Can’t decide whether you should apply for the Paycheck Protection Program (PPP) loan from the SBA or the Economic Injury Disaster Loan (EIDL) from the U.S. Treasury? Truth be told, many of your fellow small business owners have already turned in their applications for one or both and some are starting to receive their funding. If you’re still trying to sort out the differences or seeing if some of the confusion gets resolved, maybe we can help. Here’s what we know.
Who would have imagined we would be in the situation we’re facing today? The coronavirus pandemic has turned our world upside down and created an entirely new definition of “business as usual.” Many entrepreneurs, including me, have had to shift their business hours and adapt their companies to working remotely.
For business owners not accustomed to handling customers and staff virtually, this pivot to remote work may be especially challenging. Let’s explore some ways you can help ensure working remotely will work for your business.
5 Tips for Running Your Business in Chaotic Times
To help small businesses keep their business going and their staff employed, the federal government passed the CARES Act, which is administered by the Small Business Administration (SBA). One of the most useful parts of the CARES Act is the Paycheck Protection Program (PPP) loan, which encourages small business owners to keep their employees on the payroll.
Under the program, the loans will be forgiven if the business only uses the money for payroll, rent, mortgage interest and utilities. Businesses must keep paying their employees for eight weeks.
The PPP loans are 2.5 times […]
Normally, at this time of year, you might find yourself scrambling to file your Florida annual report by the May 1st deadline. A business’s annual report confirms or updates a company’s information in the Florida Division of Corporations’ records. The State requires that business entities file an annual report each year to maintain an “active status” with the Department of State.
Corporations (for-profit and non-profit), limited liability companies (LLCs), limited partnerships (LPs), and limited liability partnerships (LLPs) must file an annual report. The requirement applies to both domestic entities (companies registered in the […]
During this uncertain time, I know many small business owners and entrepreneurs are feeling overwhelmed and stressed by the unknown. Not only do entrepreneurs worry about how the COVID-19 situation will hurt their businesses, but they also feel concerned about their employees. Indeed, the coronavirus has turned our world upside down.
Fortunately, federal, state, and local governments are stepping up to the plate to create ways to provide Coronavirus relief and aid to businesses and the people who work for them.
In this article, I will share some of the currently available information about […]
As the coronavirus continues to disrupt every part of our daily business operations, keeping your business running and employees safe means dealing with scenarios you’ve most likely never come up against before. At this writing, not all states have instituted “stay-at-home” policies. But things are changing rapidly, so be sure to follow the news from your state government and follow their instructions.
If your business is still open, however, what can you do when an employee won’t work without a mask or refuses to come to work for fear of infection? Do you […]
Employers across the nation are feeling the pressure to keep their businesses up and running and profitable during the current COVID-19 pandemic. Whether you’re concerned about hunting down alternate suppliers or keeping employees and customers safe from contamination, there’s a lot on business owners’ plates at the moment. We know staying on top of the information about the pandemic is important to your business, so here’s the latest on sick leave policies during the coronavirus crisis.
State by state the country is grappling with trying to stop the spread of the coronavirus […]
Filing a North Carolina annual report is a yearly activity that is required to maintain your company’s registration as a legal entity in the state. It contains information about the company and is due whether or not the entity is actively conducting business. Only when an entity has been officially dissolved (closed) does it no longer have to submit an annual report.
Which Businesses Must File an Annual Report?
Did you structure your business as a corporation or LLC for limited liability protections? For most scenarios the extra filing requirements, paperwork and fees are worth it—your personal liability protection helps make sure your assets are protected from the business’s debts and legal issues. And that goes for the corporation’s shareholders and LLC members, too. Creditors can’t come after members’ cars, houses or personal possessions to pay for attorney fees and unpaid invoices.
But it’s called limited liability, which means there are some notable exceptions. Here’s what to know and how to protect […]
So, you want to be a landlord? Here’s what to know about setting up a rental property business and protecting it with an LLC or S Corp.
Whether you want to purchase property to rent out on Airbnb or you want to lease office space, it’s important to understand that how you structure the property purchase affects your liability and your taxes.
To be clear, we are not talking about merely renting out your home or a room in your house for a short timeframe. According to the IRS, rental income from a short-term […]