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Here we share what BudgetEase is seeing, ways we've found to help each other, and how we can help bring the economy back. Informative prior Weekly Updates can be found here

The biggest challenges in the past week have been:

  • Considering what to do now that our team has completed a back to work survey. Here is what we learned:
    • 87% feel safe in the office with our Employee Policies for Office Work
    • 75% are uncomfortable wearing masks, resulting in much thought on how to reconfigure the office so masks are not required.
    • Only 35% felt productive wearing a mask.
    • Number of days our team would like to be in the office: 1-3.
    • 25% are comfortable working in client offices as long as they follow Ohio guidelines and the office is set up so that masks are not required all the time

What you can do this week:

  • File your taxes for 2019 or deliver the information to your accountant. The deadline to file isn't until July 15th, but you might as well get it out of the way before swimming pools and parks reopen.
  • Calculate the PPP forgiveness, as we know it now easily, by creating a PPP Spending Report that includes payroll expense, SUTA, 401(k) matching, safe harbor, pension, rent, interest on mortgage, etc. filtered by the new 24-week range from when you received funds.
  • Enjoy the beautiful weather. 

What we know about the PPP forgiveness:

  • Expect changes to PPP Loan Forgiveness. The Paycheck Protection Program Flexibility Act (“Act”) passed the House last week, the Senate yesterday, and now we're just waiting on Trump’s signature--expected today. The Act attempts to ease restrictions on small business who are seeking forgiveness. Highlights of the bill:
    • Reduction to 60% of funds that must be spent on payroll (from 75%).
    • Increase funds permitted for expenses to 40% (from 25%) Note: permitted expenses remain the same.
    • Extend the period to use funds from 8 weeks to 24 weeks.
    • Push rehire deadline to December 31, 2020 (from June 30, 2020).
    • Additional leniency for businesses who provide proof they could not rehire employees or open due to safety standards.
    • Allow for deferment of payroll taxes for businesses that get loan forgiveness, previously not allowed to participate in PPP and payroll tax deferment.

What our nonprofit clients are doing:

  • Working with BVU who is coordinating helpful private sessions with BudgetEase to discuss QuickBooks Online  optimal set up for your nonprofit organization. Reach out to Kimberly Simpson-Kee to participate.

What the BudgetEase team is doing:

  • Welcomed our 1st new employee to the office since March 13th. Welcome Melissa.
  • Participated in a panel sponsored by Shaker Heights Development Corp to assist in managing PPP forgiveness with friends Nick Fedor (SHDC), Katie Van Dyke (SBDC), Doug Wheeler (Key Bank) and James Horkey (HW&C). Conclusion of the panel - talk to your advisors rather than try to keep up the details of these SBA programs.
  • Held our first lunch together without masks. Managed by eating outside. Turns out, we are a bunch of hobby gardeners and we may be rotating lunch each Friday in each other's garden (weather permitting).
  • Offered Office Hours for free help in a group setting and one-hour free consulting to field questions from small organizations on scenario planning, cash forecasting, or any other bookkeeping question you may have. If you or a friend are confused, don't know where to start or just need some guidance, sign up. We look forward to helping you through your current bookkeeping frustration.

We hope you're staying healthy! If we can be of service, please contact us.

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