COVID-19 has been a trying time for businesses and may be the right time to take advantage of business transition opportunities. With the current economic situation, gifting programs should be evaluated because of lower company values.
Managing through the COVID-19 business disruption, you have been adapting and stretching your creativity to safeguard business continuity. You are learning what it takes to thrive in the new normal of business.
The Minnesota Legislature passed the Small Business Relief Grants Program. The program approved approximately $62 million for grants to Minnesota small businesses that have been impacted by the pandemic.
Reminder – Taxpayers who have a Sales and Use Tax liability in excess of $250,000 in the state’s prior fiscal year (July 1 to June 30), are required to make an accelerated payment of the expected June sales tax liability.
The SBA and Treasury have released new Paycheck Protection Program guidance and forgiveness applications. This new material addresses changes brought by the Paycheck Protection Program Flexibility Act, including those to PPP loan maturity, deferral, and forgiveness.
As we slowly start to transition into reopening, many business owners are anticipating significant changes—a new normal. While no one can know how things will turn out, we want to spend some time discussing what the post-coronavirus business world might look like.
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