Tuesday, April 7, 2020

9. CPA Advice for Small Roasters

April 7, 2020
We are NOT a CPA! But today's blogpost
 includes a link where you can listen
to one!
HOT TIP  - FREE CPA ADVICE!
Today's SBAM daily briefing was excellent! They had the Michigan CPA Association (MiCPA) on the call, advising  small business owners as if they were their client. A great resource for small businesses with limited access to such professionals.  CLICK HERE to listen to the recording. The CPA is interviewed in the first 20 minutes of this 30 minute briefing.

James Lopiccolo (CPA) said they're telling their clients, "maximize the funds you can get on PPP." Even if you don't have enough payroll during the 8 weeks to have your loan 100% forgiven, you can prepay with no penalty if you truly do not want any debt.

If you can stomach the debt for 2 years, the advantages you have are:
1) first payment deferred for 6 months 
2) an unheard of low interest rate of 1% with so few hurdles (guarantees, ineligibility for other credit, etc.)

Other news today for government programs:
  • U.S. Congress is considering another large aid package. This is a relief, as it takes off some of the pressure on banks and businesses to be "the first" to get their Paycheck Protection Program (PPP) loan application completed. (Click here for info on PPP.)
  • I learned the state programs that have been funneled through the Economic Development agencies (like SPARK in Ann Arbor, MI) are then turned over to county economic development offices. While I am in Michigan, I can imagine this may be true in many states. I applied for Michigan's "Resiliency Fund" last week. Today I was contacted by email and then phone by a county administrator requesting further documentation. I was skeptical at first, being concerned about scammers looking for my tax information, but everything checked out. Indeed, it appears the county government is expected to follow through on finalizing state-level "Resiliency Fund" applications.

Keep at it everyone! There's relief coming. You've got this.

No comments:

Post a Comment