Blog Layout
Reopen after COVID-19
June 5, 2020
Financial Aid Guide for Florida Business Owners
Updated June 5, 2020
As the world slowly starts to get back up on its feet, the idea of reopening is both a feeling of relief and lingering unease for some business owners. Nobody knows what the post-coronavirus society will be like but as business owners, we can do our best to seek out financial knowledge and plan for the rest of the 2020 year.
As tax and accounting experts, we want our clients to feel empowered with knowledge to continue forward. Keep reading for an overview of your next steps.
In this article, you’ll learn how to:
• Assess Your Business Needs
• Address Employee Payroll
Assess Your Business Needs
The first step is to understand regulations and CDC guidelines before reopening your business. In the state of Florida, business owners are encouraged to limit person-to-person contact as much as possible. For example, offering delivery and take-out options for restaurants or adopting by-appointment only practices. Please be aware of both county and city delegations concerning your business.
For full Florida reopening guidelines, visit floridahealthcovid19.gov/plan-for-floridas-recovery
For federal level guidelines in coordination with the CDC, visit
www.whitehouse.gov/openingamerica
The second step is understanding the financial options available to you. Reopening ‘business as usual’ is just not going to happen as you reassess your finances. The Florida Small Business Emergency Bridge Loan Program
offers loans and short-term compensation programs to small business owners impacted by the coronavirus.
Address Employee Payroll
PPP
As a business owner, there are options available to you to secure your employees. The Paycheck Protection Program
(PPP) is a great resource for business owners to keep employees paid.
In order to apply for a PPP loan, you must have financial data on hand such as a tax return or payroll. If you are an existing client with Sky Tax & Accounting, we can easily process this for you.
For non-clients, please consult with your accountant. You must also have a business relationship with a bank that is accepting PPP loan applications.
If you have a business relationship with a local or national bank, check with them to see if PPP loans are available. If you have yet to file a tax return in 2019 and interested to see how Sky Tax & Accounting can help you,
start here to request info.
ERTC
In addition, take advantage of the CARES Act, a $2 trillion stimulus bill that includes tax credit for businesses impacted by the coronavirus.
The Employee Retention Tax Credit (ERTC) is meant to incentivize business owners to keep their employees on payroll, especially for those that have been forced to close. Businesses that lost significant revenue may also be eligible for this tax credit.
To see if your business is eligible, read this guide by the
U.S. Chamber of Commerce.
Please note that if you have already received a loan from the Paycheck Protection Program (PPP), you are not
eligible for ERTC.
We hope that this information has been helpful to you for the upcoming days. If you want to stay informed on the latest tax and accounting resources for your business, sign up for our monthly newsletter. Don’t worry, we don’t spam inboxes.
Tax Appointment Checklist
Lista de verificación de citas fiscales
Bookkeeping and business consulting services.
Contact Us
office@skytaxaccounting.com
863-337-5989
5210 US Hwy 98 N Lakeland, FL 33809
Monday - Friday 10 AM - 5 PM
5210 US Hwy 98 N
Lakeland, FL 33809