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COVID-19 Resource Center

Getting Back to Business: Business Interruption Insurance For The Professional Service Firm

June 29, 2020

As our professional service firm clientele begin to return to some semblance of normalcy, we are being asked for advice as to the protocols for submitting a business interruption insurance claim. Whether our client be a law firm, engineering firm, architectural firm, or other professional service firm, the methodology used in quantifying lost profits is similar. In our recent article, Gettry Marcus described the hurdles that the policyholder will certainly face regarding the consideration of a business interruption claim due to COVID-19. Insurance carriers are quick to point out that business losses arising from COVID-19 are not due to a […]

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Getting Back to Business: The Road Back to Recovery (and the “New Normal”) for Medical Practices

June 19, 2020

Even though medical practices were considered “essential businesses” during the worst parts of the COVID-19 Pandemic, stay-at-home orders and general social distancing guidelines kept patient volume down for most practices. This was especially true for those practices that rely on elective-type procedures as their primary source of revenue. While loans from the CARES Act’s Payroll Protection Program (“PPP”) kept many practices afloat during the Pandemic, those loans have been or will soon be fully used up. Practices must now focus on getting back to business and managing cash flow with the understanding that much uncertainty still exists. Consider the following […]

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U.S. Treasury Releases Updated Guidance and Revised PPP Loan Forgiveness Applications

June 18, 2020

At Gettry Marcus CPA, P.C. we continue to stay apprised as to the status of the Paycheck Protection Program (“PPP”) loan updates as provided by the U.S. Treasury. Yesterday, the U.S. Treasury released additional guidance related to the Paycheck Protection Program Flexibility Act (“PPPFA”) as well as new loan forgiveness applications, which are Form 3508EZ and Form 3508. This information provides insight into the changes associated with the PPP loans and loan forgiveness protocols, and include the following certain key provisions: For PPP loan borrowers utilizing the 24 week (168 day) Covered Period: Employee (non-owner) compensation allowable for PPP forgiveness will […]

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SBA Reopens Application Process for Economic Injury Disaster Loan

June 17, 2020

At Gettry Marcus CPA, P.C. we continue to stay apprised as to the lending programs available to business owners to help finance operations during the COVID-19 pandemic. On June 15, 2020, the SBA announced that the Economic Injury Disaster Loan program (“EIDL”) was once again accepting applications from potential borrowers. The SBA has indicated that all U.S. states and territories are now eligible to participate in the EIDL program. Salient provisions of the EIDL program are as follows: Current borrowing limit is $150,000 Fixed interest rates of 3.75% for small businesses, 2.75% for non-profit businesses Term lengths ranging from 10 to 30 […]

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WEBINAR: Paycheck Protection Program Flexibility Act Webinar

June 16, 2020

Gettry Marcus CPA, P.C. presented Paycheck Protection Program Flexibility ActIncluding a Discussion on its Impact on Loan Forgiveness Join Gettry Marcus, CPA, P.C. and Campolo, Middleton & McCormick, LLP for Part 3 of our webinar series on the recently passed Paycheck Protection Program Flexibility Act (“PPPFA”). The PPPFA greatly increases the likelihood of loan forgiveness. This webinar will address PPPFA’s impact on earlier provisions of the PPP loan program, including the following: An increase in the Covered Period from 8 to 24 weeks, but no later than December 31, 2020. During the period February 15, 2020 to December 31, 2020, loan […]

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Getting Back to Business: Keeping Your Non-Profit Organization Economically Viable in a COVID-19 World

June 12, 2020

Your Organization and its vital programs are needed now more than ever. The demand for the types of services non-profits typically provide continues to increase while the availability of donor funds declines. Just as any for-profit business, non-profits must focus on long-term strategies, potentially reinventing their methods of providing services or even rethinking the services themselves.  Some questions the Board may want to consider are: How are your current programs impacted by the pandemic and/or the government guidelines that were enacted in response to the pandemic? Are there new programs we can develop that might be more impactful? Are current […]

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Paycheck Protection Program Flexibility Act

June 5, 2020

Revisions to the Paycheck Protection Program Have Been Enacted At Gettry Marcus CPA, P.C. we continue to stay apprised as to the status of the Paycheck Protection Program (“PPP”) loan updates.  Today, the President signed into law the Paycheck Protection Program Flexibility Act (“PPPFA”), which changes certain provisions of the CARES Act, which governs the PPP loan program.  The changes include:   PPP loans originating on or after the date of the PPPFA shall have the term of the loan revised from a 2-year term to a minimum of a 5-year term, up to a 10-year term; PPP loans that […]

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Getting Back to Business: Communicating Business Difficulties with Creditors

June 2, 2020

As businesses start to slowly reopen in the COVID-19 world, they are facing new challenges; both externally and internally. Some examples of external challenges consist of government regulations, rising unemployment rates, lack of discretionary cash flow by consumers, and volatile economic markets. Examples of internal challenges consist of operational inefficiencies, human resource deficiencies, lack of resources to social distance in the work environment, and financial volatility, among others.   The above-listed factors, and others, will result in businesses entering a difficult stage of their business cycle, wherein impactful decisions may have to be made related to the survival of the enterprise. […]

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Getting Back to Business: CARES Act Tax Provisions for the Real Estate Industry

May 26, 2020

The real estate industry has been hit hard by the COVID-19 Pandemic. One of the major issues faced by landlords is the uncertainty of rent collection due by tenants. This could be caused by businesses being shut down due to the stay at home orders, tenants’ inability to pay rent due to job status, and other related issues. Many real estate landlords have and continue to reach out to lenders to negotiate some sort of mortgage relief. The Gettry Marcus Real Estate Group wants to reiterate that there are several tax provisions in the CARES Act that could result in […]

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Business Interruption Insurance Update

Now that we are over two months into the economic shutdown it has become abundantly clear that insurance carriers are taking the position that business interruption losses arising out of the COVID-19 pandemic will likely not be covered.  This is evidenced not only by actual denial letters mailed out to policyholders, but also in interviews and press releases by various insurance carriers.   Policyholders have even indicated that they have received preemptive denial letters from their insurance carriers even prior to submitting a claim. These denials are occurring in instances where the policy in question may, or may not, contain […]

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