COVID-19 Business Resource Center

July 15, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

When to Use the Families First Coronavirus Response Act

With the focus on the PPP and EIDL options, a tax credit afforded by the Families First Coronavirus Response Act (“FFCRA”) has been mostly ignored by funeral home and cemetery owners. Recently, a Foresight accounting client reached out to our team when one of their funeral directors tested positive for COVID-19. In addition to the protocols and processes well publicized by the CDC and OSHA, we recommended that this firm continue to pay this employee wages under the provisions provided by the FFCRA. The following considerations led us to this conclusion: Is the business considered a Covered Employer as defined by FFCRA – Yes Covered Employers: The paid sick leave and expanded family and medical leave provisions of the FFCRA apply to certain public employers, and private employers with fewer than 500 employees. Small businesses with fewer than 50 employees […]
July 7, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

The SBA releases redacted PPP data; What to do when you are asked about your PPP loan?

The Small Business Administration on Monday released a redacted data on Paycheck Protection Program that categorizes key recipients and the specific jobs that are covered by the $659 billion program. The data is very specific on the program, which has been federal government’s main relief effort for small businesses. Although detailed, the new data is still not transparent enough. It does not recognize loan amounts; the data is categorized in sections spanning $150,000 to $350,000; $350,000 to $1 million; $1 million to $2 million; $2 million to $5 million; and $5 million to $10 million. The new data also includes loan recipient names, addresses, industry codes, business types and loan amount ranges for loans above $150,000. This data equals almost 14% of PPP loans, according to the SBA. For loans below the $150,000 total, the SBA shared totals by zip code, industry and […]
June 10, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

Paycheck Protection Program Flexibility Act Provides New Provisions for Loan Recipients

On June 5, 2020, the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law.The new act allows businesses with forgiven PPP loans to postpone Social Security taxes through the end of 2020. Before this new act was signed into law, any loan recipients were required to stop postponing Social Security taxes as soon as any portion of their loan was forgiven. The additional provisions include: Reducing of the percentage of loan funds to be spent on payroll from 75% to 60% Expanding the “covered period” for use of the loan from eight weeks to 24 weeks Expanding the period of time for employers to overturn reductions in employment that took place between February 15 and April 26, 2020 from June 30, 2020 to December 31, 2020 Increasing the loan maturity time period from two years to five years Allowing […]
May 20, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

Small Business Administration and Treasury Department Release PPP Loan Forgiveness Application

The 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 […]
May 14, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

What Issues Should I Consider During A Recession or Market Correction?

During these uncertain times, many individuals are unsure about how the financial markets will play out and are left not knowing how their personal and business finances will be affected. As part of our Foresight Roosevelt Wealth Management alliance, Roosevelt Investments put together a comprehensive checklist titled, “What Issues Should I Consider During A Recession Or Market Correction?” featuring issues and suggestions to consider in light of recent financial market changes. In general, this checklist can help you navigate and identify which opportunities to look at that may be beneficial to you. To view this checklist, click the button below. As we navigate through these times of uncertainty and adjust to our new normal, we here are at The Foresight Companies want to be your source for all topics related to your business operations. Please visit our COVID-19 Business Operations Resource Center frequently for updates. […]
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