Skip to main content

How Small Businesses Can Survive During Covid-19

Rafi Uddin is the founder and managing partner of Accountex. Before he started his own firm, he worked many years at a local and national public accounting firm both in Tax and Audit. Also, he worked with healthcare, Technology, retail and consulting management industries. He worked in Fresno, Los Angeles, San Jose and Dallas. His firm works with many national franchisees, healthcare, renewable energy, construction consulting management, technology and other industries.
What does the FFCRA-19 bill mean for employers
The expanded Family First Coronavirus Response Act 2019 included two significant sections,
• The Emergency Paid Sick Leave Act (EPSLA)
• The Emergency Family and Medical Leave Expansion Act (EFMLEA)
Will talk about it in details
What small businesses can do for COVID-19
What resources are available for Small businesses?
o Loans from SBA
o Few states have declared loan/mortgage deferral program up to 90 days.
What loans are available for small businesses?
o SBA Disaster loan assistant e
o The US Small business administration is offering designated states and territories low-interest federal disaster loans for working capital to small business suffering substantial economic injury as a result of the COVID-19.
o The loan is upto $2M
o It can be used to pay payroll, bills, fixed debt. The interest rate is 3.75% for small biz and 2.75% for non-profit.
o SBA also offering the long-term repayment. Terms will be determined case by case basis.
What self-employed can do in this situation:
Self-employed persons are generally entitled to receive an income tax credit for up to 50 days of family leave. The credit is equal to the number of family leave days—not to exceed 50—multiplied by the lesser of:
• Two-thirds of the taxpayer’s average daily self-employment income; or
• $200 per day.
In addition, self-employed individuals are generally entitled to an income tax credit for up to 10 days of sick leave. This credit is equal to the number of sick leave days—not to exceed 10—multiplied by the lesser of:
• Two-thirds of the taxpayer’s average daily self-employment income; or $511 per day (or $200 per day if the individual is caring for a family member).

Comments

Post a Comment

Popular posts from this blog

Defying the Odds; an Immigrant Girl in a Male Dominated World Guest Greta Bajrami

Greta Bajrami is the CEO and Founder of Golden Group Roofing. Greta Bajrami migrated to the United States at 10 years old from Tirana, Albania. Greta grew up in Worcester, Massachusetts where she attended Worcester State University. Greta Bajrami had no roots or prior connections to the world of exterior remodeling, when she recognized a need for quality, and implementing technology to expand the customer experience. Greta innovated the construction process and elevated the customer experience. Greta Bajrami’s excellence and success within the construction industry has gained her local and national attention throughout the USA. Worcester Business Journal named Greta as 40 Under 40 Class of 2017. Remodelers Magazine recognized her innovation by awarding her the Big 50 award 2019. Greta Bajrami serves as Treasurer on the Board of Directors for New England Roofing Contractor Association, Board of Directors and Scholarship Committee for Worcester State University and President of Massachus...
Post a Comment
Read more

The importance of Collaboration vs Competition Sarah Benken, the CEO and Founder of The KNOW Women

Sarah Benken, the CEO and Founder of The KNOW Women. Sarah is passionate about supporting women, specifically high-achieving businesswomen that are overworked and lacking community with like-minded women. Why? Because she has been there – in the wrong rooms, stretched thin, and feeling like she was alone on the journey. As an accomplished CEO of 12 years, Sarah has built and scaled her own brands internationally. She is an award-winning entrepreneur that knows firsthand what it is like to feel the need to connect with ‘her people’ and have trouble finding them. She is on a mission to provide space for dynamic female leaders to gather, collaborate, and be celebrated for their successes and hard work. Sarah just launched a non-profit called KNOW Cares to empower and educate female leaders and dreamers around the world. Check out this episode!
Post a Comment
Read more