Monthly summary of the tax, financial, and business news that may impact your business.

It is important for anyone with this habit to remember that avoidance of negative financial outcomes will be strongly reduced by the simple act of paying attention. If you can track your finances, you can plan ahead, act earlier, and avoid a slippery slope that would cause greater financial hardship. This is especially true during uncertain economic times when change occurs more rapidly than normal.

The pandemic has forced us to rethink the way we do business and budgeting is no different. A more flexible, out-of-the-box approach can still provide you with a practical roadmap to guide your business.

The Small Business Administration (SBA) has officially released a copy of the Loan Forgiveness Application for recipients of loans from the Paycheck Protection Program (PPP). We recently provided an overview of the PPP loan program, which forgives all or a portion of this loan depending on how the funds are spent. In part two of this series, we will cover the process of applying for forgiveness.

In this first installment of a two-part series, we will address what you can do during your eight-week period to maximize loan forgiveness. The application, along with updated rule clarifications, are providing business owners with a clearer understanding of how to spend PPP loans, and potential financial and legal pitfalls.

Our recent shift to working entirely from home has been a comedy of errors for many Americans, often accompanied by homeschool lessons, toilet paper anxiety, and the unfortunate question posed in every Zoom meeting: “Are you wearing pants?”. Now over 6 weeks and what feels like 435 years later, we are slowly entering the “acceptance” phase where Zoom meetings are a part of our work routine. And like any other part of our work routine, we are slowly making videoconferencing more professional and less concerned with one another’s pants status.

The idea of creating a budget may feel overwhelming, especially if you’ve already been in business for several years. However, most firms will find that the initial time and effort required to create a proper budget is well worth the decision-making guidance it provides throughout the year.