Increasing your profits requires selling more and/or spending less. While building up your sales may require an extended effort — especially given the current economic climate — business costs are often very ripe for a quick trimming. Here are some possibilities to consider to help maintain profitability: Supplies and other purchases In any business, […]
Archives for May 2020
PPP Update: Loan Forgiveness Application Released
On May 15, 2020, the Small Business Administration (SBA) and the U.S. Treasury Department published a Loan Forgiveness Application for the CARES Act Paycheck Protection Program (PPP). As with other aspects of the PPP, it raises more questions while answering others. Similar to the PPP loan process, we see additional guidance being released once the public […]
Buying vs. Leasing: Getting the Best Deal on your Business Equipment
To lease or not to lease? This is an issue many business owners often face. If your firm is weighing the pros and cons of leasing versus buying, here are some things to keep in mind. Cost Evaluating costs is more complicated than comparing the price of leasing a piece of equipment versus its purchase […]
Traveling for Business and Pleasure: What’s Deductible?
Business owners who travel out of town on business may choose to extend their trips and take a little time to relax and see the sights. When a trip is partly for business and partly for pleasure, various expenses may still be deductible. Domestic travel A self-employed individual whose trip is primarily for business may […]
The Paycheck Protection Program — What’s Next? Part II: Loan Forgiveness
Eligibility and usage are key factors in determining whether a small business will have its loan forgiven. In Part I of this post, we looked at eligibility factors. Once PPP funds are received, what are the best practices to maximize your opportunity to have your loan forgiven? It may sound obvious, but make sure you’re […]
The Paycheck Protection Program — What’s Next? Part I: Loan Eligibility
As one of the largest loan programs in American history was rolled out to help small businesses, it’s not unexpected to see many questions and responses by the U.S. Treasury in the form of FAQs to help clarify the government’s intent with respect to PPP funds eligibility and usage. But are they leaving businesses with […]