Gettry Marcus News

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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Updated Main Street Lending Program

June 16, 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 Main Street Lending Program was opened up for lender registration, thus, banks can sign up to participate in this lending program with the anticipation of the program providing loans to borrowers in the near future. The Main Street Lending Program includes the Main Street New Loan Facility (“MSNLF”), the Main Street Priority Loan Facility (“MSPLF”), and the Main Street Expanded Loan Facility (“MSELF”) (collectively “the Programs”).  Businesses that […]

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WEBINAR: Paycheck Protection Program Flexibility Act Webinar

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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FASB’s Quick Reaction to Pandemic

May 21, 2020

Yesterday, the Financial Accounting Standards Board (“FASB”) met to cover several matters that arose over the viral pandemic that has overrun the economy. Specifically, FASB: voted to defer the effective date to adopt the Revenue Recognition Standards (Topic 606) for non-public entities for another year. Topic 606  will be now be effective for the annual reporting periods beginning after December 15, 2019 (or, 2020 for calendar year-ends). Unfortunately, this decision was arrived at too late for the non-public entities that have already issued their financial statements for 2019 but at least that project has been completed for them. affirmed to delay […]

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Getting Back to Business: Rolling Cash Flow

May 18, 2020

Every business has been impacted in some way by Covid-19. However, business owners must accept this changed environment and pivot to the new reality by moving forward to remain competitive, and stay in business. To meet this challenge, it is imperative that business owners adopt a new philosophy for this current economic age, and this revival should include specific steps for planning and implementing modifications to past operational and financial activities. One of the most important objectives when a business reopens is to prioritize its goals.   Therefore, regardless of your financial background, it is important to establish a method […]

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