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Getting Back to Business: The Role Cash Flow Budgets Play in Obtaining Bank Financing

September 2, 2020

It is clear that most businesses felt the financial impact of the pandemic during the last few months and are now experiencing the stress of getting their businesses up and running again. While PPP loans and SBA disaster loans helped businesses through the roughest months of the pandemic, now the PPP funds have likely been used up and the SBA loans will have to be repaid. Businesses have to re-hire employees, re-stock inventory, and generally start to incur significant expenses as they return to what they believe will be a more “normal” and profitable level of business. However, the funds needed […]

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Business Interruption Insurance Update

August 19, 2020

In a recent article, Gettry Marcus described the hurdles that the policyholder will most likely 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 “direct physical loss” or “direct physical damage” to the business property, hence no coverage.  In an August 12, 2020 ruling, a Federal Judge in the Western District of Missouri is allowing a business interruption lawsuit, involving a group of hair salon and restaurant owners, to proceed. This despite wording in the policy stating that direct […]

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IRS Tax Payment Notices – July 15, 2020

August 12, 2020

Many of you may have received notices from the IRS for balances due, tax penalties & interest pertaining to payments made by check which were due July 15, 2020. Please note that the IRS mailroom is behind in updating these payments as they are working with a skeleton staff. Please do not put a stop payment on these checks as they will eventually be deposited. Should you receive an IRS notice please note that any penalties and interest will be removed upon posting. If you would like additional information please contact your Gettry Marcus Advisor or Robin Rokuson, the author […]

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U.S. Treasury Releases New Loan Forgiveness Guidance

August 6, 2020

At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the Paycheck Protection Program (“PPP”), as provided by the U.S. Treasury. On Tuesday, August 4, 2020, the U.S. Treasury released Paycheck Protection Program Frequently Asked Questions (“FAQs”) on PPP Loan Forgiveness.   The FAQs included twenty-three questions and answers related to: (i) General Loan Forgiveness; (ii) Loan Forgiveness Payroll Costs; (iii) Loan Forgiveness Nonpayroll Costs; and (iv) Loan Forgiveness Reductions.  Certain provisions and clarifications included in the FAQs are:   Payroll costs incurred before the Covered Period, but paid during the Covered Period […]

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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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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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