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To Forgive or Not to Forgive: Accounting Rules for PPP Loan Forgiveness

Posted by Celene Robert to Business Advice, Budgeting, Loans, Coronavirus

 

The weeks since Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act have seen thousands of business owners scrambling to, first, understand the Act and, second, to take advantage of it. And while experienced attorneys and accountants continue to make sense of the guidance and regulation of the CARES Act, there are a few things we know already that could help business owners like you keep your doors open a little longer.


[Webinar] Tips & Advice for Businesses During COVID-19

Posted by Celene Robert to Business Advice, Business, Startup Tips

 



With the CARES Act on everyone’s mind, inDinero hosted a webinar 100% focused on loans, grants, and tax relief available from the CARES Act. Our panel of experts, including a CFO, SMB specialist from Huntington bank, and a senior tax director, broke down each element of the CARES Act loans and how your business can benefit from them.

CARES Act: 5 Things You Need to Know For Your Business

Posted by Doug Carpenter to Taxes, Business Advice

 

After a rollercoaster of week in DC, the “Phase III” relief package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, became federal law on March 27, 2020. And instead of relaxing over the weekend, trying their hand at baking bagels or binging Netflix, business owners around the country scoured the internet for what the CARES Act actually is and how it can help them through this drastic economic crisis.


Our tax experts and CFOs have reviewed the final text to understand what this means for you and the options you may be able to take to protect your business and team. Here are five important things you need to know based on questions you might be asking yourself:

Which SBA Loan Is Right For Your Small Business Impacted by COVID

Posted by Tom Gabbert, CPA to Taxes, Business Advice

 

Small businesses were central in the negotiations of the over $2 trillion Coronavirus Aid, Relief and Economic Security ‘CARES’ Act, the largest economic emergency stimulus package in our nation’s history. The Small Business Administration (SBA) will have the authority to guarantee $349 billion in small business 7(a) loans, now called the Paycheck Protection Program, in addition to the revised Economic Injury Disaster Loan 7(b). It is important to look into each SBA loan and consider if either are a good fit for your SMB.

What A (Tax) Relief! COVID-19 Tax Updates

Posted by Celene Robert to Business Advice, Business, Startup Tips

 

It’s important to take a moment and say that during this volatile economic time, inDinero is here to provide you, our fellow entrepreneurs, with pertinent updates and resources for businesses on our Coronavirus (COVID-19) Resources and Updates page.


We are experiencing the stress that all this uncertainty brings right along with you. We are more than a bunch of number-crunching accountants and financial experts. We are entrepreneurs, employers, employees, coworkers, family members, members of communities, and fellow citizens—just like you. We thought that pointing out where there is relief would be as welcome to you as it is to us. Here goes.


Remote Work: How to Switch to Virtual Accounting Quickly and Easily

Posted by Celene Robert to Business Advice, Business, Startup Tips

 

Global panic, markets crashing, entire cities and states on lockdown, hundreds of millions of people isolated or in quarantine…


I bet you didn’t expect 2020 would be like this.


But here we are, in the midst of the COVID-19 (coronavirus) pandemic, figuring out how to navigate this strange new reality and keep business going. By now, countless organizations have implemented remote work arrangements for their team members. People are developing, delivering, training, collaborating, and engaging with clients and customers from their home offices. Some companies are better equipped for it than others, but we’re all experiencing significant disruptions, and it’ll probably be a while until life returns to normal—whatever “normal” looks like a few months from now.


Small Business Resources During COVID-19

Posted by Celene Robert to Business Advice, Business, Startup Tips

 

The COVID-19 virus has been the focus of news across the U.S. for the past several weeks and across the world even longer. The impact it is having on daily life is profound and will be felt well beyond the initial shock value. One of the biggest sectors of the market this will hit is small businesses. Luckily there are several resources and steps business owners can take to seek out relief during this time and help themselves weather the storm.


7 Steps to Prepare Your Company for an Economic Downturn

Posted by Tom Gabbert, CPA to Business Advice, Business, Startup Tips

 

During times of great economic uncertainty, it is wise to prepare your company for potential hard times, such as those we are facing now with the coronavirus pandemic. If you believe your company is vulnerable to the effects of an economic downturn, here are 7 steps you should take to prepare.


ASC 606: What You Need to Know

Posted by Celene Robert to Business Advice, Business, Startup Tips

 

Most executives and business owners have better things to do than think about accounting standards. But there’s a new one that demands your attention, for two reasons:


1. It significantly changes how companies recognize and report their revenue.

2. It’s mandatory for any organization that uses Generally Accepted Accounting Principles (GAAP).


I’m referring to ASC 606. Developed by the International Accounting Standards Board (IASB), the global authority for accounting principles, ASC 606 establishes new rules for recognizing revenue in contracts with customers. Essentially, it changes how and when your company can count customer payments.

4 Steps to Build Business Credit Quickly

Posted by Christine Aebischer to Business Advice, Business, Startup Tips

 

This is a guest post by Fundera.

Just as building personal credit history is crucial for your own finances, building business credit is crucial for your business finances.


For every on-time payment, new credit account, and dollar of paid-down business debt, your business gains financial credibility. And your business credit history—recorded by business credit bureaus like Experian, Creditsafe, and Ansonia—will render a business credit score.