The Launch Blog: Expert Advice from the CorpNet Team

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: Crisis Management, 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: Crisis Management, 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: Crisis Management, 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: Crisis Management, 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: Crisis Management, 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: Crisis Management, Ongoing Management and Protection|

How the COVID-19 and the CARES Act Affects Your Small Business and Employees

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 still [...]

April 1st, 2020|Categories: Crisis Management, Ongoing Management and Protection|

What Employers Need to Know About Sick Leave During the Coronavirus Crisis

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. Before COVID-19 State by state the country is grappling with trying to stop the spread of the coronavirus [...]

April 1st, 2020|Categories: Crisis Management, Ongoing Management and Protection|

A Guide to Filing a North Carolina Annual Report

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? Every business Corporation, Limited Liability Company (LLC), Limited Liability Partnership (LLP), and Limited Liability Limited Partnership (LLLP) registered in North Carolina must file an annual [...]

March 30th, 2020|Categories: Ongoing Management and Protection|

When Personal Liability Protection Doesn’t Work for Corporations and LLCs

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 your [...]

March 30th, 2020|Categories: Ongoing Management and Protection|

Do You Need an LLC or S Corp When Purchasing Rental Property?

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 [...]

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

We’re Here to Help During COVID-19!

There is no higher priority for CorpNet than the safety of our clients, our partners, and our employees! With the Coronavirus (COVID-19) being such a dominant topic in the media and in the workplace, Phil and I wanted to make sure you know we are here to help you and your business stay in compliance. We're Open and Here to Help CorpNet Incorporation Services remains open and ready to assist you! CorpNet will remain open and in full operation Monday through Friday from 7 a.m. until 5:00 p.m. PST. We will continue to provide [...]

March 14th, 2020|Categories: Events & Announcements|

Does Your Business Have to File a Georgia Annual Report by April 1st?

Business entities that are registered with Georgia's Office of the Secretary of State must file a Georgia annual report each year. The due date for filing Georgia's annual report is April 1st. What is an Annual Report? The correct terminology for an annual report is actually "annual registration." However, many people refer to it as an "annual report" because that's what the annual filing is called in many states. Throughout this article, you'll see that I use both terms to mix things up a little for your reading pleasure! Businesses required to file a [...]

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