Small Business Archives - Wiss & Company, LLP

Biden’s Announcement on Employer Vaccine Mandates

Written on September 13, 2021. Posted in General Business, Healthcare, Human Resources, Small Business.

By Lisa Calick, Director, HR Advisory Employers have been grappling with whether to enforce vaccine mandates in their companies, however President Biden’s recent Executive Order may now take that decision out of their hands. Late last week, the President announced his multi-level strategy for combatting the continued spread of COVID-19 – a key piece of which includes sweeping vaccine mandates for many employers. The mandate for private employers affects those with 100...

Tax Breaks for Casualty Losses

Written on September 3, 2021. Posted in Financial Planning, General Business, Small Business.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager Hurricane Ida has wreaked havoc since it made landfall in Louisiana just this past week and has since caused massive destruction for all things in its path as it traveled up the coast. Between widespread power outages, flooding, fires, and more, the last thing on people’s minds (as it should be) is the tax implications of suffering a casualty loss but it’s important to know that (believe it or not) you could be eligible for...

Get Ready to Apply for the Restaurant Revitalization Fund

Written on March 30, 2021. Posted in American Rescue Plan, Financial Planning, General Business, Small Business, Stimulus Package.

By Ilya Brodetskiy, Ilya Brodetskiy, CPA, MST, Senior Tax Manager In January, Congress passed the American Rescue Plan Act of 2021, landmark legislation designed to help U.S. residents and businesses stay afloat in the midst of the ongoing coronavirus pandemic. One under-reported element of the plan is the establishment of the $28.6 billion Restaurant Revitalization Fund (RRF), to be administered by the U.S. Small Business Administration (SBA). This program will offer tax-free...

PPP Loans Become More Favorable for Small Business, Other Important Updates

Written on March 4, 2021. Posted in PPP, Small Business, State & Local Tax Services, Stimulus Package, Uncategorized.

By Travis Miskowitz, Director, CFO Advisory The Paycheck Protection Program (PPP) became more favorable to small business as the Small Business Administration (SBA) in cooperation with the Department of Treasury, revised the loan calculation for sole proprietors, independent contractors, and those that are self-employed increasing their chances of obtaining a higher loan amount in contrast to existing guidance. Other important updates were included in two new pieces of...

Biden Administration Targeting PPP Aid to Smallest Businesses – 2 Week Delay Starting Wednesday Morning

Written on February 23, 2021. Posted in Financial Planning, General Business, PPP, Small Business.

By Travis Miskowitz, Manager, CFO Advisory Early Monday morning, the Biden Administration announced it is instituting a 2-week period targeting Paycheck Protection Program (PPP) loans to small businesses only. The temporary freeze goes into effect Wednesday morning beginning at 9:00 am, and only small businesses with 20 or fewer employees will be eligible to apply for a PPP loan for the next 2 weeks. The move by the current Administration is an effort to provide much-needed funding...

SBA to Speed Up PPP Approval Process

Written on February 11, 2021. Posted in Financial Planning, General Business, PPP, Small Business.

By Travis Miskowitz, Manager, CFO Advisory In response to concerns from the small business community regarding delays and processing issues with the latest round of PPP funding, the SBA released a procedural notice on 2/10 implementing changes to speed up the loan approval process. As many as 30% of all PPP loan applications have been delayed due to Hold or Error codes as a result of stepped-up front-end compliance and verification checks. Late last week, we covered the issues causing...

What type of entity should my startup be (a C-Corp or LLC)?

Written on February 1, 2021. Posted in Early Stage, Financial Planning, General Business, Small Business, Startups.

CPA and Partner at WISS & Co., Matt Barbieri discusses the reason he’s doing this podcast (basically to answer all those questions he gets over-and-over) and then answers a question he gets ALL THE TIME from startup founders, which is, What type of entity should our company be? Listen to the episode here… Still need more guidance? No problem! Reach out to a Wiss expert for answers. Contact Us

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