(CARES) Act: Mid-Sized Business Assistance
By Jennifer Kobylarz, CPA, MST The Act deems businesses with employee counts between 500 and 10,000 to be mid-sized businesses. The Act allows for direct loans with interest rates not to exceed 2%. Furthermore, no interest or principal payments will be due for the first six months. A good faith certification of the follow must […]
(CARES) Act: Business Tax Provisions
By Jennifer Kobylarz, CPA, MST Employee Retention Credits Tax credits are available under the CARES Act against Old Age, Survivors, and Disability Insurance (OASDI) taxes for qualified employers that had to suspend operations or had a significant decrease in gross receipts in an applicable credit quarter. The credit specifically applies to any employer who carried […]
(CARES) Act: Small Business Administration Loans and Grants
By Jennifer Kobylarz, CPA, MST In an effort to protect employee wages, the CARES Act established a Small Business Administration (SBA) – Business Loan Program called the Paycheck Protection Program. The SBA will guarantee 100% of the loans made under the program from February 15, 2020 through June 30, 2020. The SBA loans are only […]
Good Habits Are Made in The Bad Times: Helpful Ideas for Automotive Dealers during the COVID-19 Crisis.
This is a great time to “one up” Carvana. Franchised dealerships are in a better position to sell cars online and to fully consummate the sales transaction. Enhancing your technology to sell over the internet and finalize finance contracts is at the highest priority. Each state has varied laws for unwinding such deals and customers […]