May 28, 2020
Published by 
Nina Renee on May 28, 2020
Nina Renee on May 28, 2020“Coronavirus Pandemic Forces the Funeral Industry Online” was the top story in CNBC Business News on May 27th, referring to key findings in Foresight’s revolutionary study designed to understand consumer attitudes, perceptions and behaviors about the funeral and cemetery industry prior to, during and after the Covid-19 pandemic. Jane Wells, a prominent reporter for CNBC news, recently interviewed Chris Cruger, Chief Operating Officer of the Foresight Companies, to discuss key findings of The Foresight Companies 2020 Funeral and Cemetery Consumer Behavior Study. CNBC highlighted the fact that the $20 billion funeral and cemetery industry is being forced to meet the challenging desires of the customer. Wells noted that online price transparency and live-streaming of funeral services may be the norm going forward, even as the country begins to open up. She also emphasized that people are increasingly preplanning their funeral […]
May 20, 2020
Published by Nina Renee on May 20, 2020
Nina Renee on May 20, 2020The Small Business Administration has released the Paycheck Protection Program (PPP) Loan Forgiveness Application. As you know, small business owners may apply to have up to 100% of their loan forgiven. The application sheds some light and provides guidance on the detailed calculations to determine forgiveness amounts. It also tells you what must be submitted with the application. As a bonus feature, it provides step-by-step directions for completing the forms. Forgiveness Eligibility To have your loan forgiven, at least 75% of the forgiveness amount must be for payroll costs paid and in place during the eight-week Covered Period. This must be the same as the PPP Loan Disbursement Date. There are also non-payroll costs that are eligible to be forgiven. A quarter of the loan may be used for mortgage, rent, utility and interest on debt obligations paid or in place […]
April 21, 2020
Published by Nina Renee on April 21, 2020
Nina Renee on April 21, 2020Despite having been told that all of the funds from the Economic Injury Disaster Loan (EIDL) funding has been depleted, one our clients was thrilled to find $7,000 had been deposited into his bank account this morning. The funds were received as part of the option to receive up to $10,000 when applying for the EIDL. The EIDL application was submitted on March 30th and no other communication had been received prior to today. – The message – If you’ve previously submitted for the EIDL, there’s still hope! We have heard that there is more stimulus money coming and we are optimistic that additional funding will be made available soon. Although the SBA is not currently accepting EIDL applications, all indications suggest that the program will open up again once additional stimulus funds are approved by congress. There is hope […]
April 16, 2020
Published by Nina Renee on April 16, 2020
Nina Renee on April 16, 2020The Small Business Administration’s Paycheck Protection Program and the Economic Injury Disaster Loan Program have officially run out of money. By law, the SBA may not issue new loan approvals once the programs experience a lapse in appropriations. Currently, the SBA is unable to accept any new applications for the Paycheck Protection Program or the Economic Injury Disaster Loans (EIDL)-COVID-19 related assistance based on available appropriations funding. They also cannot enroll new PPP lenders at this time. Applicants who have already submitted their applications for the EIDL will continue to be processed on a first-come, first-served basis. Though the rollout of the PPP had some glitches, banks worked to meet the needs of their customers with an unparalleled pace of loan approvals. A little more than a week after applications were first available, more than 1.03 million loans were approved […]
April 15, 2020
Published by Nina Renee on April 15, 2020
Nina Renee on April 15, 2020The Department of Labor (DOL) has issued rules that exempt employers with fewer than 50 employees (“small business”) from its requirements if compliance would jeopardize “the viability of the employer’s business as a going concern.” The ruling states that an “authorized officer of the business” must determine whether the business meets the criteria for an exemption and must document the facts and circumstances that allow for the exemption. A business may be exempt from providing mandated paid sick leave or expanded family and medical leave requirements if they meet three conditions: The provision of paid sick leave or expanded family and medical leave would result in the small business’s expenses and financial obligations exceeding available business revenues and cause the small business to cease operating at a minimal capacity; The absence of the employee or employees requesting paid sick leave […]
April 9, 2020
Published by Nina Renee on April 9, 2020
Nina Renee on April 9, 2020Your Paycheck Protection Program Loan may be eligible for forgiveness by the Small Business Administration (SBA) under certain circumstances. This is one of the key attractions of this program but we want you to be aware of the eligibility guidelines and records retention procedures that you must follow so that your loan can be converted into a grant. Use the PPP funds only for eligible uses At least 75% of the loan amount must go towards payroll costs (capped at $100,000 per employee) and all employees must be kept on the payroll or rehired by June 30, 2020. Eligible payroll costs consist of all compensation, tips, payment for leaves, healthcare and retirement benefits, and relative payroll taxes. The remaining 25% can be used on other operating costs that were in effect before February 15, 2020, such as rent, utilities, and […]
April 8, 2020
Published by Nina Renee on April 8, 2020
Nina Renee on April 8, 2020Unfortunately, hackers and scammers are targeting small business owners accessing the Paycheck Protection Program, part of the $2 trillion stimulus package signed by the President last week. Experts are estimating billions of dollars of fraudulent claims will be filed as banks themselves may be understaffed and ill-equipped to verify all the companies that will be applying for these 100 percent guaranteed, no fee SBA loans. Here are things to know so you do not fall victim to one of these scams: The SBA does not initiate contact on either 7a or Disaster loans or grants. If you are proactively contacted by someone claiming to be from the SBA, suspect fraud. Do not respond to any type of communication, including phone calls, emails, or text messages, from anyone claiming to be from the Treasury Department or the SBA offering you grants or […]
April 6, 2020
Published by Nina Renee on April 6, 2020
Nina Renee on April 6, 2020Effective April 1st, the U.S. Department of Labor (DOL) issued temporary regulations for the Families First Coronavirus Response Act (the “FFCRA”) that outlined the requirements for employees giving notice and the supporting documentation required. The FFCRA provides employers with fewer than 500 employees funds, in the form of refundable tax credits, to reimburse them for the cost of providing employees with paid sick and family and medical leave for reasons related to COVID-19, either for the employee’s own health needs or to care for family members. Up to two weeks of paid sick leave is available to qualifying employees. An additional 10 weeks of partially paid expanded family and medical leave is available to some employees when their children’s school or place of child care is closed. To request leave, an employee is not required to provide a note from a […]
April 1, 2020
Published by Nina Renee on April 1, 2020
Nina Renee on April 1, 2020It is important that you develop a business recapitalization plan to help your business prepare for reduced cash flow by doing the following: Build a 13-week cash flow statement Negotiate with your lenders or new lenders Evaluate whether or not you should recapitalize your business Seek alternative and junior capital sources Business Liquidity Assessment Begin by assessing the following variables related to your cash flow so you can understand your business’s working capital situation: Determine the amount of cash, including accounts receivable you know you will collect, that is immediately available to you. Forecast your cash burn rate, which is the amount of money your business spends, for a month. Determine how much debt you have and your ability to meet all your financial obligations. Debt Covenants The US Department of the Treasury and the Federal Reserve are currently assessing […]
April 1, 2020
Published by Nina Renee on April 1, 2020
Nina Renee on April 1, 2020There are many programs that the government has provided to assist you if you’ve experienced business disruption as a result of COVID-19. We can help you decide if and what programs you might benefit from the most. Understand your cash flow needs so you have a broad picture of your business’s ability to fund its obligations during the next quarter and during the next year: Determine the amount of cash, including accounts receivable you know you will collect, that is available to you. Determine your overhead obligations over the next quarter and the next year, including all operating costs. Determine what you expect your revenue to be over the next quarter and the next year, considering different scenarios that may affect your business. Know where you can access the capital you will need: Government Assistance Programs SBA 7(a) loan program […]
March 27, 2020
Published by Nina Renee on March 27, 2020
Nina Renee on March 27, 2020To ease the burden and assist small business owners and their employees during the COVID-19 pandemic, emergency legislation has been signed into law. Here are some highlights of the new law. Overview of the Law: The Families First Coronavirus Response Act (FFCRA) is effective as of April 1, 2020. It includes amendments to the current FMLA (Family and Medical Leave Act) and stipulates requirements for paid sick leave. Employers covered by the FFCRA Emergency Paid FMLA (Family and Medical Leave Act) and paid sick leave will be responsible for paying out the costs themselves and will be reimbursed through certain tax credits, which may not happen until 2021. FMLA Provision: FMLA is calculated based on the number of hours the leave-taking employee would normally be scheduled to work. This cannot be less than two-thirds the employee’s regular rate of pay. The amount […]