The Feds Are Stepping Up Support For Small Business

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How are you holding up? If you haven't yet done so, please do shoot me a quick note to let me know how your business is managing.

Thanks to those readers who responded this last week. Seems all are doing well.

Depending on the situation, I have lots of ways to help ... some of which I'll give you details about today.

I will continue to be posting here more updates than normal, as there are rapidly unfolding NEW credits being considered (even as I type) by Congress, as well as a bunch of emergency actions done by various departments under the executive branch ... all designed to help YOU.

I do believe that we will get through this. This isn't a medical or epidemiological opinion (neither of which I'm particularly qualified to offer), but rather a statement about the confidence I have in my readers, my clients, and our communities, and the businesses they represent.

Crisis is one of the most powerful seedbeds of innovation, if we let it be.

Before I get to the COVID-19 updates, allow me to invite you...

We've heard from SO MANY of our business readers, clients and friends that they appreciate these COVID-19 updates, all looking for help ... please feel free to forward this blog post to your business-owner friends and associates.

Your accounting specialist is quickly mobilizing to assist business owners to obtain emergency funding from the SBA, and from other sources (more about that below).

And I must say: This all feels like we are EXACTLY where we should be. Your accountant is helping business owners who need help navigating all that is to come.

With so much noise, I've found myself tuning out "new" voices, and trying to focus my media and news consumption to only be from trusted sources. There are just so many rumors, and so many updates flying around.

I do suggest you do the same. Allow your tax professional to help guide you through this, within their area of expertise. These are NOT the times to navigate these changes by yourself.

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Now to some COVID-19 updates:

Tax Filing Deadline Has Been Extended

The deadline to file and the deadline to pay taxes for 2019, has been extended to Wednesday July 15, 2020.

Economic Stimulus Package

As of this writing, nothing has been passed. There are a variety of details Congress has yet to hash out.

In fact, I've seen some other accountants and outfits ALREADY charging predatory pricing to "help" businesses obtain funding based on this legislation that has not even yet been passed.

That said, here's what's on the table right now:

  • Small Business Loans

These would be for up to 6 weeks of cashflow for qualifying businesses, depending on what gets eventually passed.

  • Employee Retention Bonuses

They are talking about an ADDITIONAL cashflow loan for up to two weeks, with repayment being waived if you retain all your employees. Again, this has not yet passed. We will keep you posted.

  • Payroll Tax holiday?

Again, these are still being discussed as of this writing, but there is discussion of letting employers and self-employed individuals defer payments on the employer share of Social Security taxes beyond the election, with half being due by Dec. 31, 2021, and the other half by Dec. 31, 2022.

  • New working-from-home write-offs

There are additional deductions and credits being considered for those MANY of us who are working from home now, but those are still pending.

Let Us Help You Navigate These Waters

I've been told that these blog posts are getting forwarded all over the place -- even copied and used by other accountants -- and I say GREAT. The more the merrier. Good information is good information, and we're all in this together.

BE THE ROAR not the echo®

Warmly,

 Janet Behm 
Utah Real Estate Accountants
(801) 278-2700
janet@ut-rea.com

And again, to reiterate my "COVID Action Plan" for my readers:

1) Don't marinate in other people's panic. Be mindful of your social media consumption.

2) Get financially and logistically prepared for the worst.

3) Make sure you have some ready, liquid assets, if you are able. (I.e., cash in the bank, and in hand.)

4) Set aside plans for any big spending until the dust settles -- but don't let up on your communication and your marketing (especially digital).

Much more to come in the days ahead.

We will get through this. Together.

I'm grateful for our chance to serve you and your business through these blog posts -- and we are dedicated to its success, in every season.



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