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Midsummer Update

For many small business owners and their employeees, the nightmare of COVID-19 induced economic shutdown has not yet given way to a midsummer’s dream of business as usual. Most of us now realize that the pandemic will go on much longer than we had hoped. If you have not already done so, make long term plans to manage cashflow to cover fixed costs and debt service.


The SBA’s Economic Injury Disaster Loan (EIDL) program has been opened up again on June 15. Not-for-Profits and agricultural businesses may also apply for these loans. You will need to go to to apply. There are restrictions on what the loan proceeds can be used on, but the loan rates are low and can be paid over a period of up to 30 years. A small advance is also available, but you should discuss this with your accountant if you have already received a Paycheck Protection Program (PPP) loan that may be forgiven.


Speaking of the PPP loans, the deadline to apply expired on June 30 and we are now in loan forgiveness mode. There is now an 8 week option and a 24 week option in which to use the funds and determine your full-time equivalent (FTE) employee numbers. Also, the former 75/25 percent split of payroll and other costs such as rent, utilities and mortgage interest paid is now a 60/40 percentage split. This will help businesses, such as restaurants, meet the forgiveness criteria even if they are not back to normal employment levels prior to June 30. Small businesses will also find filling out the SBA Form 3508, which has a regular and EZ version, to be much easier to complete.  


Self-employed folks that filed for Pandemic Unemployment Assistance (PUA) with the NYS DOL and are still not back to work will receive the federal payment of $600 until the week ending July 26.  


In times like these, it is good to work with a local bank and their staff that knows you and your business. Based on stories I have heard about loan applicants with very large banks and some internet based companies being lost in the system and these institution’s lack of flexibility and knowledge of SBA programs, I am glad we have the local banks we have. On that note, I like doing business with local insurance agencies as well. Many of you who have dealt with your local accountants are more than pleased with the help navigating confusing Congressional and SBA regulations.  


There has been a rumor of the tax deadline being pushed forward again, but it has not happened yet and the current tax return due date is July 15. If you cannot meet it, make sure to file an extension with the IRS and NYS.


We all need a lift to our spirits. Let’s get outside, go for a drive and enjoy our summer!