This webinar will keep you informed and up to date on the most current changes and programs.
Topics covered during this webinar include: -Current laws surrounding the stimulus and PPP programs -Four NEW COVID-19 relief grants through the State of Nebraska -IRS issuing EIP cards -Loan forgiveness -Q&A
I received the PPP Funds… Now what? – How should funds be used? – What forgiveness looks like for businesses and sole proprietors? – How do I stay organized with all the documentation needed for forgiveness and possible audit? EIDL – Additional New Information Stimulus Payments Question and Answer session
The IRS just released Notice 2020-23 to extend more tax deadlines for individuals and businesses.
The relief covers taxpayers that have a filing or payment deadline between April 1, 2020, and July 15, 2020. It applies to fiscal year entities, estate tax returns, nonprofit organizations, information returns, and more.
In addition, the deadline for second quarter estimated tax payments has been moved from June 15 to July 15, and the relief is automatic so taxpayers don’t need to file any extension forms to get the relief.
PAYCHECK PROTECTION PROGRAM (PPP) WEBINAR
Thank you to everyone who was able to join us for the PPP Webinar. The webinar reviewed how the loan process works and the 8-week period for calculating loan forgiveness. Since the webinar was broadcast additional information was received, so we wanted to cover some details on the changes and reiterate some of the best practices we covered.
When does the eight-week period begin? The eight-week period begins on the date the lender makes the first disbursement of the PPP loan proceeds to the borrower.The lender must make the first disbursement of the loan within ten calendar days from the date of loan approval (this is new information received after the webinar was recorded)
Consider using a separate account dedicated to the PPP Loan proceeds. Using a separate account will make tracking much easier. If a copy of the bank activity is requested, you can easily provide detail on how the funds were used.
Maintain detailed records for support of payroll costs. Prepare the data for submission related to each payroll including: Wages Group Health Care Coverage Health Care Costs Retirement Plan Employer Contributions
If paying employees under the Families First Coronavirus Response Act for Emergency Sick Pay or Emergency FMLA, maintain adequate records as these amounts will be adjustments to your payroll costs.You cannot participate in the following CARES act benefits:Employee Retention CreditDelay of Employer Payroll Tax Payments (FICA)Keep a detailed record with invoices paid for the following: Rent – Utilities – Mortgage Interest
Planning ahead will facilitate the maximum opportunity for Loan Forgiveness for the period of eight weeks after the date of your loan. Please use our calculator to estimate your loan forgiveness.
McMill CPAs & Advisors partnered with Midwest Bank to look at how the loan process works, and the 8-week period for calculating loan forgiveness. This loan is designed to assist businesses in retaining employees by providing cash flow for payroll and a few other specific expenses.
McMill CPAs & Adivsors and Midwest Bank will cover this program in detail. – What specific expenses are covered (other than payroll) – Loan Forgiveness Details – Frequently Asked Questions – McMill CPAs & Advisors and Midwest Bank will review the questions they have received regarding the program
VIDEO CONTENT CLARIFICATION – The amount of forgiveness of a PPP loan depends on the borrower’s payroll costs over an eight-week period.
When does that eight-week period begin? The eight-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. The lender must make the first disbursement of the loan no later than ten calendar days from the date of loan approval.
With the uncertainty created by the COVID-19 new legislation, recommendations and directives are constantly changing. Are you confused on how the new laws impact charity organizations? Do you need advice on improving cash flow in this uncertain time? Leaders at McMill CPAs & Advisors and Midwest Bank get together to provide guidance surrounding cash flow solutions and the new laws. This webinar is tailored to our communities charities in this challenging time.
Are you a small business looking for information about the financial assistance programs available? Loan officers from Midwest Bank discuss the options available and Nancy and Clint from McMill CPAs & Advisors address the tax implications of these programs. We’re here to help your business through this difficult time!
Webinars with information regarding COVID-19 and the effects it could have on the market and small businesses.
CARES Act – Potential Small Business Programs Reviewed as well as Tax Savings Ideas
This webinar reviewed the new CARES Act. We review the programs that are available for Small Business as well a Tax Impact for Individuals. Recorded 3/28/2020
Proposed CARES Act SBA Loan Program
This webinar reviewed an overview of a Proposed CARES Act but focused on one key component, the SBA program, passed by the Senate (still needs to be approved by the House of Representatives). Under the current draft of the Cares Act, the SBA could be authorized to guarantee up to $349 billion in 7(a) loans to businesses with not more than 500 employees. This could affect many business owners. Recorded 3/26/2020
Market and Investment Overview – Spring 2020
A review of the current market as well as historical data with McMill Accounting Firm Partners Jared Faltys and Clint Weeder. 3/26/2020
COVID-19 – Regarding Business Implications on Cash Flow and Employment Issues
Addressing how the current changes impact business owners. Topics covered will include: Proactive Business Practices, Common Questions to Address in Planning, Available Financial Assistance, Credit Options – Including the SBA Program, Families First Coronavirus Response Act, Emergency Family and Medical Leave Expansion Act, Emergency Paid Sick Leave Act, Upcoming Potential Legislation: CARES Act, State Unemployment Updates and Payroll Tax Credits Recorded 3/24/2020
McMill CPAs & Advisors will make every attempt to provide our clients with the most up to date information. However, the information contained on this page can update hourly, and there may be instances where it is out of date. If you have questions on any of the items please contact your advisor.
This webinar reviews an overview of a Proposed CARES Act but focuses on one key component, the SBA program, passed by the Senate (still needs to be approved by the House of Representatives). Under the current draft of the Cares Act, the SBA could be authorized to guarantee up to $349 billion in 7(a) loans to businesses with not more than 500 employees. This could affect many business owners. How does this affect your business? McMill CPAs & Advisors as well as banking leaders explored this topic together in a round-table format. 3/26/2020