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Welcome to our weekly communication to share what BudgetEase is seeing and helping each other with during this challenging time. Informative prior Weekly Updates can be found here

The biggest challenges in the past week have been:

  • Opening our office, which included finding a non-touch thermometer, masks and hand sanitizer, as well as measuring and taping open spaces in the office in 6-foot grids.
  • Realizing that our masks are not viable to wear and looking for better options. How do surgeons do it?
  • Drafting our Employee Policies for Office Work.
  • Preparing Instructions for our Clients/Visitors to Enter the BudgetEase Office
  • Waiting for guidelines from the SBA on what documents are needed for PPP funding forgiveness. No, they are not out yet.

What you can do this week:

What we know about PPP forgiveness:

  • After you apply for loan forgiveness, your lender has 60 days to respond. The portion of funds that are not forgiven will accrue interest at 1% over the 2-year period from when you received the loan. No word yet on how to apply for forgiveness, what documentation of expenses are acceptable . . .

What we DON'T know about PPP forgiveness:

  • Whether the cash or accrual basis will be used to determine how much of the loan money was used over the 60-day period to be forgiven. The thinking is that the forgiveness will be based on payment for allowed expenses (cash basis).

What our nonprofit clients are doing:

  • Checking in with Grantors for extensions of time to use donor restricted funds.
  • Using QuickBooks Online LOCATIONS feature in payroll labor distributions to separate payroll covered by the PPP loan from grant funding.

What the BudgetEase team is doing:

  • Buying local. We purchased "welcome back to the office" treats from Dripp'd & Drizzel'd. We are supporting the local economy while providing joy in the office. Bringing the Economy Back can be lots of fun!
  • Offering 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.
  • Doing a deep dive into eCommerce bookkeeping (a tricky area) to become a national expert. We hope that eCommerce will be a growth area for BudgetEase and will Bring the Economy Back when we need to increase our staff to accommodate the additional work.
  • Collecting products and gift cards from local businesses to cheer up 2020 graduates. 

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

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