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If you’ve earlier received a PPP (Paycheck Protection Program) loan, you must know that certain businesses are entitled for a second PPP loan. Second Draw PPP loans can be used to help fund payroll costs, and also to pay for mortgage, interest, utilities, rent, worker protection costs associated to COVID-19, uninsured property damage costs triggered by looting during 2020, and certain supplier costs & expenses for operations.
Do you own a family business that you want to pass on to your next generation? But are you sure your children are interested in taking over your business? Will they make it profitable for the long term? Generally, parents treat their company as their baby with utmost care and love and when they pass it on to new hands they have a fear of failure. But why should they fear failure? Instead of that they should be careful enough during the deals.
After many years of low examination fees, there has been an announcement by the Internal Revenue Service (IRS) to increase small business audits by fifty percent. This news making headline in a time when complicated tax law modifications & economic spur programs with regards to Covid-19 have made businesses’ books even more complex than normal.