Paycheck Protection Program (PPP) https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
UPDATE: SBA has reached the spending limit for the first CARES ACT. Many banks are still accepting applications in hopes for additional funding to be approved.
- Funds are provided int the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent & utilities
- At least 75% of the forgiven amount must have been used for payroll. Loan payments will also be deferred for 6 months
- Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.
- Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease
- All Small businesses eligible
- 500 or fewer employees – including non-profits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships and independent contractors are eligible
- Also certain businesses with more than 500 employees may also qualify
- Small businesses are eligible to borrow up to 250% of their average monthly payroll expenses up to a total of $10,000
- The amount is intended to cover 8 weeks of payroll expenses and any additional amounts of making payments towards debt obligations
- The 8 week period may be applied between February 15, 2020 and June 30, 2020. Seasonal business expenses will be measured using a 12 week period beginning February 15,2019 or March, 1 2019
Economic Injury Disaster Loans and Loan Advance https://www.sba.gov/disaster-assistance/coronavirus-covid-19
- Up to $2 million in assistance
- These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%
- If you already have an EIDL loan for payroll it is possible to refinance to a PPP loan above.
- The SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay
- The loan advance can provide economic relief of up to $10,000 within three days of a successful application. This loan advance will not have to be repaid
SBA Debt Relief Program
- The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
- The SBA will pay the principal and interest of current 7(a) loans for a period of six months.
SBA Express Bridge Loans
- Allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork.
- Can be used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan
- Up to $25,000
- Fast Turnaround
- Will be repaid in full or in part by proceeds from the EIDL loan
- To apply contact your local SBA office https://www.sba.gov/local-assistance/find/?type=SBA%20District%20Office&pageNumber=1
At Maze & Associates we strive to help our clients make the world more cyber-secure through prudent planning and awareness, arming our clients with the right tools to help mitigate and respond to potential threats in an ever-changing landscape of enterprise security.
Local governments are at high risk for ransomware attack, and the Federal Government and government associations recommend immediate action. A recent report from the Cybersecurity and Infrastructure Security Agency (CISA) states that the cost for recovery tops $5 billion in 2019 year to date. The department of Homeland Security, CISA, MS-ISAC, NGA & NASCIO recommend immediate action to safeguard against ransomware attacks.
In order to help clients effectively combat the current growing cyber-threats, we have updated our readiness checklist to version 1.2 to include newly released recommendations, enabling a higher-level awareness of your organization’s ransomware preparedness.
CLICK HERE TO ORDER YOUR FREE RANSOMWARE PREPAREDNESS CHECKLIST
In October 2015 the IRS released IRS Special Edition Tax Tip 2015-18, warning taxpayers of a growing trend in scammers pretending to be tax collectors from the IRS. Criminals will call taxpayers claiming the taxpayer owes a tax bill. They demand immediate payment and often threaten arrest if you do not make payment plans immediately.
It is important to note that they will change their tactics and the way they present their demand to try and throw people off. However, there are some common traits to their scams to look out for.
- They will demand immediate payment. They don’t want to give you time to think. If you do they are concerned that you will have second thoughts and realize it is a scam.
- They will typically try to use the appearance of authority to intimidate you. Often, they will call claiming to be an IRS agent, even offering a badge number.
- They will typically use fear to their advantage. The fear of owing the IRS money is enough to get people motivated to avoid being on the wrong side of the IRS. However, scammers have stepped up their game recently claiming that a warrant will be issued to local authorities to arrest you.
One way to avoid being a victim is to know how the IRS operates
- The IRS will not call and demand an immediate payment. The IRS will send you a bill in the mail.
- The IRS will not force you to pay without allowing you the right to appeal the amount you owe.
- The IRS will not require a specific form of payment for taxes. Scams often require payment by Western Union, gift card, or credit card.
- The IRS will not ask you for your credit card number over the phone.
- The IRS will not threaten to have the police come and arrest you.
What you can do
- Don’t give out any information, hang up immediately.
- You can report the incident to the IRS at their “IRS Impersonation Scam Reporting” webpage. Or you can call 800-366-4484.
- You can report it to the Federal Trade Commission. Use the “FTC Complaint Assistant” on FTC.gov. Please add “IRS Telephone Scam” in the notes.
- If you think you do owe taxes you can contact the IRS at 800-829-1040. IRS workers can assist you concerning any taxes you may owe.
- Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. These are your Taxpayer Bill of Rights. Explore your rights and our obligations to protect them on IRS.gov.
- For more, visit “Tax Scams and Consumer Alerts” on IRS.gov.
This session will provide information on some common fraud schemes relevant to most entities and provide examples of controls you can implement in your organization to decrease the risk of fraud. We will also provide an overview of the Internal Control Guidelines issued by the State Controller’s Office.
Presenters David Alvey, CPA Audit Partner and Katherine Yuen, CPA, Audit Partner
Session description: Is your organization doing enough to reduce the risk of cyber threats? Cyber-security is more than compliance with credit card processing. What risks does your organization have? Cyber-security is a prime concern today and in this session we will cover what local governments can do to reduce risk. Presenter Donald E. Hester, CISA, CISSP, Director
How does the IT control environment relate to the risk of material misstatement (RMM) in financial reporting? What is the best way to address the risk of material misstatement associated with the IT infrastructure and applications within an organization? Learn the reasons behind Maze & Associates approach to determine the risk of material misstatement as it relates to your IT control environment.
Vikki Rodriguez (Partner) and David Alvey (Partner)
This session will provide information on some common fraud schemes relevant to entities that use Quickbooks, and provide examples of controls you can implement in your organization to decrease the risk of fraud.