Newsroom

COVID-19: Business Insights

  • Restaurant Revitalization Fund: Use of Funds Validation Interim Reporting Deadline Due December 31, 2022
    The American Rescue Plan Act of 2021 established the Restaurant Revitalization Fund (RRF) to provide much needed funding to restaurants and other eligible businesses that suffered revenue losses as a result of the pandemic. RRF proceeds are to be used for specific expenses including, but not limited to the following: Business owners who received RRF monies must use all of these funds by March 11, 2023, on eligible expenses incurred between February 15, 2020, and March 11, 2023. Recipients that are unable to use all RRF funds on eligible expenses by the March 11, 2023 date must return the portion of […]
  • Restaurant Revitalization Fund: Use of Funds Validation
    The American Rescue Plan Act of 2021 established the Restaurant Revitalization Fund (RRF) to provide much needed funding to restaurants and other eligible businesses that suffered revenue losses as a result of the pandemic. RRF proceeds may be used for specific business expenses as follows: Payroll costs (including sick leave); Payments on any business mortgage obligation; Rent payments; Debt service; Utility payments; Maintenance expenses; Construction of outdoor seating; Supplies, including protective equipment and cleaning materials; Food and beverage expenses (including raw materials); Covered supplier costs, which is an expenditure made by the eligible entity to a supplier of goods for […]
  • COVID EIDL LOAN UPDATES
    At Gettry Marcus CPA, P.C. we continue to stay apprised as to the status and availability of COVID-19 related grant and loan programs. Beginning October 8, 2021, the SBA will begin approving COVID Economic Injury Disaster Loans (“EIDL”) up to $2 million.  The following summarizes certain key facts with respect to the COVID EIDL program: Program Information COVID EIDLs are provided directly from the Small Business Administration (“SBA”), applicants must apply online through an SBA portal; This is a loan program, not a grant program; Interest rates are 3.75% for “for profit” businesses and 2.75% for non-profit businesses; Loan terms could […]
  • HHS Announces 60-Day Grace Period for Provider Relief Fund Reporting for Period 1 and New Phase 4 – General Distribution
    HHS Announces 60-Day Grace Period for Reporting Period 1 The September 30, 2021 Reporting Period 1 deadline has not changed. However, in response to challenges providers are facing given the Covid surges and natural disasters around the country, a 60-day Grace Period is in place. This period allows providers to come into compliance with their PRF reporting requirements should they fail to meet the September 30, 2021 deadline. The grace period ends November 30, 2021. For more information, visit Provider Relief Fund Reporting Requirements and Auditing. NEW: Phase 4 – General Distribution On September 29, 2021, health care providers will be able […]
  • HHS Provider Relief Fund Online Reporting Portal Now Open
    History, Compliance and Reporting Guidelines History of HHS Provider Relief Fund As part of the CARES Act, the federal government allocated $175 billion in payments to be distributed, through the Provider Relief Fund (“PRF”), to hospitals and healthcare providers on the front lines of the coronavirus response.  Qualified providers of healthcare, services, and support were eligible to receive PRF payments for healthcare-related expenses or lost revenue due to COVID-19.  If providers comply with the terms and conditions of PRF pursuant to “post-payment reporting requirements”, then PRF payments do not need to be repaid to the federal government. With respect to […]
  • SBA Announces Guidelines on Restaurant Revitalization Fund (“RRF”)
    At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the relief efforts put forth by Congress with respect to the COVID-19 pandemic. This past March, the SBA announced a new relief fund called the Restaurant Revitalization Fund program (“RRF” or the “Program”).  The RRF is a $28.6 billion dollar grant that provides funding for hard hit restaurants and bars. This fund is a component of the American Rescue Plan Act, which is a $1.9 trillion stimulus package signed into law by President Biden. This past Saturday, April 17, 2021 the SBA published a Program […]
  • SBA To Enact Restaurant Revitalization Fund (“RRF”)
    At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the relief efforts put forth by Congress with respect to the COVID-19 pandemic. Recently, the SBA announced a new relief fund called the Restaurant Revitalization Fund (“RRF”), which will be available for certain business entities in the near future. The RRF is a $28.6 billion dollar grant that provides funding for hard hit restaurants and bars. This fund is a component of the American Rescue Plan Act, which is a $1.9 trillion stimulus package signed into law by President Biden. Summary of RRF […]
  • HHS Delays Provider Relief Fund Reporting Deadline and Issues Updated Post-Payment Reporting Requirements
    Delay in First Reporting Deadline On January 15, 2021, HHS opened their portal for Provider Relief Fund (“PRF”) reporting registration only and extended the first reporting deadline of February 15th. While HHS has not announced the new reporting deadline, we advise all recipients of PRF funds to register on the Reporting Portal in order to receive e-mail updates from HHS. These updates will alert you when you can begin the online reporting process and also the updated deadline to file for the first reporting period. Updated Post-Payment Reporting Requirements On January 15th, HHS also announced new HHS Guidance for post-payment reporting. […]
  • Getting Back to Business: The Role Cash Flow Budgets Play in Obtaining Bank Financing
    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 […]
  • Business Interruption Insurance Update
    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 […]
  • Getting Back to Business: Business Interruption Insurance For The Professional Service Firm
    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 […]
  • Getting Back to Business: The Road Back to Recovery (and the “New Normal”) for Medical Practices
    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 […]
  • Getting Back to Business: Keeping Your Non-Profit Organization Economically Viable in a COVID-19 World
    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 […]
  • Getting Back to Business: Communicating Business Difficulties with Creditors
    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. […]
  • Getting Back to Business: CARES Act Tax Provisions for the Real Estate Industry
    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 […]
  • 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 […]
  • FASB’s Quick Reaction to Pandemic
    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 […]
  • Getting Back to Business: Rolling Cash Flow
    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 […]
  • Reorganization and Bankruptcy
    Due to the impact of the current health crisis, a business owner may need additional time or an amicable arrangement to pay its creditors. At difficult times like these, it is advantageous for creditors to cooperate with their debtors, including forgiving or postponing the payment of debt. Although working through this current health crisis on our own may be preferable, some businesses may decide to file for bankruptcy to obtain protection from its creditors.   Under the Federal United States Bankruptcy Code, a business can choose between reorganizing under Chapter 11 or liquidating under Chapter 7.  However, bankruptcy does not have […]
  • SBA Programs – Scams and Fraud Alerts
    From the U.S. Small Business Administration*: The Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19). The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing. Scams and Fraud Schemes Grants SBA […]
  • Getting Back to Business – “Business Owners – Start Your Engines”
    Not today, not this week, likely not next week, but soon your business will be asked to participate in the greatest race to restart an economy in history. In an Indianapolis 500 car-race that’s been red-flagged due to an extraordinary large crash, a restart with a green flag occurs and all drivers accelerate at the same time to hit previous top speeds of over 200 mph in the first restarted lap – such a restart is most assuredly not going to occur with our economy, of course with several exceptions. How long will it take most businesses to reach top speed, […]
  • WEBINAR: Business Interruption Insurance Related to the Current Health Crisis
    Gettry Marcus CPA, P.C. presented: Business Interruption Insurance Related to the Current Health Crisis Learn the tactics and strategies of business interruption and contingent business interruption coverages, logistics of submitting a business interruption claim, how to support the monetary damages as part of a business interruption claim, and more Topics that will be addressed include: Does your businesses commercial package policy include: business interruption coverage that may cover this current health issue contingent business interruption coverage that may cover this current health issue, or some other rider that may cover this current health issue such as the component of the losses […]
  • Managing Cash Flow During the Financial Crisis
    Overview Managing cash flow has always been challenging. In this unprecedented current financial crisis, with the root cause being a health pandemic, planning for the uncertain future is even more difficult. With many companies seeing significantly diminished business activity due to government mandates to stay at home, budgeting and planning becomes extremely important. Questions Business Owners Are Pondering If cash flow comes to a complete halt in the weeks ahead, which expenses should I cut? Which staff should be furloughed, laid off, or retained? How should recently passed government disaster and stimulus-backed loans play into my business decisions? If my […]
  • Business Interruption Insurance
    There are potential issues that may arise when contemplating a business interruption insurance claim. Every client situation is different, and we are here to help guide you.  One possible form of relief for the financial stress caused by the outbreak of COVID-19 is business insurance, including business interruption and contingent business interruption coverages. These types of coverages are often included as part of a commercial liability policy. Recovery may include reimbursing the business owner for lost revenues and expenses incurred, among other things. As policy terms may be unique for each policyholder, coverage should be assessed on a case by […]
  • Launching of COVID-19 Crisis Advisory Task Force
    In an unprecedented manner, the world economy has unilaterally greatly reduced its industrial and economic output as a result of the Coronavirus pandemic (COVID-19). To help you through some of the unknowns and difficulties this created, Gettry Marcus CPA, P.C. has launched a COVID-19 crisis advisory task force to help provide insight on how your businesses might need to react to this sudden health and economic global crisis. We have a host of thoughts to help you manage through this great unknown and will introduce them by segments. This is the first of many communications you shall receive from the […]
  • Essential Businesses Update
    Dear Clients and Friends, We wanted to share some important information with you.   On Friday, March 20th Governor Andrew M. Cuomo announced he is signing the “New York State on PAUSE” executive order, a 10-point policy to assure uniform safety for everyone. It includes a new directive that all non-essential businesses statewide must close in-office personnel functions effective at 8 PM on Sunday, March 22. Guidance on essential services under the executive order is as follows: https://www.governor.ny.gov/news/governor-cuomo-issues-guidance-essential-services-under-new-york-state-pause-executive-order Please contact your Gettry Marcus Advisor if you would like additional information.
  • COVID-19 Update
    Dear Valued Clients & Friends, As we continue to monitor the news surrounding the coronavirus (COVID-19) and its growing impact, we want to keep you informed that we have taken steps to ensure the safety of our employees while still maintaining the level of personalized service you are accustomed to receiving. The health and well-being of our people, their families, our clients, and our communities continue to be a top priority for us during these unprecedented times. At this time, all Gettry Marcus offices remain open and continue to operate “business as usual”. However, should the situation change, we have […]

Please contact your Gettry Marcus Advisor if you would like additional information.

Disclaimer: Nothing herein should be construed as being Gettry Marcus’ views as to whether this economic global crisis will be short-lived (a V recovery), take only a few calendar quarters to unwind (a U recovery), or create a longer-lived recession. Further, the above and all future communications from our task force provides information for you to consider as a menu of thoughts as no one strategy works for all.

print