COVID-19 Resource Center
As the COVID-19 situation continues to change, we are taking precautions at this time to keep our employees, families, and clients healthy. We recognize your business may be facing decisions you have never had to face, and we are here to help you with cash flow problems, reforecasting and adapting to new restrictions/legislation. We are monitoring all bills passed for their impact on our clients and will help you navigate this season of your business.
On Demand Webinars
Changing situations and new legislation are rapidly altering business operations. Smith Schafer offers a series of webinars to help our clients navigate the tax and accounting landscape. Click below to explore topics and subscribe to have webinar invite information delivered to your inbox.
Path Forward 2021: New Federal Pandemic Relief
Q&A REGARDING
RECENT BUSINESS TAX CHANGES
COVID-19
Accounting Changes
Considerations for 2020 Q4 Planning
PPP: Ensuring Compliance and Maximizing Forgiveness
PPP: Breaking Down Recent Legislation
What Should I be doing NOW for My Business and Employees
With the new day comes new strength and new thoughts.
– Eleanor Roosevelt
Helpful Links
PPP Borrower Infomation Fact Sheet | US Treasury Department
Executive Orders from Governor Tim Walz | State of Minnesota
COVID-19 State Resources | Minnesota Department of Health
Small Business Guide on Emergency Loans | U.S. Chamber of Commerce
COVID-19 Tax Resources | IRS
Disaster Loan Assistance | U.S. Small Business Administration
Employment Guidance | Minnesota Chamber of Commerce
Making Teleworking Work in a Time of Crisis | MNCPA
Tips for Managing your Business during an Economic Downturn | U.S. Small Business Administration
Tax Provisions in the HEALS Act | American Action Forum
Tip:
Online scams and phishing threats are increasing during this pandemic. Cyber criminals are actively working to exploit the COVID-19 story with attacks aimed at taking advantage of the situation. It is important to be aware of online scams and
think before you click!
Help Navigating These Uncertain Times
Focus on Financial Planning
Cashflow
Having the right data is the first step. Cashflow analysis and projections will be vital over the next four months.
Key Perfomance Indicators
Understanding your drivers and KPIs will help you make the best decisions.
Reforecasting
Reforecasting financial plans during this time are important.
Paycheck Protection Program
Businesses that have managed to secure financing through the Paycheck Protection Program are fortunate—but also saddled with a lot of red tape. Business owners and managers should be careful that they adhere strictly to the terms of the program to qualify for loan forgiveness.
Our Latest Blog Posts
APPLYING FOR THE EXPANDED EMPLOYEE RETENTION CREDIT
This article will cover the additional limited guidance issued by the IRS on January 22, 2021, related to claiming of the employer retention credit for those employers that had their PPP forgiveness denied.
BREAKING DOWN THE THIRD COVID-19 STIMULUS BILL
President Biden signed the American Rescue Plan Act into law on March 11, 2021, and it contains numerous provisions that impact millions of Americans. Here is a breakdown of the critical features of the Act.
TAX-RELATED ITEMS FROM THE RECENT COVID-19 STIMULUS BILL
Late in the day on Monday, December 21, Congress passed a comprehensive stimulus package. There are several key tax-related items you should be aware of.