Brinker Simpson & Company is honored to be named a Top 10 2019 Best Accounting Firms for WOMEN among female respondents to Accounting Today's survey recognizing the 100 Best Firms to Work For in the United States.

Bob Simpson, CPA, MST, Managing Partner of Brinker Simpson & Company, sat down with The Neumann University Center for Leadership to provide small business accounting insights as part of their Entrepreneurship Video Series. The series is designed to help small business owners start, manage and ultimately grow their business. Watch the video here:

The 2017 tax-cut plan eliminated or restricted many itemized deductions from 2018 through 2025, and raised the standard-deduction thresholds. 

NEW SCAMS TARGETING COVID-19 ASSISTANCE PROGRAMS

SBA Economic Injury Disaster Loans and Loan Advance

Overview

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for an emergency advance of $10,000 to small businesses and private non-profit organizations affected by COVID-
19. In order to receive the advance, you must apply for the Economic Injury Disaster Loan (EIDL) and request the advance at the end of the application process. The loan advance funds will not have to be repaid even if the EIDL application is denied. The EIDLs are up to $2 Million with terms up to 30 years and interest rates of 3.75% for small businesses and 2.75% for non-profits. EIDLs requesting funds up to $200,000 can be approved without a personal guarantee and do not require real estate as collateral.

Eligibility

The following are eligible for SBA disaster loans:

- Business entities with 500 or fewer employees.
- Sole proprietorships, with or without employees.
- Independent contractors.
- Cooperatives and employee owned businesses.
- Tribal small businesses.
- Private non-profits of any size.

In addition, you must have been in business as of January 31, 2020 to be eligible for the loan. You are not eligible for SBA disaster loans if:

March 28, 2020

As mentioned in our previous email and blog post, on Friday President Trump signed a $2 trillion stimulus package. In a move designed to keep small businesses afloat, the CARES Act allocates $349 billion to loans the Paycheck Protection Program loans under the Small Business Administration. We provided details on the Program in a previous post.

Lenders are working out the final details with the Small Business Administration (SBA), but you can take steps now to prepare for the application process to avoid delays. Applications may be ready to be processed as early as next week. We suggest that you contact your bank and ask if they are qualified SBA 7(a) lenders and participating in the Payback Protection Program. Inform them of your interest in applying and ask how you can prepare. Please feel free to reach out to our team with questions.