The COVID-19 pandemic is impacting both businesses and individuals. Stambaugh Ness is closely monitoring the ever-changing situation in order to provide you with the most accurate and appropriate guidance. This is unchartered territory and while there remains uncertainty on the full extent of the impact on both you and your business, we are here for you professionally and personally. Please reach out to us with any questions or concerns as we navigate this situation together.
SN has and will continue to provide resources to assist you during this global situation. We encourage you to visit this page for updates.
A Message to Our Clients:
As you know, the Coronavirus (COVID-19) has had significant impact on both our personal and professional lives. Our number one priority here at Stambaugh Ness (SN) is to support the safety and well-being of the communities in which we live, work, and serve. In this time of uncertainty, we want to assure you that our focus is on both protecting our employees, clients, and business associates, and ensuring continuity of service.
A Hierarchy of Cash Flow Management Recommendations
Managing cash flow can be challenging during the best of times, much less during a crisis. As we find ourselves in the COVID-19 global pandemic, cash flow is not only a challenge, but one whose magnitude we have never experienced before. While the full impact remains unknown, there are many things that businesses can do now to protect and improve cash flow.
There is no sugar coating it, nearly every business will in some way be impacted by this epidemic, but mitigating that impact and damages not only helps your own business, but has a trickle effect on other businesses, communities, and the global marketplace.
Below is a hierarchy of cash flow management recommendations including things you can begin implementing immediately, items to consider next, and ones you should approach with caution due to their aggressiveness. Please note that these are meant to be a guide, every situation is unique and seeking the advice of professionals in this type of situation is strongly encouraged.
Previously Recorded Events
COVID-19 Town Hall: On-Demand
Did you miss one of our previous broadcasts? Watch Now On-Demand:
March 20, 2020 | 90 minutes
March 25, 2020 | 118 minutes
March 31, 2020 | 120 minutes
April 07, 2020 | 73 minutes
April 14, 2020 |120 minutes
April 21, 2020 | 120 minutes
April 28, 2020 | 120 minutes
May 05, 2020 | 120 minutes
May 12, 2020 | 120 minutes
May 19, 2020 | 120 minutes
May 26, 2020 | 120 minutes
June 09, 2020 | 108 minutes
June 23, 2020 | 65 minutes
Preparing Vision/Vantagepoint for COVID-19
In order to keep track of the emergency pay and potential IRS relief items, it is critical to begin tracking labor & expense related to COVID-19 as soon as possible.
In this free webinar, our Vision/Vantagepoint team will walk you through the steps to setup your system for optimal COVID-19 tracking and reporting.
Preparing Ajera for COVID-19
In order to keep track of the emergency pay and potential IRS relief items, it is critical to begin tracking labor & expense related to COVID-19 as soon as possible.
In this 45-minute free webinar, our Ajera Consulting team will walk you through the steps to setup your Ajera system for optimal COVID-19 tracking and reporting.
Paycheck Protection Program & Forgiveness
SBA’s Paycheck Protection Program (PPP) has stopped accepting applications, and funds are making their way to small businesses across the United States. Attention is now turning to how to administer the use of the PPP funds to achieve the best possible outcome in relation to cash flow and forgiveness. The program allows for total loan forgiveness through authorized expenditures per the loan agreements; however, there may still be amounts that will require repayment if a business is unable to satisfy the criteria for full forgiveness.
To help businesses prepare, we’ve provided some suggestions on the accounting for PPP funds as well as high-level forgiveness considerations. This summary is not intended as a dive into the details of the forgiveness mechanics, that’s a separate topic warranting its own forthcoming summary but will provide you with an overview.
The Right Expertise to Meet Your PPP Forgiveness Needs
For businesses that have been approved to receive or have already received funds, the next question to ask is how will you calculate your loan forgiveness. The benefits of PPP loan forgiveness are too important to risk mistakes being made. We can help you navigate the compliance requirements of the loan forgiveness program. SN has team members available to take this burden off of you so you can spend more time running your business.
Whether you need assistance with rationale and documentation of your PPP eligibility, perform the calculation for loan forgiveness and compiling supporting documentation, guidance on the maximization of PPP funding, or develop future cash inflows and outflows, Josh is ready to help.
Contact:
Chad Bumbaugh, CPA | Managing Director, Entrepreneurial Services Group
Steve Snyder, CPA, CCIFP | Director, AEC Group
We're Here to Help...
Technology Management
COVID-19 has created an unusual work environment with many technology-related challenges. If these tech stressors are distracting your team or hampering productivity or you want to improve both your current remote workforce and proactively plan for an increase in remote workers, let us help you navigate the process to ensure security and efficiency for your business and employees.SN's available COVID-19 technology services include assessment of needs due to an increase in a remote workforce; evaluation of a heightened security risk due to a remote workforce; need for employee training; update or establish remote workforce policies and procedures
Contact: Phil Keeney
Workforce Management
Over the past few weeks, the workforce has changed dramatically and businesses are facing a number of new challenges. SN's Workforce Advisory team is fully versed in COVID-19 employee compliance, as well as guidance on how to handle employee-related issues. Let us know how we can help mitigate the stress of this unprecedented time for our workforce.SN's available COVID-19 workforce services include unemployment advisory; Employee Communication - handling difficult conversations; Payroll Advisory - Employee Retention Tax Credit, Emergency Paid Leave, Emergency Family Medical Leave; Social Security tax payment deferrals; revised Form 941 filings commencing with Q2 of 2020.
Contact: Kristi Weierbach, Ph.D., SPHR, SHRM-SCP
Tax Savings & Cash Flow Considerations
Cash flow has been elevated to a high or even critical level of concern for many organizations. SN's strategic tax advisory experts can assist you in identifying opportunities to leverage tax planning and cash flow generators to boost your organization.SN's available COVID-19 cash flow services include R&D Tax Credit Opportunities; need for 2020 year-end tax planning - PPP loan forgiveness, along with non-deductibility of related expenses and state income tax considerations; Net Operating Loss (NOL) additional years for carryback; QIP and depreciation analysis.