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Tag: Travis Miskowitz

SBA Increases Max EIDL Loan to $2 Million

By Travis Miskowitz, Director, CFO Advisory The U.S. Small Business Administration announced major changes to its signature Economic Injury Disaster Loan (EIDL) program on September 8, 2021. This includes an increase to the maximum loan amount from $500,000 to $2 million and additional permitted uses of the loan proceeds including business debt payments among other enhancements. The program updates are a welcome change as the administration continues to focus on supporting...

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The Benefits of Automated Cashflow Reporting

By Travis Miskowitz, Director, CFO Advisory Protecting data integrity while leveraging data for strategic insights and decision‐making Imagine that you’re the head of a real estate company that has 90 bank accounts. You want to know the details of your cashflow, so you request that someone from the accounting team update you on the activity and cash balances twice a day. The employee spends his entire week doing this manually — checking each of the 90 accounts and transferring...

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

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...

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

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...

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SBA to Speed Up PPP Approval Process

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...

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PPP Processing Delays – More Communication Required from SBA

By Travis Miskowitz, Manager CFO Advisory When the Small Business Administration rolled out the Paycheck Protection Program in 2020, there was an immediate need to stem the losses and financial difficulties that small business owners were facing due to the pandemic and government-mandated shutdown orders. The early days of PPP were fraught with processing issues, incomplete or inconsistent guidance, and a lack of reliable resources for small business owners to reference when applying...

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Straight Outta Congress: How to Maximize the Employee Retention Credit (ERC) & Paycheck Protection Program (PPP)

By Travis Miskowitz, Manager, CFO Advisory This is a developing story; updates will be published as additional information becomes available. Update: March 3, 2021 As we enter March, we would like to remind our clients and friends that they may be eligible for 2 very beneficial programs: Employee Retention Credit (ERC) and a 1st Draw or 2nd Draw PPP loan. The ERC is a refundable credit which can now be claimed retroactively by PPP borrowers to 2020 if the company meets 2 main eligibility...

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PPP “Yeah, You Know Me” – 3rd PPP Application Window Opening Soon

By Travis Miskowitz, Manager, CFO Advisory Late Wednesday evening, the U.S Small Business Administration (SBA) in coordination with the Department of Treasury, issued guidance for the revamped Paycheck Protection Program (PPP) authorized by the Economic Aid Act of 2020. The newly released guidance includes: Interim Final Rule (IFR) “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended” an 82-page consolidation of existing PPP guidance in the form of 24...

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Show me the money…again! Congress agrees to $900B Emergency Coronavirus Relief Act of 2020

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager, and Travis Miskowitz, Manager, CFO Advisory Congressional leaders are close to finalizing the next round of stimulus, referred to as the Emergency Coronavirus Relief Act of 2020 providing for $900 billion in government funds aimed at supporting small businesses and the ailing economy. The coronavirus relief bill is expected to pass with bi-partisan support, and the President is expected to sign the bill into law quickly. The relief...

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Unintended Effect of PPP Loan Forgiveness: Reduction in R&D Credit

By Travis Miskowitz, Manager, CFO Advisory The Paycheck Protection Program (PPP) created by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides loans to small and mid-size businesses to cover payroll and other specific costs during the coronavirus pandemic. PPP loans may be forgiven under particular circumstances, and are typically excluded from taxable income. Sounds simple—and if you focus on the question of payroll costs, it is. But companies that are interested...

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