Clarifications of FAQs for the SBA Paycheck Protection Program Application Please be advised that the Small Business Administration (SBA), in consultation with the Department of the Treasury, has provided additional guidance to address borrower and lender questions concerning the implementation…
PAYROLL PROTECTION PROGRAM – The time to act is NOW!
Paycheck Protection Program Application & Information On Friday, March 27, 2020, the President signed the Cares Act into law. As a part of the act, it included funding of $349 billion of partially forgivable small business loans. Yesterday afternoon, March…
SBA offering loans to small businesses hit hard by COVID-19
Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes…
At the very least, update the financials in your business plan
Every new company should launch with a business plan and keep it updated. Generally, such a plan will comprise six sections: executive summary, business description, industry and marketing analysis, management team description, implementation plan, and financials. Now, ideally, you would…
The tax implications of a company car
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars.…
A midyear review should go beyond financials
Every year is a journey for a business. You begin with a set of objectives for the months ahead, probably encounter a few bumps along the way and, hopefully, reach your destination with some success and a few lessons learned.…
Keeping Covenants: Getting debt ratios right
Accurately defining and computing restrictions on indebtedness is critical to assessing a business’s compliance with debt covenant ratios. Many indentures contain covenants that rely on financial accounting numbers, such as a maximum debt-to-EBITDA ratio. For example, an indenture filed by…