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NJEDA Grant release – Phase 3 ($70 million)

The New Jersey Economic Development Authority (NJEDA) today announced Phase 3 of the Authority’s Small Business Emergency Assistance Grant Program. Phase 3, which will be funded with $70 million in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding, significantly expands eligibility for the Grant Program and increases the amount of funding businesses can receive.

By |2021-01-05T10:39:22+00:00October 22nd, 2020|Categories: Business|Tags: |

USDA / SNAP / EBT case – Firm permanently disqualified and reinstated

We want to share one of our experiences dealing with the USDA as there is not enough information publicly available. Also, we noted that small business can be extremely impacted from USDA accusations and in certain cases, there is no opportunity to defend himself or herself without professional assistance, specialized legal team. We continue to

By |2021-01-05T10:40:32+00:00October 22nd, 2020|Categories: Business|Tags: , , , , , |

NJEDA consulting program for COVID-19 Recovery Program

We are one of the companies supporting NJEDA through the SHCCNJ (Statewide Hispanic Chamber of Commerce of New Jersey) providing consulting services in their COVID-19 Recovery Program. Extracted from the article: "The New Jersey Economic Development Authority announced on Monday it has launched a free consulting program to help small businesses that have been impacted by

By |2021-01-05T10:45:05+00:00October 20th, 2020|Categories: Business|Tags: , , , , , |

PPP Forgiveness – Specialized Form for PPP loans under $50k

Another Interim Final Rule (IFR) was released yesterday, the PPP loans will have a special form (S form) for amounts under $50,000 that exempts from any reduction in forgiveness based on a) reduction in full time equivalent (FTE) and/or b) reduction in employee salary or wages. Keep in mind that even the short version, if

By |2021-01-05T10:42:56+00:00October 10th, 2020|Categories: Business|Tags: , , , , |

Revenue losses due to COVID19 – Insurance coverage? – Business interruption exclude catastrophic events

The Small Business Majority https://smallbusinessmajority.org/, through their Policy Agenda,  support "Pass legislation that would ensure business insurance companies cover COVID-19 revenue losses." Note that the business interruption insurance (BII) does not cover COVID-related expenses. The Small Business Majority endorsed two pieces of legislation nationally that would allow insurance companies to cover those expenses that small businesses have

By |2021-01-05T10:45:33+00:00September 23rd, 2020|Categories: Business|Tags: , , , , , |

PPP Forgiveness applications opening up

As you might be aware some banks and financial institutions are opening their PPP forgiveness application intake. Note that after the PPP period of 24 weeks, there is a 10 month period of no interest so we recommend filing the forgiveness during the period. Currently, there are still some moving pieces and there is the

By |2021-01-05T10:46:39+00:00September 22nd, 2020|Categories: Business|Tags: , , |

PPP loan forgiveness rejection? SBA offers guidance (Representation limited to attorneys)

As included in our previous post https://ggcpaservices.com/blog/faq-on-ppp-loan-forgiveness-first-release/, the SBA is offering guidance in the loan forgiveness process, which includes the scenario of rejection of the PPP forgiveness. In many cases, the PPP application was prepared by CPAs, EAs, bankers, consultants and other business professionals. These professionals are already aware of the PPP application, support provided with

By |2021-01-05T10:48:18+00:00August 18th, 2020|Categories: Business|Tags: , , , , |

FAQ on PPP Loan Forgiveness (first release)

On August 4, 2020, the Small Business Administration (SBA), in consultation with the U.S. Treasury Department, issued new guidance through Frequently Asked Questions (FAQs) aimed at helping Paycheck Protection Program (PPP) borrowers navigate maximum loan forgiveness. This is the first release of clarification for the loan forgiveness as FAQs and we consider it a step

By |2021-01-05T10:48:49+00:00August 11th, 2020|Categories: Business|Tags: , , , |

Don’t let small business fail forever – Sign the petition

Last Monday, a letter was Congressional leaders by Howard Schultz and signed by more than 100 current and former CEOs of some of America’s largest companies, major trade associations and small businesses. Since this letter was made public several Chambers of Commerce, trade organizations, business groups and other organizations have supported and signed the petition. Please,

By |2021-01-05T10:50:17+00:00August 11th, 2020|Categories: Business|Tags: , , , , , |

PPP – Expense deductibility supported by legislators

As expressed in our previous post titled " Deduction of PPP expenses? IRS Notice 2020-32 says no, but it might change " from May 2020, we mentioned that the legislators were planning to introduce legislation to allow the deductibility of expenses covered with PPP funds. After the IRS issued Notice 2020-32, several legislators commented that the IRS

By |2021-01-05T11:14:26+00:00August 4th, 2020|Categories: Business|Tags: , , , |
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