It may be a cliché, but only time will tell. In the meantime, savvy small business owners should change some of their habits and activities now, so these new behaviors are startling if a recession hits.

We explained how to best prepare for a recession, so first, make sure your small business has enacted what you prepped for. Here are some tips for surviving a recession.

Is Your Cash Still Flowing?

As we noted in the recession preparation blog, keeping an eye on your cash flow is critical. Check your accounts receivable. Are they current? If not, reach out to the people and businesses that owe you and see how you can expedite payment. Consider expanding the payment options you currently offer. Giving customers more ways to pay, such as electronic payment solutions IEFT or ACH) or credit cards can often help you collect money owed.

It is just as important to know where your funds are going. Are you subscribing to newsletters and other publications that are no longer helpful, or you don’t have the time to read? Do you belong to associations that you’ve outgrown? It’s critical that you spend your money on things that really matter to you and your team.

Check your insurance policies to ensure they’re current, cover what you need, and you’re not paying for unnecessary coverage. Consider shopping around; many companies are currently offering introductory packages and pricing to entice new clients.

Vet Potential Clients

If your clients are primarily other businesses (B2B), before you sign a new contract, check the credit and financial history of the company. The three major business credit reporting agencies are Experian, Dun & Bradstreet, and Equifax. Also, check with the Better Business Bureau, rating and review sites like Yelp, and do a Google search.

Maintain Your Relationships

Running a business during a recession can be hard on you both professionally and personally. Make sure you take time away from work to keep your mind fresh. Spending time with friends and family can reinvigorate you. You might also consider meditation or yoga to relieve stress and clear your mind.

Regarding work, now is an excellent time to connect with others in your industry, your city, or in online business community groups. They are likely experiencing the same concerns you are. Sharing challenges and solutions will benefit you and your company.

Ask for Help

Numerous studies have shown that accountants are small business owners’ most trusted advisors. Don’t hesitate to ask them for help. Think about others in your professional network. Your attorney, financial advisor, or banker may be able to help. If your concern is more specific, such as flattening sales, or your marketing isn’t working as well as it used to, consider talking to any professionals you know with expertise in those areas.

You can also get help from your local Small Business Development Center and free mentoring advice from SCORE.

Don’t be afraid or embarrassed to ask for help.

Outsource

It may seem counter-intuitive to tell you not to count your pennies during economic uncertainty. But don’t. During a recession, you may think that cutting back on the services you currently outsource and doing them yourselves is a smart idea. It’s really not.

To survive a recession, you don’t have time to worry about things like your bookkeeping, running payroll, sending invoices, or figuring out what states you need to pay sales tax to. Outsource these and other services so you can concentrate on the elements of your business operation that really make a difference, the things that move sales, such as marketing, managing your workforce, staying compliant, instituting customer retention plans, developing new ideas, expanding to another state, etc.

Invest in Your Company

Obviously, you need to keep an eye on your expenses to maintain positive cash flow. But now isn’t the time to stop investing in your company and your team.

Marketing during a recession is a smart move. Other companies will likely cut back, letting your marketing dollars go further and have a more significant impact. You should concentrate your energies on your existing customer base since it’s easier and less expensive to keep a current customer than attract a new one.

Be visible. Up your social media presence. This low-cost investment enables you to cement your relationships with your current client base and introduce you to new customers. Be empathetic to your customers’ concerns, offer advice, and share news and insights.

Adjust to New Consumer Behaviors

If the country indeed enters a recession, consumers may start to reduce their spending. Your marketing strategies will obviously help keep your company top of mind for them. But you may need to tweak your messages and offerings so customers think of your products or services as essential—something they need, not just want. Pay attention to what your customers are saying and feeling (that’s where social media helps) to better understand what they need right now.

You don’t necessarily have to cut your prices, but you will likely have to up your promotions. For B2C businesses, surveys have shown that most customers want a discount before buying. B2B businesses have been embracing B2C business practices. Instead of lowering your prices, consider creating bundles or value packages to give your customers a better deal.

These tips will help you grow your business whether or not there’s a recession. They’ll prepare you for whatever comes next. As Roseanne Roseannadanna, the character created by the legendary Saturday Night Live star Gilda Radner used to say, “It’s always something.”

The post 7 Tips to Help Your Business Survive Through a Recession appeared first on CorpNet.

How the Flexibility Act Modified PPP Forgiveness

The amount of money each business received from the Payroll Protection Program was based on the number of full-time workers (or equivalent) employed when the pandemic first hit. In the first rounds of funding, the entire loan was considered forgivable if the conditions—the funds were to be used only for paying employees and eligible expenses—were met.

The borrower must repay any portion of the loan not used during the maturity period at a 1% interest rate. Any funds used for purchases outside the range of eligible expenses would also be considered unforgivable and must be paid back at a 1% interest rate.

The first amendment to the Flexibility Act concerns the period when the funds initially needed to be used. In the early stages of the pandemic, no one was certain how long the disaster would affect the marketplace, and borrowers were required to use the allocated funds within eight weeks of receiving payment. The Flexibility Act changed those terms allowing borrowers issued loans before June 5 two years to use funds. Borrowers receiving loans after June 5 have up to five years to use the funds and still be eligible for forgiveness.

The previous PPP forgiveness terms required 75% of the loan be used only for payroll costs, including salary, wages, tips, commissions, and benefits such as health care, retirement, sick pay, vacation, and family leave. The remaining 25% could be used for expenses such as a mortgage payment, rent, and utilities. The amended forgiveness terms are now 60/40, which means 60% can be used for payroll and 40% for eligible expenses.

Finally, the PPP Flexibility Act extends the deferral period for the borrower’s payments to the date the Small Business Administration (SBA) remits the borrower’s loan forgiveness amount to the lender. If the borrower does not apply for loan forgiveness, the deadline is 10 months after the end of the borrower’s loan forgiveness-covered period. Previously, the deferral period ended at six months.

Filling Out the Forgiveness Application

PPP Loan Forgiveness Applications are available through SBA-approved lenders, where you received your loan. Depending on your business entity, how much you borrowed, and the size of your business, you should use SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or the lender’s equivalent form.

Prepare now by compiling the correct documentation. Here’s what you should be prepared to provide:

• Payroll documentation for all payroll periods during the forgivable covered period
• Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees
• Payroll tax forms for the covered period
• Payroll tax filings reported (IRS Form 941)
• State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state
• Payment receipts, canceled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount
• Non-payroll documentation for eligible expenses incurred or paid during the covered period (business mortgage interest payments, business rent or lease payments, business utility payments). You must also show these same expenses existed before February 15, 2020.

Important to note: For S Corporations owners, health insurance costs should not be included when calculating payroll costs; however, retirement costs for S Corp owners are eligible.

Once the SBA reviews your loan, your lender will notify you of the forgiveness decision and what you owe, if anything. If you also received an EIDL advance for your business, the SBA will deduct the advance amount from the forgiveness amount.

Safe Harbors for PPP Borrowers

To help PPP borrowers meet the requirements for forgiveness, the SBA has enacted several “Safe Harbor” provisions.

• You can calculate the number of full-time employees by three different reference periods to prove employee retention (whichever benefits your business best). Those periods are February 15, 2019, to June 30, 2019; January 1, 2020, to February 29, 2020; or 12 consecutive weeks between May 1, 2019, and September 15, 2019 (seasonal employees).
• If you had to lay-off some employees after receiving PPP funding, you could still receive forgiveness if your business had to shut down (partially or fully).
• Businesses that reduced their number of employees between February 15, 2020, and April 26, 2020, have until December 31, 2020, to reinstate the original number.

If you tried, in good faith, to reinstate those employees, but they either had moved on or refused to come back to work, you can still qualify for forgiveness by showing documentation proving your attempts, such as job offers or letters of resignation.

Finally, if you reduced employees’ wages more than the 25% allowed for forgiveness, you have until December 31, 2020, to get salaries back to the level they were at on February 15, 2020, or by the loan forgiveness application date (whichever is earlier).

Use PPP Schedule A Worksheet to determine if you qualify for safe harbor.

Good luck in obtaining forgiveness, and let CorpNet help you with any corporate documentation needed.

The post What You Need to Know About the Flexibility Act and PPP Loan Forgiveness appeared first on CorpNet.

Here are five post-COVID marketing strategies for accountants to win and keep clients for the long-term.

Establish the Business as Post COVID-19 Experts

As the economy struggles to get back on track and clients have specific questions on how to file taxes, apply for relief funding and provide documentation for loan forgiveness, accountants need to secure their clients’ trust by providing quick answers. Accountants should be familiar with all aspects of the issues their clients will face and then use focused post COVID marketing strategies to position themselves as the experts, such as:

• Create a list of FAQs regarding coronavirus and accounting related issues, then post it on your websites and social media platforms and include it in your email marketing newsletters.
• Send personalized email reminders related to government-postponed filing deadlines and business compliance concerns.
• Offer to byline blog posts for other websites offering advice for post-COVID-19 issues and always link back to the business’ website and social media platforms.

By positioning the accounting business as experts, current customers will remain loyal and new customers will be attracted to come on board.

Pivot to a New Way of Doing Business

Most businesses in the pandemic were required to pivot their focus to stay afloat while consumers and businesses alike sheltered in place and scaled down operations. Accounting businesses with large staffs were also required to ask employees to work remotely to ensure safety. One thing that may not change as safer-at-home policies are lifted is the business/client comfort level with virtual consultations. People who hadn’t participated in online meetings before, quickly became familiar and comfortable with the technology and may want to continue to meet virtually—at least for a while.

Virtual capabilities are appealing for clients still feeling nervous about in-person meetings, which may last well into 2021. Accountants marketing their virtual services to new and old clients will likely do well and show they are making accommodations for all their clients’ needs.

Pivot to a New Clientele

Now is a good time to assess your clientele and determine if your accounting firm would be more successful focusing on working with a new type of client or clients in specific industries, such as restaurant owners or the gig entrepreneurs. To figure out whether the business should pivot to a new focus, ask the following questions:

• Are some customer relationships more lucrative than others?
• Do you already have a cluster of clients from a particular industry and will they refer their colleagues?
• Did your business acquire clients out of your immediate geographic area? Perhaps you can focus on attracting more out-of-town clients and transform into a virtual accounting business.

Keep in mind, the more focused the clientele, the more focused your marketing strategy needs to be to cover key points important to the industry of your clients.

Strategize and Bootstrap

As business starts ramping up again it’s important to develop an effective and cost-smart marketing strategy. Fortunately, there are many free or low-cost ways to get the message out about your accounting services.

• Social Media – Social media’s contribution to brand awareness cannot be discounted. Besides the business’s own Facebook or LinkedIn pages, accountants could stand out by answering questions on other people’s social pages. You should also look into joining group social media pages with like-minded businesses to make connections and find new sources of clients.
• Community Involvement – People like to do business with companies that give back to their communities. Although volunteering in person may not be possible for a while, accountants can still offer their services for free or at a discounted fee to customers or organizations in need.
• Referral Program – Offering clients a reward or discount for referrals is a great way to increase your clientele without having to spend a lot of money. Also, it’s important to ask satisfied clients to give your business a positive review on referral websites like Yelp. Finally, consider joining a business referral group, also called a business referral network or lead club. Basically, these groups are networking organizations with an emphasis on giving and getting referrals.

Be the Solution

Customers in the wake of the pandemic crisis are looking for reassurance and stability. Yes, everyone wants to get back to business, but what the new normal will look like is anyone’s guess. That’s why it’s important for accounting business owners to be a consistent presence in the lives of their clients.

Think of all the ways customers currently communicate with their accountants and then think of new innovative ways. In addition to phone calls and email, the “always-online” world is communicating through chatbots, chat boxes, Facebook messages, Twitter direct messages, Zoom meetings and Google Hangouts (just to name a few). When customers have problems, they want solutions and they want them fast. Be the solution.

Become a One-Stop Shop

Accountants who want to grow their practices should consider broadening their service offerings. Many of your current and potential clients are looking for more than just accounting advice.

For example, you can target people who may be considering starting a business—or growing their current companies. You can help them do that by adding corporate compliance services, such as incorporation guidance, trademark research, and documentation filings—services that can make your accounting practice a one-stop partner.

To make adding incorporation services seamless and cost effective, accountants can sign up with the CorpNet Partner program. CorpNet acts as a “silent partner” and takes care of clients’ compliance issues, so your business can focus on other important tasks.

As I just said, here at CorpNet we want to be your solution. We understand how stressful and challenging it is for so many small business owners today. We are here to help so you don’t get overwhelmed. Call our business consultants at 888.449.2638 for help with starting a business, obtaining business licenses, or staying in compliance.

The post Post-COVID Marketing Strategies for Accountants appeared first on CorpNet.

Pivoting business focus is not something unique to the time of coronavirus. Being able to quickly change or redirect a business is one of the hallmarks of entrepreneurship. Fortunately, smart business owners are excellent “pivoteurs,” able to recognize change and meet it head-on with ingenuity and adaptability.

Meet some enterprising entrepreneurs who smartly pivoted their businesses in the midst of COVID-19.

Pivoting Products and Services

Back in March, when federal and many state governments decided only “essential” businesses could remain open to the public, businesses across the world had to make significant changes to survive. Distilleries such as Traverse City Whiskey and Mammoth Distilling in Michigan quickly redirected their efforts to making hand sanitizer and transformed their tasting rooms into quick service sanitizer refill stations. Likewise, when Milwaukee Food & City Tours, was suddenly prohibited from loading up busloads of visitors to tour Milwaukee, the company pivoted to create and deliver boxes of care packages to local customers’ doors.

Pivoting in the time of coronavirus is often temporary. Got Print quickly shifted from printing signage for trade shows to making signs for businesses about closures, social distancing, and new hours of business and is now pivoting again to print reopening signage.

Of course, it helps to have good relationships with your suppliers, manufacturing, and design teams. Even if you’re ready to pivot your efforts, if you can’t find the support, your ideas will go nowhere. If anything, this crisis has taught business owners to be prepared for anything. Be sure to check with your city’s business development office and industry experts for any new permits or business licenses you may need to produce alternate products.

Pivoting to Online

Once social distancing guidelines were put in place, smart business owners knew they needed to come up with virtual experiences immediately—not only to keep some kind of revenue coming in, but also to keep customers engaged and loyal. When Mika Leah, founder of corporate wellness company Goomi Group, could no longer supply her clients with onsite classes, she quickly pivoted to delivering classes virtually. Goomi now offers everything from cooking classes to meditation online as well as in-person when people return to their offices.

Maine Alpaca Experience was forced to close its farm and retail stores due to COVID-19, but the owners didn’t want to stop showcasing the animals to current customers and new fans. The farm owners created virtual tours to show their 35 alpacas grazing and just hanging out in the barn and pasture.

More and more consumers discovered the convenience and simple usability of virtual meeting platforms when safer-at-home orders were put in place. Zoom, a leader in video conferencing, saw its numbers skyrocket from 10 million daily meeting participants in December 2019 to 300 million in April 2020. To top it off, video technology has come a long way in terms of user-friendliness, making it a no-brainer for businesses to rely on. Professional businesses such as doctors, attorneys, and accountants have added virtual consulting sessions to their services as well. And going forward the continued use of video conferencing, instead of traveling, will help small businesses save money so this is likely to be a permanent pivot.

Pivoting to a Virtual Business

For some businesses, working remotely will become a permanent part of their operations. According to a survey by Gartner, 74 percent of businesses surveyed expect some of their employees who were forced to work from home because of the pandemic to continue working remotely after the pandemic ends.

And then there are those businesses for which working virtually will be the only option. Before the virus crisis, Dave and Stacy Dockins owned and operated three Yoga Project studios in the Forth Worth, Texas area. Because they were not eligible to get PPP funding since most of their employees were independent contractors, the couple made the difficult decision to close their studios and become an online business only. The Dockins and some of their staff will teach yoga (and also instructor training courses) exclusively through a virtual class format.

For businesses like the Dockins’ making the move to online not only substantially cuts down on operating costs, it also can broaden your audience since your reach is literally global. The key is how you market the virtual business, making sure your business gets lots of traffic through both organic and paid SEO tactics. Be sure to post frequently across all your social media channels, email past customers with discount incentives to bring them aboard virtually and ask happy customers to spread the word to friends.

Lots of businesses are rethinking the need for an office. Twitter told its employees they could continue to work remotely permanently. Many other tech companies followed suit. If you had no problems with working remotely during the safer-at-home months, consider making the switch on a permanent basis, which will save you money and likely increase employee productivity.

Pivoting Delivery Options

People always have to eat. Couple that with the shortage of supplies and long lines to get into the grocery stores made restaurant pickup and delivery a happy alternative for hungry patrons. Restaurants big and small around the world shifted from in-person dining to carry-out and delivery with impressive results.

As of May, statistics show:

• 51% of consumers have downloaded at least one new app to purchase food and essentials since the onset of COVID-19
• The average online ordering check size is 23% larger than in-store checks
• 33% of consumers say they’re getting more takeout than before the pandemic
• 50% of Gen Z consumers are willing to try out a new restaurant if curbside pickup is an option
• During this health crisis, grocery delivery apps are in demand more than ever, with daily downloads surging by up to 218% for companies like Instacart, Walmart Grocery and Shipt

So how can restaurants pivot to the still-growing popularity of off-premise dining? Try these tips from MustHaveMenus’ “Coronavirus Response Kit”:

1. Create a takeout-specific menu of your most popular items.
2. Institute an efficient ordering system, whether that’s ordering by phone, email, text, or website. Also, make sure you give customers an expected pickup/delivery time and ask if that works for them.
3. Offer curbside pickup (some customers may actually want to get out of the house!)
4. Offer grab-and-go products for customers who want to see their options.
5. Decide on self-delivery or working with a third-party delivery company. Weigh the costs of using current employees or outsourcing.
6. Prioritize sanitation and limit how many people come in contact with the food.
7. Communicate the options of food takeout on social media, your website, Yelp, etc.

Executing a successful pivot takes careful planning, but also the ability to be flexible, patient, and willing to cooperate with vendors, suppliers, employees, and customers. Remember to spread the word of any changes in your business no matter how small or seemingly insignificant. Your customers are watching to see how your business is ready to meet any crisis head-on.

We’re Here to Help Your Pivot!

As a business-to-business company, here at CorpNet we are used to pivoting and innovating to meet our customers’ changing needs. When virus-related solutions were needed, our team pivoted to provide informative articles on everything from funding relief to how to safely reopen. We also redirected our efforts to help customers with the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) applications.

We’re here to help. If you need to set up a new LLC or create a DBA, we can help make that happen so you can focus on pivoting your business and staying focused on serving your customers.

The post How Smart Businesses are Pivoting to Find Success in the Midst of COVID-19 appeared first on CorpNet.

So while we all adapt to the “new normal”, the messages we send to our customers will have to change. Our customers’ needs have changed, and they have understandably rearranged their priorities over the past few months. They’re more patient and have learned how to do without some things. They are also more skeptical of information bandied about and seek out authentic brands. And, finally, the post-COVID-19 consumer may need more reassurance before he or she jumps back into the buyer/seller relationship.

All these changes mean your business needs to consider several new factors in your marketing messages. Here are three elements important to your post-coronavirus marketing strategy.

1. Transparency

More than ever customers want information, direction, and honesty. You can’t pretend it’s business as usual. If you try, your customers will see right through your deception.

Keep your customers informed about the changes in your business, even if you think they’re so small they won’t be noticed. Use your website, social media channels and send emails to make sure customers know if you’ve reduced open hours, if they’ll have to wait longer for delivery wait time and if you’ve reduced the size of your staff to accommodate social distancing guidelines. Inform your customers about the best ways to communicate with you.

You may even need to redirect staff to customer service roles to make sure customers are responded to quickly. For example, Bank of America reassigned the roles of mortgage lenders to answer customers’ questions about small business loans so they could better handle the influx of inquiries.

2. Awareness

Whether your business shifted focus to supply an essential need during the outbreak, volunteered staff to help essential workers, added a free delivery service, or turned to video conferencing in lieu of face-to-face meetings, you need to let your customers know what will remain intact and what will change again.

At CorpNet, we knew our customers needed solutions to the problems they were facing due to the coronavirus. Fortunately, our team jumped into action to provide informative articles on everything from sick leave to loan forgiveness. We also redirected our efforts to help customers with the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) applications.

However, you choose to pivot your business, make sure you let customers know about your efforts. Sharing these changes on social media is an effective marketing tactic.

Also consider asking your social followers for referrals or testimonials. According to Social Media Today, user-generated content should be at the heart of marketers’ post-COVID-19 playbooks. With the world in various stages of lockdown, people live, breathe, shop, and share online, and therefore marketers need to focus more on social activity online to promote their brands.

3. Reassurance

Like it or not, customers are going to have a hard time walking back through your store or office doors. Whether you’re an accountant or run a retail store, your efforts at opening safely in the time of Covid-19 is going to be paramount in the minds of consumers. If your customers don’t feel comfortable doing business with you, any marketing idea will fall on deaf ears. You have to address the elephant in the room.

Sam Zietz, CEO of GRUBBRR, believes retailers will need to use extensive marketing to demonstrate to their customers the steps they have taken to make their stores safe to return to. And they’ll need to continue or expand their omnichannel approaches to ordering (in-store, online, curbside pickup, lockers, etc.).

Marketers should share the tactics they have implemented such as social distancing, masks, plexiglass, and self-ordering technology. If you’ve stopped accepting cash (many businesses have) you need to let your customers know.

You should be prepared to keep current social distancing efforts in place for those public- wary consumers. According to the Association of National Advertisers (ANA), the post-COVID-19 era will be one of A-commerce, which is artificial intelligence (AI) commerce. From contactless delivery to contactless checkout to ordering via text messaging and smart devices, COVID consumers learned and accepted a new method of commerce and will be hesitant to give it up (e.g. ordering via Amazon Alexa).

Consumers also learned to be more comfortable using chatbots and virtual conferencing for everything from health concerns to customer service inquiries, which makes your company’s use of technology a must to reach today’s more tech-knowledgeable consumer.

In addition, reassurance means you let consumers know their voices are being heard. When Cottonelle found itself at the center of a panic-buying shortage, the company let consumers know it was ramping up production to satisfy demand. It also teamed up with the United Way charity to discourage bulk buying and instead emphasize “Stock up on generosity,” with a campaign called #ShareASquare.

Not sure what your customers want? Just ask them how you can help them. Run a poll on your social media platforms and your website or send an email to your customer list.

Adapt for Maximum Marketing Benefit

Like a bear trying to coax the cubs out of their den after a long winter hibernation, your marketing efforts are going to have to focus on coaxing customers back into your business. Hopefully, we’ve given you some helpful tips on how to do that. Pay attention to the overall marketing environment and what messages are successful businesses (even major corporations) using to see if you can adapt the concept to work for your small business.

The post Marketing in the New Normal of COVID-19 appeared first on CorpNet.

Below are a few tips and suggestions to help you safely reopen your small business to the public.

Three Key Points to Consider

While experts and government officials debate the best practices to safely reopen businesses, three key points stand out as important factors customers and employees will consider as they dip their toes back into the public waters.

1. Will I have to be indoors or outdoors?
2. Will I have to be near employees and other customers?
3. Will I have to be “there” for a long time?

In the early days of reopening it’s a fair bet that employees and customers will more likely venture back to your business if their “outing” takes less time, takes place outside and they can be kept at safe social distances. These are good points to keep in mind as you devise your strategy for getting back to business.

Assessing Risk of Reopening

Any reopening strategy should begin with a risk assessment, according to the John Hopkins Center for Health Security. The risk level of your business is evaluated based on “the risk of possible COVID-19 exposure to employees and customers and the risk of further spread of COVID-19 should your business reopen or expand operations without any additional modifications to operations.”

Ask yourself the following questions:

• Does your business require a high density of people in your facility?
• Does your business require employees to travel to numerous different sites in order to conduct business?
• Does your business require international travel?
• Does your business require employees to touch customers or clients?
• Does your business require handling and transferring of goods/products between employees and/or customers?
• Does your business require prolonged close contact between employees? Between employees and the community?
• Do employees and customers touch the same surfaces, utensils, instruments, towels, devices on a regular basis?
• Does your business require employees to work directly with the “vulnerable” population such as the elderly, sickly, disabled?

Only when you and your employees understand the specific risks associated with your business can you modify business operations to reopen in a safer environment.

Modifying Your Business Operations for Safety

Fortunately, there are a number of solutions and modifications available to reduce the risk of spreading Covid-19 and to reassure your employees and customers you are doing everything possible to keep them safe. Consider these modification suggestions for the short term or as permanent changes in your business:

• Take your business online. Or determine what part of your business can be done online.
• Continue work-at-home options for employees.
• Create employee shifts to lessen the number of people in your office/store at one time.
• Restrict the number of people inside at any time including employees and customers.
• Move part of your business outside.
• Make meetings with clients and/or employees virtual meetings.
• Keep a social distance of six feet between people especially in offices, waiting rooms, employee/customer interactions.
• Do not accept cash.
• Limit all travel, domestic and international.
• Obtain necessary cleaning supplies, personal protective equipment, and other critical supplies.
• Provide handwashing and hand sanitizer stations for employees and customers.
• Create schedules for frequent cleaning.
• Display signage throughout your facility for employees, clients, customers, about correct and healthy practices.

For restaurants and retail reopening, your city and industry associations will have very specific guidelines on best practices. The FDA recommends using tape and partitions to minimize close contact and also restrictions on how many employees should be in shared spaces at the same time, including kitchens, breakrooms, and offices. Food businesses should also limit self-serve food and drink stations. Other suggestions include avoiding the use of shared items such as menus and condiments (use single-use condiments). Use disposable or digital menus when possible and toss disposable menus after each use. Use no-touch trash cans.

For retail businesses, it all starts with educating employees. The National Retail Federation (NRF) suggests that you put together a return to work “taskforce” to be the company’s experts in Covid-19 safety measures, create a transition plan, and determine which workers are needed where. Employees will need to be screened on a regular basis, new signage ordered, and cleaning schedules scrupulously maintained. It’s important to realize hours for disinfecting will need to be worked into the daily schedule, so you may need to modify your “regular open hours.

Additional Resources

Here are a few resources you can use to help make your reopening go smoothly and hopefully relieve some of your stress:

• NRF Operation Open Doors Checklist
• Coronavirus Retail Restrictions by State
• National Restaurant Association COVID-19 Reopening Guidance Update
• Operational Toolkit for Businesses Considering Reopening or Expanding Operations in COVID-19
• OSHA Guidance on Preparing Workplaces for COVID-19

Finally, while you’re diligently getting your business back open, remember the CorpNet team is ready to help take care of necessary documentation.

Our business formation and compliance specialists are here to make sure it’s super easy for you to manage your paperwork and stay in compliance.

The post How To Safely Reopen Your Small Business to the Public appeared first on CorpNet.

1. Website Updates and Maintenance

Your website is likely the most important marketing tool in your arsenal and yet it also probably gets neglected from time to time—especially in the aftermath of a crisis, such as a coronavirus. Unless you’re into coding and application updates, outsourcing IT tasks such as website fixes is a great place to start delegating. Think of the crisis as an opportunity to give your business and your website a fresh start. And since every fresh start deserves a fresh look, now is a great time to makeover your website.

Changing website design trends and constantly updated technologies mean you’re probably best off leaving this task to the experts. Finding a website designer who listens to what you want and jibes with your personality is not as hard as you think. Ask other business owners for recommendations or search the web for websites you like and read the fine print on who designed the site.

Your next step is to create a plan for search engine optimization (SEO), which is a long-term task many small business owners prefer to outsource to an SEO expert.

2. Marketing

Marketing your company’s brand takes a multi-faceted strategy, which involves social media (See #3 below), search engine marketing, email, SMS, and more. One easy way to drive traffic to your website is through affiliate marketing. If your business hasn’t already been approached about an affiliate marketing relationship, do a quick search and you’ll find plenty of companies wanting your business. Basically, you are outsourcing some of your marketing to an “affiliate” who will “sell” links to your website for a small fee. Other websites earn part of the commission when a customer clicks the link and you get leads. Most relationships are handled through an affiliate network, so your responsibilities are minimal.

You can also participate in affiliate marketing another way, by running affiliate ads on your own website and receiving commissions for every click you drive to another website. Top affiliate networks include ShareASale, ClickBank, and CJ Affiliate (formerly Commission Junction).

3. Social Media

It’s practically impossible to run a small business and become an Instagram star at the same time. So, it makes sense to outsource your social media efforts—especially since 88 percent of small business owners say social media is important to their businesses.

Social media is more than just scheduling posts and attractive photos. You also need to track your brand mentions, monitor and engage in conversations, and create engaging content. If you choose to outsource your social media to a staff member or an outside party make sure they understand your business, your mission, your unique attributes, and your tone. They should also fully understand your industry and what makes your customers tick. If you’re outsourcing to a social media consultant or company, ask to see a list of their clients and check their social posts. Do you like what you see? Does anything make you uncomfortable? In the beginning of any outsourcing relationship, you’ll want approval before any messages get posted on your social platforms. Until you’re certain the consultant knows your brand’s voice, stay close to the process.

4. Fulfillment

If there’s one thing small business owners learned from the COVID-19 pandemic it’s how important their suppliers and fulfillment operations are to keep their businesses running. If you sell products and have been handling your fulfillment in-house, it might be time to add another fulfillment channel. For instance, if you don’t currently sell your product on Amazon (as well as your outlets), this might be a good time to make the move there.

Did you know 58 percent of Amazon sales come from small and medium-sized businesses? Fulfillment by Amazon (FBA) offers sellers access to the retail giant’s vast distribution network which includes high-tech warehouses all over the country. You send Amazon your inventory and their warehouses store, sort, package, and ship your products for you.

Pricing depends on how much product you plan on sending per month. If your business sells less than 40 pieces per month, you can pay per item and if you sell more, you can choose a flat rate. Yes, there are referral fees on top of that but the increase in product visibility may be worth it. As a seller, you also have access to Amazon Business events created to educate business owners about growing their businesses.

Learn more about starting an Amazon business.

5. Compliance and Filing

Running your own company means staying current on new legal regulations, industry requirements, and corporate filings. That’s a lot on your plate, especially when you’re trying to revive your business. To protect your business from missing important deadlines, consider outsourcing your business formation and compliance tasks.

The legal structure of your business dictates your compliance obligations and some of the requirements vary by state. Even a sole proprietorship, the simplest business structure, needs to comply with state licensing, zoning rules, and more. For corporations and LLCs to stay in good standing, there are annual reports, documentation, and filing deadlines. In addition, in the post-pandemic economy, you may want to switch entity types to a more beneficial and/or protective structure, or you may find your business is ready to expand the business to another state. All these tasks can be handled by outsourcing to a third-party like CorpNet.

If you’ve been putting off getting your business name, CorpNet can also help guide your business. After all your business has been through this year, you definitely want to make sure you protect your brand by all means possible.

The post Outsourcing to Get Back to Business appeared first on CorpNet.

Application Mistakes

1. Not Being Prepared

Any delay in your application could mean your business gets bumped to the bottom of the list. Have on hand:

• Basic business and contact information
• Average monthly payroll costs including employee salaries, wages, and commissions; payment of cash tips; payment of vacation; parental, family, medical or sick leave, insurance premiums, etc.
• 2019 Tax Forms (all four quarters of 2019, and Q1 ’20 if available), including Form 941, Form 944, 1099s, payroll processor records
• Proof of mortgage or rent, mortgage interest, and utility expenses
  Articles of Incorporation
• Verification and contact information of all owners who own more than 20 percent of the company, including tax forms and each owner’s TIN, EIN or SSN.
• Proof of good standing status of the business

Read More About Payroll: What is Payroll?

2. Including Independent Contractors (ICs)

Only W2’d employees should be counted in payroll costs. Independent contractors can and should apply for the relief funds on their own.

3. Choosing the Wrong Lender

You probably know by now if your business bank is an approved SBA lender, but that doesn’t mean you’ll get the necessary expedited service required to apply for the PPP or EIDL. Once you apply with the lender, it is up to them to process and send the application on to the SBA for approval. Again, any delays could mean your business misses out. Stay on top of your lender and if you are not satisfied, there are many other lenders out there to work with, including some fintech companies.

4. Counting Workers Comp

In all the SBA chat sessions, the question of Workers Comp has come up time and time again. Take note: Workers Comp should NOT be figured into payroll costs. Period.

5. Business Credit Issues

Lenders will definitely take your business credit score in to account when deciding whether or not your business is approved for relief funding. Be sure and check to see that there are no questionable issues with your report and to unlock your credit profile so lenders can have access. Read more about unlocking your credit report.

Mistakes After Receiving Funds

6. Keeping Funds Separate

Once you receive CARES Act funding, it’s important to keep the funds separate and keep detailed records on how you are spending the money. By separating the funds from your other business monies, you’ll have an easier time tracking expenditures.

7. Not Having the Same Number of Workers or Paying the Same Salaries

Another question that comes up frequently is about how to pay employees who were already laid off or who are home due to lockdown/shutdowns of non-essential businesses. The purpose of the relief funding is to keep staffers getting paid, so whether you bring them back to work in some form or you pay them for staying home, you must have the same number of employees as you indicated when you applied for the loan. You also cannot lessen their pay more than 25 percent.

8. Employees on Unemployment

Some employers who have already received funding are discovering some employees would rather keep receiving unemployment, rather than come back to work. The employee cannot double-dip (receive both) and unemployment offices in each state will follow up to make sure that isn’t happening. A small business owner in Laguna Beach, CA ran into this problem when he contacted employees to hire them back after he received his funding. “I had 3 employees who didn’t mind just staying on unemployment, even though one of them was getting paid less than what she would normally make. We had to tell her that the PPP is meant to put everyone back on the payroll, so you are not ‘unemployed.’” Take note: Your lenders will not be checking to see if the same employees are back on the payroll, so you have the option to replace the employees temporarily or permanently as long as the salaries are comparable.

9. Paying Yourself a Salary

If you are self-employed or an S Corp, you must continue to pay yourself a salary to meet the 75 percent requirement for loan forgiveness. Owner draws and stock distributions do not count as salary for this purpose.

10. More Forgiveness mistakes

Make sure you follow all the requirements for loan forgiveness as it pertains to the PPP and EIDL Advance Grant. New information seems to come from the SBA daily so make sure you keep up with the latest news.

It’s very important to track and document absolutely everything so when the lender eventually approaches you for proof of disbursement, you have your ducks in a row.

In the example of the Laguna Beach small business owner with some employees collecting unemployment, disbursement of the PPP was complicated. “Some of my staff had been on unemployment for much longer than others. We had to ask our CPA what to do. He said one thing we cannot discriminate, and we need to disperse the PPP evenly. So, for those who had already collected 4 weeks’ worth of unemployment pay got only some PPP pay, while the staff whose unemployment hadn’t kicked in got full pay from the PPP. To avoid double-dipping, I’ve asked all my employees to submit screenshots of their unemployment benefit page every two weeks.”

Finally, with the newest funding release also comes some clarification on which expenses are permitted under PPP and EIDL Advance loan forgiveness. Payments can only be used to cover:

• Necessary expenditures incurred due to the coronavirus pandemic
• Costs incurred between March and December of 2020.

Getting Help

There are several ways to apply for the various government programs. You can complete the SBA form yourself; find out if your bank offers the SBA loans or work with your accountant.

Like you, CorpNet is a small business facing many of the challenges you face each day; these are challenging times for all of us and we are all in this together. To equip you with some alternative funding sources, please note that the following financial institutions recently started offering PPP Loan Programs to the public. As such, below are the links to other PPP resources where you can apply for PPP once government funding becomes available again:

• SBA.gov
• PayPal
• Intuit Aid Assist
• Square
• Goldman Sachs

Assuming Federal Funds are available, we strongly urge you to reach out to one of the institutions listed above or to your primary financial institution to inquire whether you can qualify for a PPP Loan through one of these sources.

We understand how stressful and challenging it is for so many small business owners today. We are here to help so you don’t get overwhelmed. Please contact us if we can be of assistance to you in any way as we are committed to serving you in any way that we can.

If you have any questions, please don’t hesitate to contact us at 888-449-2638 so one of our specialists can help.

Stay tuned for more information. We’ll provide updates here on the CorpNet blog as we receive them.

Stay Healthy. Stay Strong.

The post 10 Mistakes to Avoid When It Comes to the CARES Act Funding Relief appeared first on CorpNet.

Here are nine tax breaks and benefits you and your employees can take advantage of today.

Tax Benefits For Your Business

1. Delayed Payroll Tax Payment

As an employer, you can choose to defer payment of the business’s share of the Social Security tax on wages during the period from March 27 through December 31, 2020. This is not a break, but the deferral can help with a business’s cash flow. The employer must pay half of the deferred amount by December 31, 2021, and the other half by December 31, 2022. The self-employed can also defer 50 percent of the self-employment tax they owe.

Take note: Any employer who receives a notification of PPP loan forgiveness must immediately stop deferring the Social Security payroll tax.

2. Employee Retention Tax Credit

To take advantage of this fully refundable tax credit, your business must have had to fully or partly suspend business operations during any quarter in 2020 because of the pandemic or the business’s gross receipts have significantly declined because of the pandemic. The tax credit is equal to 50 percent of employee wages from March 12, 2020 to before January 1, 2021. Self-employed persons are not eligible for this tax credit.

Take note: You can not take the employee retention tax credit if your business received PPP funding.

3. Expansion of Charitable Gift Deductions

C Corps are the only business entity allowed to take a tax deduction for donating to charities and under normal circumstances, the amount is limited to 10 percent of its annual taxable income. The CARES Act has temporarily raised the limit for cash donations to 25 percent in 2020. Food inventory contributions have also been raised from 15 percent to 25 percent.

4. Net Operating Loss (NOL) Carrybacks

Under the 2017 Tax Cuts and Jobs Act, businesses with a net operating loss were no longer allowed to carryback NOLs from a current taxable year to the two previous taxable years and also could no longer carry NOLs forward. The CARES Act has temporarily lifted the NOL exclusion. NOLs occurring in 2018, 2019, and 2020 are now allowed to be carried back up to five years, however, NOLs still cannot be carried forward. There is also no longer an 80 percent taxable income limit for using NOLs for 2018 through 2020.

5. Expanded Interest Deduction

The amount of deductible business interest expenses allowed has been increased under the CARES Act to 50 percent of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the 2019 and 2020 tax years. Businesses can also elect to use their 2019 EBITDA to calculate their 2020 business interest deduction. Business interest expenses not allowed as deductions can be carried forward.

6. Individual Business Loss Deduction

For taxpayers claiming business losses on their individual returns, the previous limitations ($500,000 for couples and $250,000 for other filers) have been suspended for 2018-2020.

Tax Benefits For Your Employees

7. Retirement Plan Penalties

For employees needing to withdraw money from their retirement plans to make up for losses due to the pandemic, the 10 percent penalty is waived for 2020 distributions.

8. Employer-paid Student Loans

Employees receiving money from employers to pay student loan debt can exclude up to $5,250 of the payments as income (in the March 2020-December 31, 2020 time period).

9. Charitable Donations

Individual taxpayers can deduct up to $300 for charitable contributions without itemization.

Getting Help

There are several ways to apply for the various government programs. You can complete the SBA form yourself; find out if your bank offers the SBA loans or work with your accountant.

Like you, CorpNet is a small business facing many of the challenges you face each day; these are challenging times for all of us and we are all in this together. To equip you with some alternative funding sources, please note that the following financial institutions recently started offering PPP Loan Programs to the public. As such, below are the links to other PPP resources where you can apply for PPP once government funding becomes available again:

• SBA.gov
• PayPal
• Intuit Aid Assist
• Square
• Goldman Sachs

Assuming Federal Funds are available, we strongly urge you to reach out to one of the institutions listed above or to your primary financial institution to inquire whether you can qualify for a PPP Loan through one of these sources.

We understand how stressful and challenging it is for so many small business owners today. We are here to help so you don’t get overwhelmed. Please contact us if we can be of assistance to you in any way as we are committed to serving you in any way that we can.

If you have any questions, please don’t hesitate to contact us at 888-449-2638 so one of our specialists can help.

Stay tuned for more information. We’ll provide updates here on the CorpNet blog as we receive them.

Stay Healthy. Stay Strong.

The post 9 Tax Benefits in the CARES Act appeared first on CorpNet.

According to the Small Business Administration (SBA), there will be additional guidance on loan forgiveness within 30 days of March 27, 2020—the date the CARES Act was enacted. Here’s what we know now.

Paycheck Protection Program (PPP) Loan Forgiveness

Per the SBA.gov website on April 16, 2020, the SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. The United States government is in discussions about providing further funding for this program. As with the PPP loan, the United States government is in discussions about providing further funding for this program.

The PPP provides small businesses with the funds to pay up to eight weeks of payroll costs including benefits. Borrowers can apply for two months of average monthly payroll costs from the previous year plus an additional 25% of that amount. The loan amount is capped at $10 million.

PPP loans are 100% forgivable as long as the business meets the following requirements:

• From the date “when the first disbursement occurs,” the funds are used to cover 8 weeks of payroll costs including salary, wages, commissions, tips, employee benefits (health care, retirement, vacation pay, family leave (capped at $100K per employee)
• Employee headcounts and salaries are retained. Independent contractors (ICs) do not count as employees for purposes of PPP loan forgiveness. Independent contractors have the ability to apply for a PPP loan on their own, so they do not count for purposes of a borrower’s PPP loan forgiveness.
• No more than 25% of the loan is used for non-payroll costs including rent, mortgage interest, and business utilities. Any utilities, rent, and mortgage must have originated or been in service before February 15, 2020.

The forgiven portion of the PPP loan is not taxable income.

The qualifying expenses for business entities formed to buy property or properties are still unclear.

Scenarios where the business is not qualified to have 100% of the PPP loan forgiven include:

• If the employee headcount is reduced during the 8-week benefit period. The SBA will compare the average headcount during the benefit period to the average headcount during the months you averaged payroll (e.g. 2019 or the first 2 months of 2020). As long as you restore the average headcount by the end of the 8-week period, the loan can still be forgiven.
• If salaries are reduced by more than 25% (based on every employee). The SBA will look at each employee’s salary reduction and reduce the amount of loan forgiveness based on the percentage of reduction. If the borrower restores salaries by the end of the 8-week benefit period, the reduction will be forgiven.
• At least 75% of the PPP disbursement must be used for payroll costs, with the remaining 25% used for qualifying expenses as state above. If any portion does not fall within these guidelines, that portion is not forgivable. You must use all the disbursements within the 8-week benefit period.

Your lender will base the numbers on what you submitted as payroll costs whether your business is a corporation, LLC, sole proprietor or independent contractor. Nonpayroll expenses eligible are also the same for all entities. Workers’ Compensation costs are not considered eligible as payroll or nonpayroll expenses.

Based on the CARES Act guidelines, any portion of the loan not in compliance with the above is considered not forgiven. The difference must be paid in full within two years at the interest rate of 1%. The loan is eligible for a 6-month deferment, however, it will still accrue interest.

To receive loan forgiveness, borrowers will need to provide proof to their lenders the funds were used appropriately. The details have yet to be released but borrowers will likely have to provide documentation showing payroll rates, additional payroll costs, any unemployment insurance filings, payment receipts for rent, mortgage and utilities and possibly more.

Economic Injury Disaster Program (EIDL) Loan Forgiveness

Small businesses may also apply for an EIDL loan of up to $2 million from the federal government through December 31, 2020. Applicants can also apply for up a $10,000 Economic Injury Disaster Loan Emergency Advance. The amount of the Advance is determined by the number of employees you had before the onset of the coronavirus (i.e., as of January 31, 2020). The advance will provide $1,000 per employee up to a maximum of $10,000. Only the EIDL advance monies are eligible for forgiveness. The actual EIDL loan is a 30-year term loan at 3.75% (nonprofits 2.75%).

Per the SBA.gov website on April 16, 2020, the SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.

Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.

If you have already applied for and/or received the EIDL advance, EIDL advances are 100% forgivable. Here are the terms for forgiveness.

Grant must only be used for the following expenses:

• Providing paid sick leave to employees unable to work due to the direct effect of the coronavirus
• Maintaining payroll to retain employees during business disruptions or substantial slowdowns
• Payments on mortgage interest, rent, utilities
• Increased costs to obtain materials unavailable from the applicant’s original source due to interrupted supply chains.
• Repaying obligations that cannot be met due to revenue losses.

Similar to the PPP, loan forgiveness will be reduced if salaries and wages are reduced by more than 25% or if used for noneligible expenses.

Noneligible expenses include:

• Dividends and bonuses
• Disbursements to owners
• Repayment of stockholder/ principal loans
• Expansion of facilities or acquisition of fixed assets
• Repair or replacement of physical damages
• Refinancing long term debt
• Relocation

Applying for both the PPP and the EIDL

According to the SBA, the EIDL emergency grant was enacted to get “money into your hands as soon as possible.” Because the grant is based on how many employees you have, you should use the Advance for payroll. You can be granted both the PPP and the EIDL Advance, however, the proceeds from any Advance up to $10,000 on the EIDL loan will be deducted from the loan forgiveness amount on the PPP loan.

As an example, let’s say you receive an EIDL emergency grant for $3,000. Subsequently, you receive the PPP loan for $25,000. As long as you use all of the PPP within the 8-week benefit period, $22,000 of the PPP will be forgiven and the $3,000 EIDL emergency grant will need to be paid back within two years at 1% interest rate.

Loan Forgiveness for Self-Employed Individuals and Independent Contractors

You are eligible to apply for the PPP and EIDL loans as a self-employed person and/or an independent contractor. Here are the details for each.

You are eligible to apply for the PPP, if you meet all these conditions:

• You were in operation on February 15, 2020
• Your primary place of residence is the United States
• You filed or will file a Form 1040 Schedule C for 2019 showing self-employment income.

The SBA will issue additional guidance for those individuals with self-employment income who were not in business in 2019 but were in operation on February 15, 2020.

You need to supply all of the following:

• Your 2019 1040 Schedule C (even if you haven’t filed it with the IRS yet)
• A 2019 1099-MISC, invoice, bank statement, or book of record that shows you were self-employed in 2019
• A 2020 invoice, bank statement, or book of record establishing that you were in operation on or around February 15, 2020.

Below are examples on how to calculate how much you can borrow.

For most independent contractors, calculating your PPP borrowing limit is a 3-step process:

• Step 1: Find line 31 on your 2019 IRS Form 1040 Schedule C. (If you haven’t filed yet for 2019, go ahead and fill it out). If the amount on Line 31 is over $100,000, write $100,000.
• Step 2: Divide the amount from Step 1 by 12.
• Step 3: Multiply the amount from Step 2 by 2.5. For most borrowers, this will be your maximum PPP loan amount

To have your PPP loan forgiven, you must use the funds to:

1. Replace your compensation (based on your 2019 income) but cannot exceed eight weeks of your 2019 compensation up to $100,000- 75% of the loan must go towards this
2. Pay interest payments on a mortgage or loan (such as an auto loan) you use to perform your business*
3. Make business rent payments*
4. Make business utility payments*
5. Make interest payments on any other debt incurred before February 15, 2020 (but such amounts are not eligible for loan forgiveness)

* You must have claimed a deduction on your 2019 taxes for expenses described in 2, 3, and 4 above

You are eligible to apply for the EIDL Grant Advance when you apply for the EIDL loan. Applicants who are denied the EIDL loan, are still eligible to keep the grant. There is no obligation to repay the grant, however, if you secure a PPP loan the amount of the grant you receive will be subtracted from the PPP forgiveness amount.

When (if) the EIDL becomes available again, the preliminary application process takes only a few minutes. On the initial EIDL application you can check a box asking to be considered for the grant. If the lender deems you are eligible to continue applying for EIDL, you will be contacted by the lender and guided through the process by a loan officer.

Pandemic Unemployment Assistance (PUA)

Although self-employed persons and independent contractors are normally not eligible to receive unemployment insurance, under the CARES Act, such individuals can receive benefits under a special Pandemic Unemployment Assistance (PUA) program if they qualify.

According to the Department of Labor, “An individual who works as an independent contractor with reportable income also may qualify for PUA benefits if he or she is unemployed, partially employed, or unable or unavailable to work because the COVID-19 public health emergency has severely limited his or her ability to continue performing his or her customary work activities, and has thereby forced the individual to suspend such activities” is eligible.

Unemployment insurance is regulated by the state you live in and PUA pays the same weekly benefits, but the benefits are 100% federally funded. PUA benefits are available for 39 weeks. The PUA program also awards an extra $600 per week on top of the state-calculated benefit through July 31, 2020. The PUA programs will end December 31, 2020. If you receive a PPP loan, you cannot collect unemployment insurance.

CorpNet Is Here to Help

CorpNet remains open and in full operation Monday through Friday from 7 a.m. until 5:00 p.m. PST to help. Our team is safely self-distanced and set up to work remotely with all of the necessary tools and resources to serve you. Contact us today at 1-888-449-2638 to discuss how we can help you.

The post How Loan Forgiveness Works for the PPP and the EIDL Loan Programs appeared first on CorpNet.