Paycheck Proctection Program Flexability Act On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020. The PPP Flexibility Act provides some relief and flexibility in the use of the Paycheck Protection Program (“PPP”) funds. Changes Included: Borrowers can now choose to extend the original 8-week covered period…
PPP Loan Forgiveness Application Last week, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. While the application is in final form, we should expect to see further narrative guidance from SBA over the next several weeks. The form and instructions inform borrowers how…
How Does Your Accounting Impact Your Profits? Accounting is one of those items in a business that just seem to chug along. Think about your meetings. Most revolve around ways to refine processes, increase profits, add more revenue, labor costs, etc. The items that rise to the surface are the ones that get the attention.…
KPIs and Why Do They Matter Key Performance Indicators (KPIs) are critical to monitor your progress. Typically, these are simple to set up to monitor. If they are not easy to set-up that is a sign your accounting software may need to be updated or more likely that you need to change your accounting processes…
Setting Stretch Goals Goal setting should be more of an exercise than it is. How did you set your goals? Did you pick a number and then do the math needed to get there? You need to set a numerical target, but goal setting should be a session that makes you think. It should lead…
Building Value Businesses exist to enable your family to live, but it is more than just money. They are a source of personal interest and financial stability for employees. The business provides needed services or products of value for your customers. Along the way, owners often get sidetracked with items that consume their time and…
The Impact of Sales Acceptance Policies Every dollar seems incredibly valuable to every business, but not every dollar has equal value. The easiest sale to make is one that typically fits into one of these three situations: This could be intentional by applying a discount for either strategic reasons or because the sales skills of…
Increasing Cash Flow Cash flow is vital to any business. The primary reason any company has a loan or a line of credit is because they did not have the cash. Some capital to buy large equipment, a facility, etc. is needed rather than tying up working capital. The question to ask related to your…
2019 Illinois Tax Amnesty Program For a limited time, the Illinois Department of Revenue is offering amnesty to taxpayers who have outstanding tax liabilities relating to tax periods ending after June 30, 2011 and before July 1, 2018. Penalties and interest will be waived on such tax liabilities if payment is made in full between…
Transition Planning – Option 2 Family Succession Owners need to understand that conducting a family succession requires a very different path than an owner who is looking to sell to an outside party. Most family successions involve some form of gifting in order to begin transferring family wealth. It’s a different mindset than trying to…