020 are due by May 17, 2021.
California has also extended the state 2020 tax filing and payment deadline for individual taxpayers to May 17, 2021. As with the IRS, the extension does not apply to 2021 estimated income tax payments, which are due April 15, 2021 (1st quarter payments).
There is no need to file any additional forms for your 2020 individual tax returns to be eligible for the Federal and California state extended filing date of May 17, 2021.
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Unofficial News! Little birds have been chirping that the IRS will extend the 2020 tax filing deadline to May 17. The IRS hasn't officially announced the change, but a formal announcement is expected shortly. We'll share details when we know more!
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