Consult Your Accounting Firm About the New Round of PPP Funding

 On January 11, 2021, the federal government rolled out the new version of the Paycheck Protection Program to further help small businesses survive the COVID-19 crisis. If you’re a small business owner in Nashville looking for funding to support your business, consult your accounting firm immediately to find out if you’re eligible for the program and start the application process.

Here are some of the most important things you should know about this new version of the PPP.

There are two types of PPP loans

In the latest round of funding, you can either qualify for a first draw loan of up to $10 million or a second draw loan of up to $2 million. First draw loans are earmarked for businesses who have not received a PPP loan previously, while second draw loans are for those who have received funding from the first round of PPP. 

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Why You Need to Have Your Financial Statements Audited by a CPA Firm

 

In applying for a loan for your business, lenders, and creditors will ask for your financial documents, such as a profit and loss statement, cash flow statement, balance sheet, and so on. These help lenders assess your creditworthiness and your ability to pay back a loan.

Most lenders in Nashville require financial statements to be audited by a CPA firm or an independent CPA. An audited financial statement provides creditors with the assurance that your reports are a fair and accurate representation of your business’ financial performance and position.

Other parties that will want to see your audited financial statements include:

• The Securities and Exchange Commission, if you’re a publicly owned company
• Suppliers who are looking into extending trade credit to your company
• Potential investors who want to assess the viability of your business
• Shareholders and existing investors who want to get fair, credible, and accurate information about the business’ financial health

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CPA Advice to Retailers On Bouncing Back This Holiday Shopping Season

 

If you’re a small retail business owner in Nashville and have experienced difficulty due to the coronavirus pandemic, you’ll be happy to know that you can expect business to pick up leading to the holidays. According to a study made by Visa, around 86% of Americans plan to do their holiday shopping this year, and about 60% plan to shop for half or more of their needs at local retailers. 

The pandemic, however, has changed the shopping habits of customers, so you should be prepared to adjust and adapt to their evolving needs. Your CPA can help you in making financial decisions related to this.

The Visa study further shows that around 60% of consumers plan to do at least 50% of their shopping online, and only around 20% plan to do their shopping exclusively in person. Around 33% plan to give digital gift cards this year.

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QuickBooks: A Useful Tool that Complements Accounting Firm Services

 

Businesses in Nashville can greatly benefit from using QuickBooks. It’s the most widely used accounting software in the world today, and is especially popular among small to midsize companies without an inhouse accounting staff. Training and support on its use may be provided by a highly qualified accounting firm with a Certified ProAdvisor designation.

What are the advantages of using QuickBooks for small businesses?

QuickBooks is designed for ease of use once it has been properly set up, so even non-accountants can operate it without problem. It’s highly recommended by CPAs and accountants for its many benefits, including the following:

• Templates: It comes with numerous templates that you can use in keeping your accounting records and generating accounting forms, such as payroll reports, timesheets, invoices, and performance records.

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Nashville CPA Firm Advice: Negotiate Your Lease with Your Landlord

 

Many small business owners in Nashville are struggling to keep up with their rental payments as a result of business slowdowns during the pandemic. If you’re in the same predicament, consult your CPA firm about the actions you can take and explore all options that may be available to you.

In September 2020, the Center for Disease Control issued an order that temporarily halts evictions until December 31, 2020. To enjoy this protection, however, you must meet certain requirements, as outlined here. 

One of the declarations you must sign on to states, “I am using my best efforts to make timely partial payments that are as close to the full payment as the individual’s circumstances may permit, taking into account other non discretionary expenses.”

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Ask a Nashville CPA About the Tennessee Small Business Relief Program

Small businesses in Nashville who need funding as a result of the coronavirus pandemic may find assistance in the Tennessee Small Business Relief Program. Funded by the federal Coronavirus Relief Fund, the program is open to distributing around $83 million to qualified enterprises. This amount is added to the original $200 million fund earmarked to help small businesses cope with the effects of the crisis. 

Recently, the state government has announced that the program will be expanded to include additional business activities that were previously not qualified to receive the funds. The cash assistance is not a loan, so they don’t need to be repaid.

If you’re in need of new funding to keep your business afloat, check with your CPA to see if you’re eligible for the program and get help in taking the necessary steps to benefit from it.

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As COVID-19 Crisis Rages, Ask Your Accounting Firm About Your Options

 

In July 2020, just a few weeks after Nashville started reopening the economy, the White House recommended that the city and other COVID-19 “red zones” in Tennessee adopt tighter restrictions, including closing businesses. For small entrepreneurs in the city, this means the road to recovery may take even longer than expected. 

With this new development, waiting for the situation to resolve itself is simply not enough. It’s time to revisit your options with your accounting firm and take a closer look at what you can do to survive and even thrive in the “new normal”. Here are a few things to consider:

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