COVID-19 Business Resource Center

April 1, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

Financing Options You Can Benefit From During the COVID-19 Pandemic

There 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 31, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

Payment of Employer Payroll Taxes Deferred

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows taxpayers to defer paying the employer portion of Social Security taxes through the end of 2020, with all 2020 deferred amounts due in two equal installments, one at the end of 2021, the other at the end of 2022: Employers can defer payment for the employer portion of payroll taxes incurred between the date the CARES Act is enacted, March 27, 2020 through December 31, 2020. If deferred, the employer would instead pay 50% of this amount by December 31, 2021, and the remaining 50% by December 31, 2022.  The eligible payroll taxes are the employer’s portion of Social Security taxes (6.2%). Payroll taxes are shouldered by workers and employers: Each pays 6.2% toward Social Security and 1.45% toward Medicare. Employers are still on the hook for paying the 1.45% of wages that goes toward funding […]
March 31, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

Employee Retention Credit for Employers

The CARES Act Section 2301 creates a new employee retention credit (the Retention Credit) for wages paid from March 13, 2020 to December 31, 2020, by employers that are subject to closure or significant economic downturn due to COVID-19. The credit amount takes into account up to 50% of qualified wages, up to $10,000. Thus, the maximum Retention Credit amount is $5,000 per employee. The Retention Credit applies to: The employer’s share of Social Security tax under IRC Section 3111(a) (6.2% of wages) The portion of the employer’s and employee representative’s share of RRTA tax under IRC Sections 3211(a) and 3221(a) that corresponds to the 6.2% Social Security tax rate due Qualified wages for employers with 100 or fewer employees qualify for the entire credit. To be eligible for the Retention Credit an employer must carry on a trade or […]
March 31, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

Five Things You Must Do NOW for Your Business to Survive COVID-19

You may be worried about how this pandemic will affect the finances of your funeral home and what steps you should be taking to address the business impact of COVID-19. Foresight’s Dan Isard participating in a round table discussion sponsored by The International Order of the Golden Rule. This discussion provided information on what you need to know now so that you can make the best business decisions during this time of economic uncertainty. Listen to the recording below to hear about various topics including: Conserving cash during the COVID-19 pandemic (Hint: It has to do with the bills you usually pay) Prepare to borrow money, possibly through the SBA’s Economic Injury Disaster Loan Program Steps to take to protect your staff financially Getting the right messaging out to your families and community How the way you handle funeral services […]
March 30, 2020
The Foresight Companies Blog Covid 19 Business Resource Center

Funeral Home and Cemetery Action Plan: COVID-19 and other infectious diseases

As a result of the COVID-19 pandemic, we have created a document to serve as a template for funeral homes to use to develop an emergency action plan in light of the recent outbreak of COVID-19 (the Coronavirus). But it should also be useful in anticipation of future outbreaks of any infectious disease including the seasonal flu. Certain state or local laws, ordinances, and orders must be taken into consideration of course, so this template, in order to be used in various jurisdictions, must be generic. Therefore, it is meant to simply be a guide for you to develop your own plan. You should have a plan in place that also considers other possible disaster situations such as hurricanes, tornadoes, and floods. It should also contain plans in the event of a fire in your facility, an active shooter situation, […]
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