The Launch Blog: Expert Advice from the CorpNet Team

9 Tax Benefits in the CARES Act

There are more advantages to the CARES Act than just relief funding that can help your small business save money and those come in the form of tax breaks. Although most of the breaks are temporary, it’s important to take advantage of all that’s being offered to business owners now, so your company has the best chance of coming out of the pandemic healthy and if not profitable, at least in recovery mode. Here are nine tax breaks and benefits you and your employees can take advantage of today. Tax Benefits For Your Business [...]

April 27th, 2020|Categories: Ongoing Management and Protection|

Texas Annual Reports and Franchise Tax Information

Does your business have to file a Texas annual report and pay franchise tax? Report filing requirements in Texas vary according to the type of business entity, so the answer to that question is, "It depends." In this article, I'll list the different annual reports that businesses may need to submit to the Texas Comptroller's office by the May 15 deadline of each year. I'll also cover the basics of the Texas franchise tax, which must also be reported and filed by May 15. Please note that due to the coronavirus pandemic, Texas has [...]

April 27th, 2020|Categories: Ongoing Management and Protection|

3 Ways a Business Owner Can Respond to COVID-19

Small business owners know the key to survival in any economy is flexibility and adaptability. To handle difficult situations, such as the restrictions imposed during the current coronavirus pandemic, entrepreneurs must be creative and think outside the box to come up with solutions for business survival. Here are three ways small businesses can successfully navigate to a positive outcome. 1. Scale to Meet Unusual Demand In order to scale your company during the pandemic, your type of business would likely have to be deemed essential and be in high demand to provide services or [...]

April 23rd, 2020|Categories: Ongoing Management and Protection|

How Loan Forgiveness Works for the PPP and the EIDL Loan Programs

Now that we are in full swing of the coronavirus pandemic, small businesses across the country are trying to make sense of the CARES Act and how the relief funding can help keep their businesses afloat. One area of confusion seems to be how a business receiving funds from the Paycheck Protection Program (PPP) and/or the Economic Injury Disaster Program Loan (EIDL) will have their loans forgiven. To date, details and information appear to change daily. According to the Small Business Administration (SBA), there will be additional guidance on loan forgiveness within 30 days [...]

April 20th, 2020|Categories: Ongoing Management and Protection|

COVID-19 Relief Funding Alternatives

As of April 16, 2020, the SBA announced all appropriations for the Paycheck Protection Program and the Economic Injury Disaster Loan were exhausted. Small business owners are now in need of COVID-19 relief funding alternatives. Below is a list of some COVID-19 funding options that are still available. SBA Express Bridge Loans (EBL) Eligibility: Small businesses that currently have a business relationship with an SBA Express Lender. Loan Amount: Up to $25,000. Purpose: Support for small businesses experiencing a temporary loss of revenue due to the coronavirus pandemic. The SBA Express Bridge Loans can [...]

April 20th, 2020|Categories: Ongoing Management and Protection|

Paycheck Protection Program for the Self-Employed and Sole Proprietors

By now we have all at least heard about the Economic Injury Disaster Loan and the Paycheck Protection Program enough to know what the acronyms EIDL and the PPP stand for.  Even the infamous Pandemic Unemployment Program aka the PUA has become part of our daily vocabulary. But what are these programs and how do they work? More importantly, how do they work for us, for our clients, and are they enough to get us through this crisis? Like me, you have no doubt been hunkered down at your desk watching recorded webinars, participating [...]

April 17th, 2020|Categories: Ongoing Management and Protection|

Business Entity Types 101: Is It Time for a Change?

A lot is riding on the business entity type you choose. The business structure you decide on affects your legal liability as an owner, tax obligations, growth potential, and the compliance requirements you'll need to satisfy on an ongoing basis. To make matters more complex, the entity type that's right at the beginning of a business's existence may not continue to be the ideal choice as the company grows and evolves. So, what's an entrepreneur to do? First and foremost, I encourage business owners to consult with a licensed attorney and accountant or tax [...]

April 16th, 2020|Categories: Ongoing Management and Protection|

What Government Loan Program Should You Apply For?

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. Paycheck Protection Program (PPP) You probably already know the basics of the PPP, [...]

April 16th, 2020|Categories: Ongoing Management and Protection|

Adapting Your Business to Remote Activities and Shifting Business Hours

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 [...]

April 16th, 2020|Categories: Ongoing Management and Protection|

Paycheck Protection Program Loan Checklist

The SBA’s Paycheck Protection Program is an amazing opportunity for small businesses. It provides a 100% forgivable loan to cover payroll, rent, and utilities. The United States government has moved swiftly to get this program funded and operational. And in some cases, a little too quick for the average business owner to keep up with. Small business is the core of CorpNet and our service offering. We’d like to make sure we do everything we can to help business owners obtain PPP loan funds. To do this, we need to make sure you have everything [...]

April 16th, 2020|Categories: Ongoing Management and Protection|

Don’t Lock Your Credit if You’re Applying for a CARES Act Loan

I'd like to do a very quick public service announcement to alert you of something that can turn into a pretty big mistake. Things are moving so quickly with the CARES Act and Coronavirus relief that I almost didn't catch it myself. If you've locked your credit profile at Experian, Equifax, TransUnion, or another credit reporting agency, you could be in for an unpleasant surprise. By locking your credit profile you are prohibiting banks from doing the due diligence related to the Payroll Protection Program loan or other funding options provided under Coronavirus relief [...]

April 14th, 2020|Categories: Ongoing Management and Protection|

How to Calculate Your Payroll Protection Program Loan Amount

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 [...]

April 14th, 2020|Categories: Ongoing Management and Protection|

Florida Annual Report Deadline Extended Due to Coronavirus

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 State [...]

April 14th, 2020|Categories: Ongoing Management and Protection|

Coronavirus Relief & Aid for Small Businesses

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 [...]

April 6th, 2020|Categories: Ongoing Management and Protection|

SBA Paycheck Protection Program: Loan FAQs for Small Business

What is the Paycheck Protection Program? The Paycheck Protection Program (also referred to as PPP) is a loan that provides an incentive for small businesses to keep their workers on the payroll. It's designed to help small businesses as they react to COVID-19 and manage the fallout from the Coronavirus crisis. How Much Can I Borrow? The SBA’s PPP loan amount can be for a maximum of two months of your average monthly payroll costs from the previous year plus an additional 25% of that amount. The loan amount is capped at $10 million. [...]

April 3rd, 2020|Categories: Ongoing Management and Protection|
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