(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: Individual Tax Payments and Provisions
By Jennifer Kobylarz, CPA, MST Direct Payments The CARES Act provides for immediate direct payments to certain individuals. The Act has authorized payments of $1,200 per individual, $2,400 per married couple, with an additional $500 per qualifying child based on filed 2019 tax returns. If a 2019 tax return has not yet been filed, the […]
(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 […]