WHO SHOULD ATTEND:
CEOs, Owners, Presidents, and Financial Decision Makers
WHEN:
Thursday, May 7, 2020 from 12:00 – 12:30 PM CT
Midstream suppliers and service providers are facing a multitude of challenges as the industry continues to be impacted by these unprecedented times. This shift has left many companies scrambling to address cash flow concerns and make payroll.
While many business owners have turned to the Payroll Protection Program […]
Mark Everson for alliantgroup
April 7, 2020
Quoted in Fox Business
Congress recently passed the CARES Act, which was immediately signed into law on March 27.
The economic stimulus bill consists of a historic $2 trillion meant to help taxpayers, including individuals and businesses alike, weather the storm wrought by COVID-19.
Other than the direct payments that individual taxpayers will receive from the IRS, there are several provisions included in the CARES Act that should be considered by American small and medium sized businesses who are struggling to stay afloat due to a lack of liquidity in these trying times.
Here are some of the key aspects of the CARES Act that U.S. businesses should take a look at now:
Small and medium sized businesses (SMBs) and their employees are bearing the brunt of the economic damage from the Coronavirus. The passage of the CARES Act was in large part designed to protect these businesses during this uncertain time. Relief for SMBs comes through several initiatives designed to increase liquidity, which is the biggest problem facing businesses today. Moving tax filing and payment deadlines is part of the strategy being employed by the government to ease the liquidity dilemma these businesses are facing.
The first major relief initiative enacted by the U.S. Department of the Treasury was the extension of both filing and payment deadlines for federal income taxes, originally due April 15th. The new federal income tax deadline is now July 15th, for both Filing and Payment.
This deferment is automatic and taxpayers do not need to file any additional […]
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
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.
Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal […]
About Secretary Mike Johanns:
Mike Johanns was the U.S. Secretary of Agriculture from 2005-2007 as well as the Governor of Nebraska from 1999-2005 and the state’s U.S. Senator from 2009-2015. As alliantgroup’s Chairman of Agriculture, Johanns brings more than 30 years of experience at virtually every level of government and a strong background in both agriculture and economic development. As the Secretary of Agriculture, he managed 18 different agencies, opened or expanded access to 40 international markets and was responsible for multiple agricultural breakthroughs as a negotiator for the Doha Development Round.
This dynamic shift certainly does pose a threat to our country, but […]
