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The Benefits of Selling on eBay

eBay and Amazon were both founded in 1995. Amazon back then specialized in selling books, and eBay had few other competitors in the ecommerce selling space at first. As we know, this is no longer the case – by a long shot. eBay is now up against giants like Amazon and Walmart (whose relatively new marketplace has […]

Important Tax Dates for Q3 & Q4

September 10 — Employees who work for tips If you received $20 or more in tips during August, report them to your employer September 15 — Individuals Make a payment of your 2020 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax […]

The PPP Forgiveness Portal Is Now Open: 5 Tips for What to Do Next

The federal Payment Protection Program (PPP) ended on August 8, 2020. Although no new applications are being accepted, the thousands of small businesses who already received a loan — and the banks who issued those loans — must now make decisions about the process of obtaining loan forgiveness. The federal Payment Protection Program (PPP) was […]

A Guide to Reading Your Reports

Balance sheet An overview of your business’s financial position on the day the statement is generated. Assets – Money in the bank, property, and equipment owned by the company. Liabilities- Money you owe other people (loans, taxes, rent, etc,) Equity – Money currently held by the company (retained earnings, operating capital, stock) Equity – Liabilities […]

What do I need for my PPP application?

Important Update (Updated 4/24/20) On Thursday, April 23rd, the House approved a $484 billion package to help small businesses. This includes $310 billion for additional Paycheck Protection loans. The SBA has yet to re-open the application process. We will continue to update this post as we learn more. READ MORE HERE One of the most […]

Paycheck Protection Program

Important Update As of 4/16/20, SBA is unable to accept new applications at this time for the Paycheck Protection Program based on available appropriations funding. READ MORE HERE Loan Information This loan is designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all […]

What Can You Spend Your PPP Forgivable Loan on?

If your small businesses managed to secure a Paycheck Protection Program (PPP) loan before the well ran dry, your next task is figuring out how to use it. Here’s a list of the expenses that qualify for forgiveness (meaning you don’t have to pay the loan back). Remember, your lender will perform an audit at […]

The New “Automatically Necessary” PPP Loan Rule: Is It a Free Pass?

The original Payroll Protection Program (PPP) rules included strict requirements to prove that the loan was necessary to save your business, and imposed hefty financial and criminal penalties for those that tried to get a handout when they didn’t really need one. But on May 13, 2020, the Small Business Administration (SBA) lightened up on […]

How Does the CARES Act Affect Unemployment Benefits?

Many Americans are now getting some form of economic assistance from the CARES Act — the federal government’s multi-pronged effort to save jobs and small businesses from devastation by the COVID-19 pandemic. Whether you’re an employee, employer, or self-employed sole proprietor, there are new benefits and new rules to follow. Here’s a rundown. Unemployment Benefits […]