The new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to your pockets if you have or had PPP money. Before we go further, please note the PPP money comes to you in what appears to be a loan. We say “appears” because you typically pay back a loan. Done right, however, the PPP loan is 100 percent forgiven. The word “loan” makes some businesses leery of this arrangement. Don’t be. The PPP...
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On November 18, 2020, the IRS released Rev. Rul. 2020-27 and Rev. Proc. 2020-51 providing desperately needed guidance on the timing issues related to Paycheck Protection Program (PPP) loan forgiveness and the deductibility of the related PPP expenses. Since May 2020 with the release of Notice 2020-32 we have known that expenses used to qualify for loan forgiveness would not be eligible tax deductible expenses. In other...
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Financial forecasting is the process of predicting the future outcome of economic, marketing, and financial trends. It is the process of estimating or predicting a business’s future performance. The financial prognosis obtained through the financial forecasting process will help you predict how your business will look financially in the future. Analysis of future trends in areas like sales performance and customer behavior is key to...
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Are you one of the millions of businesses that have an outstanding non-disaster Small Business Administration (SBA) loan? These include: 7(a) loans: general small business loans of up to $5 million, 504 loans: loans of up to $5.5 million to provide financing for major fixed assets such as equipment or real estate, and microloans: short-term loans of up to $50,000 for small businesses. If so, you have already benefited, or soon will...
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During my 20+ years of experience I have concluded that most business ventures fail not because it was a bad idea, but because it was a poorly implemented idea; or there were entrepreneurial mistakes that ended up driving the business into a downward spiral. If you are a startup business, what will set you apart from the rest is having a plan then having the discipline to act on it. Mistakes are part of the growing process....
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