Paycheck Protection Program (PPP) is a loan designed by the US Govt, and implemented by the SBA, to provide a direct and immediate incentive for small businesses to keep their workers on the payroll, and thus avoid large scale job losses, because the SMBs create over 50% of the total jobs across America.
SBA will forgive loans if all employees are kept on the payroll for eight weeks, and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender, or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program.
Lenders may begin processing loan applications as soon as April 3, 2020.
The Paycheck Protection Program will be available through June 30, 2020.
Please check with your local lender whether it’s participating in the program.
Who Can Apply
The following entities affected by Coronavirus (COVID-19) may be eligible:
Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
Any business, 501(c)(3) Non-profit organization, 501(c)(19) Veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of: 500 employees, or that meets the SBA industry size standard if more than 500.
Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) with more than one physical location, and employs less than 500 per location
Sole proprietors, Independent Contractors, and Self-employed persons.
As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits.
Each month or quarter we’ll do the following things for you…
Reconcile your bank account
Generate an income statement
Generate a balance sheet
Clean up your general ledger
Provide unlimited consultations
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services. Bank Reconciliation
Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.
Having us reconcile your account each month allows you to…
Identify lost checks, lost deposits and unauthorized wire transactions.
Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
Detect and prevent embezzlement of funds from within your company.
Know how your business is doing? You can’t really know unless all accounts are reconciled and properly accounted for on your financial statement.
Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for. Income Statement
An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.
An income statement allows you to…
Track revenues and expenses so that you can determine the operating performance of your business.
Determine what areas of your business are over-budget or under-budget.
Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
Determine your income tax liability. Balance Sheet
A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time. A balance sheet helps you:
quickly get a handle on the financial strength and capabilities of your business
identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively
determine if your business is in a position to expand
determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses
determine if you need to take immediate steps to bolster cash reserves
determine if your business has been slowing down payables to forestall an inevitable cash shortage
Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you. Maintaining a Clean General Ledger
The general ledger is the core of your company’s financial records. These records constitute the central “books” of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.
Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we’ll fix the discrepancies so your books are always accurate and kept in tip top shape. Unlimited Consultations
We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern. Address:
2217 East Cedar Ave.
Flagstaff, AZ 86004
Website: http://www.lmrcpa.com Newsletter:
Legacy Tax and Resolution Services, headquartered in Scottsdale AZ and operating in all 50 states has grown to one of the largest firms by becoming the experts in our Core Disciplines’.
We do four things extremely well; provide superior tax preparation/planning, consumer debt settlement/credit restoration, aggressive tax resolution representation/controvercy and business profit maximization coaching.
For over 17 years we have continued to refine our skills while others are trying to be everything to everyone.
We learned a long time ago, the one stop shop philosophy does not work. The unfortunate outcome from this philosophy, most offices are generalist in a vast number of areas and an expert at none.
How Do I Know Your Accountant’s One Stop Shop Is Not Working?
Because taxpayers give the IRS too much money every year? It’s true! According to a study conducted by the General Accounting Office (GAO), 2.2 million Americans overpay their income taxes to the tune of nearly $1 billion. So why do taxpayers give Uncle Sam such a hefty handout? The answer’s simple: Most folks don’t know they’re doing it and unfortunately neither do their so called tax professions
Why Did We Choose These Specific Core Disciplines?
Answer: Each provides a symbiotic relationship along the business live cycle Tax Preparation/Planning
As a result of our continuous refinement of our core disciplines we are able provide our customers, through the world, the lowest tax rates while protection them from audit red flags, with 100% Ironclad Guarantee. How do we accomplish this;
As a tax preparation and resolution firm we are preparing taxes all year long. We are honing our tax skills 365 days of the year. In every publication we read, to each seminar or workshop we attend, our primary focus is always tax reduction for our clients.
As Tax Resolution Firm we represent clients at audit, so we are very current on the audit red flags and help our clients properly prepare their supporting documentation.
Systemized Approach to Tax Preparation/Planning As a national tax resolution firm we have a system of worksheets, questionnaires, and tools to extract every deduction possible. You will enjoy the opportunity for tax reduction typically only enjoyed by the wealth. See Tax Preparation Process, Individual Tax Planning andBusiness Tax Planning.
Informed Client Tend to be Better Clients. If you review our site, you will find that we take great pain to bring you insightful and educational content. This site is now and will continue to change to provide consumers the latest information.
As a Business Profit Maximization Coach, we are very familiar with business tax structuring and how to squeeze more profit out an existing business. Remember, except for our clients, taxes are typically the biggest expense for a business. Business Profit Maximization Coach
Keeping your taxes as low as allowable by law, protecting your assets, and maximizing tax deductions, within IRS tax compliance is our focus. Tax professionals at Legacy Tax and Resolution Services will relieve your tax and IRS anxieties, make your case before the authorities and resolve your Tax Issues and tax debt.
We guided, support and when needed nudge our client through the tools that will show them where their systems are week and how to squeeze the most profit of their existing business. We have helped a number of companies grow from 1 and 2 owner businesses to companies with hundreds of employees making tens of millions and on occasion hundreds of millions. Sadly though, at some point you will outgrow us and we will have to hand you off to one of the big 4 or whatever it is down to now or we will need to help you through your exit strategy. The point is we enjoy helping you grow just like we have. We understand the pains because we have had them too. Address:
17470 N Pacesetter Way
Scottsdale, AZ 85255
ph. (480) 907-6644
Website: http://www.hesthetaxman.com Blog: