Gettry Marcus News

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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WEBINAR: The Forgivable or Not-So Forgivable PPP Loan

Gettry Marcus CPA, P.C. presented: The Forgivable or Not-So Forgivable PPP Loan Including Review of the Just Released Loan Forgiveness Application Join Gettry Marcus, CPA, P.C. and Campolo, Middleton & McCormick, LLP for Part 2 of our highly successful webinar series on PPP Loan Forgiveness. This webinar will address the latest loan forgiveness issues which will include: Review of PPP Loan Forgiveness Application Form, including: Alternative payroll Covered Period Forty-hour workweek benchmark for FTE status Safe harbor requirements for both rehiring of employees and adjusting employee compensation FTE reduction exemptions for employees in the Covered Period or Alternative Payroll Covered Period […]

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U.S. Treasury Releases Paycheck Protection Program Loan Forgiveness Application

May 17, 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 Friday, May 15, 2020, the U.S. Treasury released the PPP Loan Forgiveness Application (“Application”). Please see the below link to review the Application: With the complexities of the U.S. Treasury’s Application and overall forgiveness protocols and procedures, the Gettry Marcus Financial Assistance Services Group is here to help. Please contact your Gettry Marcus advisor for assistance with PPP loan forgiveness or to discuss developments included in the Application such as the U.S. […]

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SBA Extends PPP Loan Safe Harbor Return Date

May 14, 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 US Treasury.  Yesterday evening, the US Treasury released Question #47 as part of their frequently asked questions (“FAQs”), which was directly related to the PPP loan safe harbor return date.   Below is an excerpt from the US Treasury’s FAQs*:   Question: An SBA interim final rule posted on May 8, 2020 provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be […]

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