#COVID-19 Finance + Technology = Fintech

Posted on April 29, 2020 by Carol

One day soon, we will blog about Fintech and its role in today’s financial industries.  But right now. Need money in a hurry? Need to apply for a loan quickly and easily? Like an SBA loan? Have an I-pad, a mobile app on your phone? Fintechs are a rapid response to biased, bogged down traditional lending institutions.

List UPDATED April 28, 2020

SBA-approved Fintech PPP Lenders (alphabetical order):

Intuit QuickBooks (current customers only); PayPal (current customers only); and, Square (current customers only).

BlueVine; Centerstone SBA Lending; Credibly; Fountainhead; Funding Circle; Harvest Small Business Finance; Kabbage; Lendistry (not in all 50 states); OnDeck; Ready Capital; The Loan Source; and, Velocity.

These Fintechs (alphabetical order) DO NOT process SBA loans themselves. They package loans and apply with a partner bank.

Brex (Radius Bank); Community Reinvestment Fund; Divvy (Cross River Bank); Fundbox (Synchrony); Fundera; Lendio – (Results for first round of funding – 70,000 loan apps approved, Average PPP loan $110,000); and, Nav (Center Bank).

We are here to guide you through this process and anything else to help you get through COVID-19. Email [email protected]. Please put COVID-19 in the subject line. Or call us at 727-327-1999.
In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.
Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

Stay safe. Stay strong.

COVID-19 Disclaimer. Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. Guidance, clarifications, and interpretations are constantly evolving. Deadlines and due dates are being extended and re-extended. New relief and programs are constantly rising up. This is occurring on all levels: Federal, State, and Local. Please keep all this in mind. We are committed to giving you the best answer possible based on what we know at the time your question is asked.

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#COVID-19 Finance + Technology = Fintech

Posted on April 27, 2020 by Carol

One day soon, we will blog about Fintech and its role in today’s financial industries.
But right now. Need money in a hurry? Need to apply for a loan quickly and easily? Like an SBA loan? Have an I-pad, a mobile app on your phone? Fintechs are a rapid response to biased, bogged down traditional lending institutions.

SBA-approved Fintech PPP Lenders (alphabetical order):

Intuit QuickBooks (current customers only); PayPal (current customers only); and, Square (current customers only).

BlueVine; Credibly; Funding Circle; Kabbage; OnDeck; and, Ready Capital.

These Fintechs (alphabetical order) DO NOT process SBA loans themselves. They package loans and apply with a partner bank.

Brex (Radius Bank); Divvy (Cross River Bank); Fundbox (Synchrony); Fundera; Lendio – (Results for first round of funding – 70,000 loan apps approved, Average PPP loan $110,000); and, Nav (Center Bank).

We are here to guide you through this process and anything else to help you get through COVID-19. Email [email protected]. Please put COVID-19 in the subject line. Or call us at 727-327-1999.
In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.
Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

Stay safe. Stay strong.

COVID-19 Disclaimer. Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. Guidance, clarifications, and interpretations are constantly evolving. Deadlines and due dates are being extended and re-extended. New relief and programs are constantly rising up. This is occurring on all levels: Federal, State, and Local. Please keep all this in mind. We are committed to giving you the best answer possible based on what we know at the time your question is asked.

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#COVID-19 On The Mark – Get Set – Fund

Posted on April 22, 2020 by Carol

It was truly a sad day when the SBA PPP loan program officially ran out of money last Thursday, April 16th. 349B$ approved by 4,975 lenders for 1,661,367 loans.

More SBA funding for both the PPP and EIDL is around the corner. The Senate has approved nearly 370B$ for Phase 3.5 of COVID-19 SBA funding thereby sending it off to the House. For PPP: A total of 310B$ with 60B$ split like this:

30B$ for lenders with less than 10B$ in assets. This includes community banks, credit unions, and community development financial institutions, which typically provide loans to low-income communities and to people who lack access to financing. AND 30B$ for loans by FDIC-insured banks and credit unions that have assets between 10B$ and 50B$.

FOR EIDL: A total of 60B$ with 10B$ reserved for the up to $10,000 (per loan application) disaster relief grant.

The Senate bill also provides 75B$ for expense and lost revenue reimbursements to hospitals and healthcare providers and 25B$ for coronavirus testing.

If you have already applied – We recommend that you contact your bank now to ensure that the application and all the paperwork is in place and ready to be processed as soon as funds are available.
If you have not already applied – We recommend having the application and all accompanying documents complete and ready for when funding reopens. Contact your bank now to ensure you have all the right documents ready to go. Keep in mind that there are other applications in the queue – already accepted but not yet funded. First Come First Serve.

We also recommend if you haven’t applied already – apply for the EIDL first as the application process is quicker and there may still be the $1,000 per employee (up to ten) emergency advance. If you apply for an EIDL be sure to write down the Application Number. During the last funding round, the SBA did not have an online check application status.

This last PPP go round emphasized applying with a bank you had an existing relationship with and which hopefully was a preferred or existing SBA lender. Keep in mind these bigger banks might have more stops along the way to approval – local branch, district branch etc. – this slows down the process too. Another option – Community Banks. Community Banks processed loans faster than the bigger banks and perhaps even with less shuffling. You might have some quid pro quo but it is a practical option. Plus, the community banks have that dedicated 30B$.

We are here to guide you through this process and anything else to help you get through COVID-19. Email [email protected]. Please put COVID-19 in the subject line. Or call us at 727-327-1999.

In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.

Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

Stay safe. Stay strong.

COVID-19 Disclaimer. Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. Guidance, clarifications, and interpretations are constantly evolving. Deadlines and due dates are being extended and re-extended. New relief and programs are constantly rising up. This is occurring on all levels: Federal, State, and Local. Please keep all this in mind. We are committed to giving you the best answer possible based on what we know at the time your question is asked.

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#COVID-19 One Tampa: Relief Now, Rise Together

Posted on April 17, 2020 by Carol

City of Tampa, FL – One Tampa: Relief Now, Rise Together Fund
(A COVID-19 Rent, Mortgage, & Utility Relief Plan)

OPEN FRIDAY APRIL 17, 2020 FOR INDIVIDUALS
OPEN TUESDAY APRIL 21, 2020 FOR BUSINESSES

The One Tampa: Relief Now, Rise Together Fund is a collaboration between the City of Tampa, the Crisis Center of Tampa Bay and the Tampa Chamber of Commerce to provide emergency grants for the most basic needs – rent and utilities (and no, satellite and cable is not a utility!).

Direct payments to landlords, mortgagors and TECO:

Individuals and Families. Up to $1,000 for rent (copy of lease) or mortgage (copy of last mortgage statement) and up to $250 for utilities (copy of bill).

Individuals who live in Tampa and were employed as of February 1, but lost their job because the business closed OR work hours or pay has been reduced by more than 25% because of a business slowdown (ex. Restaurants are takeout/deliver only).

Annual income must not be greater than 80% of Area Median Income. Proof of most recent income – paystubs (2), tax return, or other proof: 1 person – $39,400; 2 – $45,000; 3 – $50,650; 4 – $56,250; 5 – $60,750; 6 – $65,250; 7 – $69,750; 8 – $74,250

2018 property taxes must be paid in full.

Homeowner must have no outstanding code enforcements.

Apply Here      https://www.tampagov.net/relief-now/individuals

Apply by phone – Emergency Relief Hotline: Call 211, Press 7. You must have an email address.

Small Businesses in Critically Impacted Industries. Up to $4,000 for rent/mortgage; up to $1,000 for utilities.

Continuously open/operating from February 1, 2020.

Revenues less than $250,000 AND no more than five employees.

Must have at least a 50% reduction in revenue attributable to COVID-19.

Must Have applied for SBA’s Economic Injury Disaster Loan (if eligible).

Critically Impacted Industries: Bar/Nightclub; Caterer; Cleaning Service; Event Space/Event Service; Event/Wedding Planner; Food Truck, Market Stand, Street Vendor; Hair, Beauty, and Other Personal Services; Personal Services; Personal Care Services; Independent Restaurant; Small Retail; Sole Proprietors; and, 1099 Contractors.

List of Critically Impacted Businesses            https://www.tampagov.net/relief-now/criitically-impacted-businesses

Physically located in a designated Low-income Census Tracts and Community Redevelopment Areas and others hit hard by closure by municipal and executive orders.

2018 property taxes and 2019 business taxes must be paid in full.

Business owner must have no outstanding code enforcements.

Apply Here                  https://www.tampagov.net/relief-now/businesses

 

Apply by phone – Emergency Relief Hotline: Call 211, Press 7. You must have an email address.

If you’d like to donate to City of Tampa, FL – One Tampa: Relief Now, Rise Together Fund

(A COVID-19 Rent, Mortgage, & Utility Relief Plan)

#giveyourcheck

Donate Here

https://apps.tampagov.net/online_payments_webapp/Default.aspx?PaymentID=14

Donate by Mail: Make your check payable to City of Tampa. BE SURE to write “One Tampa” on the memo line. Mail to: Municipal Office Building c/o Banking 306 E Jackson St Tampa, FL 33602.

We strongly encourage small businesses and residents of other cities and towns to see if a similar program is available.

We are here to guide you through this process and anything else to help you get through COVID-19. Email [email protected]. Please put COVID-19 in the subject line. Or call us at 727-327-1999.

In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.

Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

 Stay safe. Stay strong.

COVID-19 Disclaimer. Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. Guidance, clarifications, and interpretations are constantly evolving. Deadlines and due dates are being extended and re-extended. New relief and programs are constantly rising up. This is occurring on all levels:  Federal, State, and Local. Please keep all this in mind. We are committed to giving you the best answer possible based on what we know at the time your question is asked.

 

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#COVID-19 The Corona Virus Version Of Where’s My Refund

Posted on April 17, 2020 by Carol

People call it a stimulus check. Government calls it a recovery rebate. The IRS calls it an economic impact payment (EIP).

Starting this past Saturday and into next week, it is expected more than 80 million people will get it! IRS working overtime! Direct deposit payments being sent out now are: 2019 tax returns filed and 2018 tax returns filed. The next round of direct deposit payments will be social security recipients who did not file in either 2018 or 2019 but who receive their social security by direct deposit.

If the IRS has your bank info, you should be good to go. If they don’t, a paper check it will be. These paper checks are not going out before the end of April, perhaps not even until first week of May. These checks may be going out to lowest income households first, specifically those under $10,000.

Remember, the EIP is a refundable credit, reducing tax liability on 2020 Forms 1040, Individual Income Tax Returns. Because 2020 isn’t over, 2020 tax returns cannot be filed. But the payment needs to be a now thing, not a later thing. Hence, 2018 and 2019 tax returns are being used by the IRS to predetermine eligibility.

We know that you know who is eligible for an Economic Impact Payment. So, we’ll brief you on who isn’t. But first, Get My Payment will ya! The IRS Get My Payment tool went live yesterday (Wednesday, April 15th, 2020).

Get My Payment                    https://sa.www4.irs.gov/irfof-wmsp/login

If you didn’t have to file a 2018 or 2019 tax return for various reasons, including minimum income requirements (see table at the very, very end); or you may be an SSI recipient or Veteran beneficiary, use this:

Non-Filer Tool

https://www.freefilefillableforms.com/#/fd/EconomicImpactPayment

As promised. Who is not getting paid? Anyone claimed as a dependent for 2018 and 2019, adults and children alike, including disabled adults and senior citizens. Nonresident aliens even if they have social security numbers. Undocumented immigrants. Anyone with an ITIN instead of SSN (unless their spouse is a member of the Armed Forces).

And here’s a list of Just Asking for A Friend.  

My friend has kids do they get a bigger stimulus check? If your friend’s children are under 17 and they claim them as dependent, that is an extra $500 per child under 17, no limit.

My friend has a dependent that turned 17 in 2019? Whether your friend filed 2019’s tax return or not, the legislation didn’t specify a date the 17th birthday would create EIP ineligibility. The child tax credit for example states December 31, in that case it would be okay to file the 2019 tax return.

What if my friend was someone’s dependent in 2018 & 2019 but won’t be in 2020? Too soon to tell, as there is no final guidance. It is being said, that overpayments will not have to be paid back. This may be wait and see until the 2020 return.

Should my friend amend their 2019 (or 2018) tax return to say they weren’t a dependent? Absolutely not, this could be fraud. Plus, an amended return is a paper return, which aren’t even being processed right now. This may be wait and see until the 2020 return.

What if my friend did not file a tax return in 2018 or 2019? We recommend your friend e-file a complete and accurate 2019 tax return right away. This will get the proverbial ball bouncing. Your friend should also e-file a complete and accurate 2018 tax return.

What if my friend needs to update their mailing address and/or direct deposit information with the IRS? Give your friend the Get My payment link or web address above.

What if my friend owes back taxes? Your friend is getting a stimulus check. The CARES Act provides for “exception from reduction or offset”. EIPs are not exempt from private debt collection.

What if my friend defaulted on their student loan? Your friend is getting a stimulus check. The CARES Act provides for federal “exception from reduction or offset”. EIPs are not exempt from private debt collection.

What If my friend owes child support? Your friend is probably not getting a stimulus check
if past due child support was reported to the Treasury.

What if my friend got the payment and didn’t qualify for it? “Except in cases of fraud or reckless neglect” you shouldn’t have to pay back any portion of the stimulus payment on your 2020 tax return if you don’t qualify based on 2020 AGI.

My friend’s bank account is overdrawn, can the bank take the stimulus payment? Tell your friend yes, banks can garnish stimulus checks for overdrafts. Some banks are pausing collections of negative balances. Some aren’t. YES: JP Morgan Chase, Wells Fargo, Bank of America, Citigroup/Citibank. NO: USAA (this is shocking!), Comerica Bank. We recommend if your friend is in an overdraft situation to reach out to the bank and ask them to delay collection.

The 2019 minimum income filing requirements are:
Single under 65 12,200
Single over 65 13,850
MFJ both under 65 24,400
MFJ one over, one under 65 25,700
MFJ both over 65 27,000
MFS doesn’t matter how old you both are 5 (Yes, $5)
HOH under 65 18,350
HOH over 65 20,000
Qualifying widow(er) under 65 24,400
Qualifying widow(er) over 65 25,700

COVID-19 Disclaimer. Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. Guidance, clarifications, and interpretations are constantly evolving. Deadlines and due dates are being extended and re-extended. New relief and programs are constantly rising up. This is occurring on all levels: Federal, State, and Local. Please keep all this in mind.

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#COVID-19 More Tax Relief From The IRS

Posted on April 15, 2020 by Carol

Last month the IRS was kind enough to say hey you don’t have to deal with us during a global pandemic and extended the filing AND paying deadlines of 1040s from April 15, 2020 to July 15, 2020. This also extended the 1040’s first quarter estimated tax payment from April 15, 2020 to July 15, 2020. Added bonus: July 15, 2020 is also the extended date to contribute to your 401Ks, IRAs, and HSAs too.

And they’ve been busy ever since. Now, everyone who has to file or pay between April 1, 2020 and July 15, 2020 is extended through July, 15, 2020: Individuals, corporations, trusts, estates, and certain other noncorporate filers. No failure to file penalty. No interest. No other penalty. All the relief is automatic – meaning we don’t have to do anything to get it.

Keep in mind: Taxpayer Assistance Centers are temporarily closed. Some call centers and return processing centers are also closed in response to COVID-19. And paper returns are not being processed – this includes Form 1040-X (Amended); Form 8379 (Injured Spouse); 1040-NR (Returns from individuals living or working outside the US); some prior year returns; and, there’s a handful of less common forms that cannot be e-filed rendering the respective return unable to be e-filed.

Individual (1040) Estimated taxes: Extended TO July 15, 2020 FM June 15, 2020.
Unclaimed 2016 refunds: Deadline for filing a 2016 tax return to claim a refund. Extended TO July 15, 2020 FM April 15, 2020. (The return must be postmarked by July 15).
American citizens living abroad: Americans who live and work abroad can now wait until July 15, 2020, to file their 2019 federal income tax return and pay any tax due.
Installment payments under Sec. 965(h): Installment payments of the Sec. 965 transition tax due on or after April 1, 2020, and before July 15, 2020, are postponed to July 15, 2020.
Specified forms: Federal tax forms and payments covered by the relief include:
• Individual income tax payments and return filings on Form 1040, U.S. Individual Income Tax Return, and other forms in the 1040 series;
• Calendar year or fiscal year corporate income tax payments and return filings on Form 1120, U.S. Corporation Income Tax Return, and other forms in the 1120 series;
• Calendar year or fiscal year partnership return filings on Form 1065, U.S. Return of Partnership Income, and Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return;
• Exempt organization business income tax and other payments and return filings on Form 990-T, Exempt Organization Business Income Tax Return (and Proxy Tax Under Section 6033(e));
• Estate and trust income tax payments and return filings on Form 1041, U.S. Income Tax Return for Estates and Trusts, and other forms in the 1041 series;
• Estate and generation-skipping transfer tax payments and return filings on Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, and other forms in the 706 series;
• Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent, and any supplemental Form 8971;
• Gift and generation-skipping transfer tax payments and return filings on Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, that are due on the date an estate is required to file Form 706 or Form 706-NA;
• Estate tax payments of principal or interest due as a result of an election made under Secs. 6166, 6161, or 6163 and annual recertification requirements under Sec. 6166; and last but not least,
• Excise tax payments on investment income and return filings on Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation, and excise tax payments and return filings on Form 4720, Return of Certain Excise Taxes under Chapters 41 and 42 of the Internal Revenue Code.

AND any schedules, returns, and other forms that must be attached to the returns that are automatically extended are ALSO included in the automatic extension.

July 15, 2020 is the new last day of the 2020 tax season. So, if you need to extend – File Form 4868 by July 15 to request an automatic extension until October 15, 2020.


We are here to guide you through this process and anything else to help you get through COVID-19. Email [email protected]. Please put COVID-19 in the subject line. Or call us at 727-327-1999.

In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.
Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

Stay safe. Stay strong!

COVID-19 Disclaimer. Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. Guidance, clarifications, and interpretations are constantly evolving. Deadlines and due dates are being extended and re-extended. New relief and programs are constantly rising up. This is occurring on all levels: Federal, State, and Local. Please keep all this in mind.

Posted in Business Taxes, Covid-19, General Interest, Individual Taxes, IRS, Taxes | Tagged , | Comments Off on #COVID-19 More Tax Relief From The IRS

#COVID-19 Helping Our Restaurant Employees

Posted on April 14, 2020 by Carol

 

We realize this may not directly relate to all of our clients. But if it can help you, or a Family Member, or a Friend – – please keep reading. If you know someone you can pass this along to or if you can donate – please keep reading.

Take out and delivery services may be helping restaurant revenues and employees a little bit but it isn’t enough. Last week, the National Restaurant Association estimated that as many as 7 million of the industry’s 15 million workers could lose their jobs as a result of COVID-19. And that’s not counting the workers still working but not working as much.

National Restaurant Association (NRA)
Restaurant Employee Relief Fund (RERF)
First-come, First-serve. Subject to availability of funds

 

Guy Fieri, Spokesperson RERF – “We’ve got tens of thousands of restaurants that are closing. Some for a short period of time, and some probably forever. We have millions and millions of restaurant employees without jobs. We’re talking about a lot of families, hourly employees, people living paycheck to paycheck”.

DONATE HERE                                                               https://rerf.us/make-a-donation/

APPLICATION INFO                                                     https://rerf.us/apply-for-aid/

This is first-come-first-serve and relies entirely on donations. Speaking of donations – for 2020 tax returns there will be a $300 above-the-line deduction for cash contributions. If you can -#giveyourcheck

We recommend, if applications don’t go through – Keep trying! Donations keep coming and the internet keeps moving. Keep informed by following them on your preferred social channel: National Restaurant Association Education Foundation.

We are here to guide you through this process and anything else to help you get through COVID-19. Email [email protected]. Please put COVID-19 in the subject line. Or call us at 727-327-1999.

In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.
Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

Stay safe. Stay strong.

COVID-19 DISCLAIMER:
During this time, you will notice more emails from Carol McAtee & Associates CPAs as we do our best to keep on top of what we think is important to you.
Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. And the interpretations are changing daily, if not hourly. Deadlines and due dates are being extended and re-extended. Please keep this in mind as we get through this together.

Posted in Covid-19, General Interest, Individual Taxes | Tagged , , | Comments Off on #COVID-19 Helping Our Restaurant Employees

#COVID-19 Helping Our Local Bartenders

Posted on April 14, 2020 by Carol

We realize this may not directly relate to all of our clients. But if it can help you, or a Family Member, or a Friend – please keep reading. If you know someone you can pass this along to or if you can donate – please keep reading.

Take out and delivery services may be helping restaurant revenues and employees a little bit but there aren’t as many to go cups as to go orders going out restaurant doors. Liquor stores are open but bars are completely 86’d (closed) as are entertainment and sporting venues. There is no happy hour.

United States Bartender’s Guild (USBG)

“Bartender Emergency Assistance Program – Serving Those Who Serve Us”

 “The purpose of the Bartender Emergency Assistance Program (BEAP) is to assist qualified bartenders, barbacks, and bar servers who are in need of financial assistance as a result of a catastrophic event or an emergency hardship.” catastrophic event or an emergency hardship.

DONATE HERE         https://usbgfoundation.networkforgood.com/projects/95524-covid-19-relief-campaign

APPLY HERE             https://usbgnationalcharityfoundation.submittable.com/submit/dd9f8446-8a81-4a3d-a423-6c1e28d8e604/bartender-emergency-assistance-program

This is first-come-first-serve and relies entirely on donations. Speaking of donations – for 2020 tax returns there will be a $300 above-the-line deduction for cash contributions. If you can #giveyourcheck

We recommend, if applications don’t go through – Keep trying! Donations keep coming and the internet keeps moving. Keep informed by following them on your preferred social media platform.

We are here to guide you through this process and anything else to help you get through COVID-19. Email [email protected]. Please put COVID-19 in the subject line. Or call us at 727-327-1999.

In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.

Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

Stay safe. Stay strong.

COVID-19 DISCLAIMER:

During this time, you will notice more emails from Carol McAtee & Associates CPAs as we do our best to keep on top of what we think is important to you.

Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. And the interpretations are changing daily, if not hourly. Deadlines and due dates are being extended and re-extended. Please keep this in mind as we get through this together.

 

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#COVID-19 Helping our Hair Stylists, Our Barbers & Our Cosmetologists

Posted on April 13, 2020 by Carol

We realize this may not directly relate to all of our clients. But if it can help you, or a Family Member, or a Friend – – please keep reading. If you know someone you can pass this along to or if you can donate – please keep reading.

You’ve seen the memes.

Funny.

Not funny.

COVID-19 has battered hairstylists, barbers, and cosmetologists. Chairs are not just empty; salons and barber shops are closed. And some may not even reopen. The Professional Beauty Association (PBA) and PBA Charities have started a fund to provide $500 to licensed beauty professionals, whom we all consider essential, especially during this time of crisis.

Professional Beauty Association (PBA)
Professional Beauty Association Charities
First-come, First-serve. Subject to availability of funds.

APPLY HERE

DONATE HERE

This is first-come-first-serve and relies entirely on donations. Speaking of donations – for 2020 tax returns there will be a $300 above-the-line deduction for cash contributions. If you can -#giveyourcheck

We recommend, if applications don’t go through – Keep trying! Donations keep coming and the internet keeps moving. Keep informed by following them on your preferred social media platform: Professional Beauty Association.

We are here to guide you through this process and anything else to help you get through COVID-19. Email [email protected]. Please put COVID-19 in the subject line. Or call us at 727-327-1999.

In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.

Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

Stay safe. Stay strong.

COVID-19 DISCLAIMER:
During this time, you will notice more emails from Carol McAtee & Associates CPAs as we do our best to keep on top of what we think is important to you.
Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. And the interpretations are changing daily, if not hourly. Deadlines and due dates are being extended and re-extended. Please keep this in mind as we get through this together.

Posted in Business, Covid-19, General Interest | Tagged , , | Comments Off on #COVID-19 Helping our Hair Stylists, Our Barbers & Our Cosmetologists

#COVID-19 City of Saint Petersburg, FL – Fighting Chance Fund

Posted on April 10, 2020 by Carol

Updated 4/20/2020. City of Saint Petersburg, FL – Fighting Chance Fund

OPEN APRIL 9, 2020 AND IS FIRST-COME, FIRST-SERVE

Stroll down any Main Street, USA. Stores with closed signs. Empty storefront parking spaces. Idle exercise equipment. Uncoiffed dogs out walking. Styrofoam to go containers have taken the place of plates. Central Avenue and elsewhere across The Burg is no different.

The Fighting Chance Fund is a St Pete program that is providing 6.8 million dollars-worth of emergency grants to the approximately 900 businesses and 3,000 individuals in specific industries adversely affected by COVID-19. The grants are $5,000 to negatively affected locally-owned and independently-operated with less than 25 employees St Pete businesses and $500 to negatively affected individuals. Grants DO NOT get paid back but these types of grants are taxable income. We recommend, if you are a business, record the receipt of the grant as “Other Income” from the Fighting Chance Fund.

Defined impacted eligible industries (Specific Industries)

Restaurant: (includes full-service, limited-service, and café establishments); Bar.
Retail: (physical brick-and-mortar establishment selling merchandise).
Personal Services: Hair, beauty, and other personal services (salons, barbers, massage parlors, tattoo, spas, etc.).
Personal Care Services: (child, disabled, & elderly care services, funeral services, etc.);
Laundry services (dry cleaning, laundromats, garment repairs and alterations, etc.);
Cleaning services; Pet care services; Personal and household goods repairs & maintenance;
Fitness centers and gyms; and, Event spaces & services.

Travel agencies are now a defined, impacted eligible industry.  Home-based businesses remain ineligible

Impacted Business

Impacted small business eligibility:

Locally owned and independently operated (Owners do NOT have to live within St Pete city limits;
Physically established in the city of St. Petersburg;
Must be operating within the specific industries;

Have been open for at least six months (changed from a year)
Have 25 employees or fewer;
Affirm a loss of revenue due to COVID-19; and,
Must be able to demonstrate working capital for business operations as of February 28, 2020 (as demonstrated in the Balance Sheet or other documentation deemed acceptable by the City).

Small business applications must include:

Copy of state business license issued by the Florida Division of Corporations;
Sole Proprietors – Schedule C AND Most recent Annual or Quarterly Balance Sheet and Profit & Loss Statement;
All other ownership types – Most recent Federal Corporate Income Tax Return (Form 1120S) AND Most recent Annual or Quarterly Balance Sheet AND Profit & Loss Statement;
Current St. Petersburg Business Tax Receipt;
Identification – Copy of Driver’s License, state id, school id (with photo), voter registration, or passport;
Full employee list (as of January 31, 2020 and March 31, 2020); and,
Proof of Business Address – Copy of most recent St. Petersburg Utility Bill statement OR current General Liability Insurance Policy.

Small business use of funds:

Commercial Lease payments (March, April, May 2020);
Commercial Mortgage payments (March, April, May 2020);
Employee Salary and Benefits and funding existing Payroll;
Other Sales, General, and Administrative expenses (SGA) deemed critical for business operations;
Utilities; and,
New equipment needed to assist the business to a temporary digital transition (e.g. webcams for virtual trainings, software licensing for videoconferencing, etc.)

Impacted Individual

Impacted individual eligibility:

Currently or formerly an employee at a locally owned and independently operated small business physically located in the city of St. Petersburg with 25 or less employees;
A resident of St. Pete;
Terminated, furloughed or experienced a salary reduction of at least 50% after March 17, 2020; and,
Must be/have been an employee of a business that is in one of the specific industries.
Individual applications must include:
Copy of Driver’s License, state id, school id (with photo), voter registration, or passport;
Copy of your pay stubs from March 1, 2020 to the present; and
Termination Letter (if available).
We also think copy of an unemployment claim wouldn’t hurt.

DONATE HERE

Fighting Chance Charitable Support Fund

APPLY HERE                                                http://www.stpete.org/assistance/fighting_chance_fund.php

We strongly encourage small businesses and residents of other cities and towns to see if a similar program is available.

We are here to guide you through this process and anything else to help you get through COVID-19. Email [email protected]. Please put COVID-19 in the subject line. Or call us at 727-327-1999.

In addition to the monthly newsletter and weekly blog we will be sending COVID-19 updates through “Email Updates”.
Follow McAtee & Associates on your preferred social media for additional COVID-19 updates. We are on Facebook, Twitter, LinkedIn, and Google+.

Stay safe. Stay strong.

COVID-19 DISCLAIMER:
During this time, you will notice more emails from Carol McAtee & Associates CPAs as we do our best to keep on top of what we think is important to you.
Laws and regulations have quickly changed and will continue to change in order to mitigate the economic damage caused by the Coronavirus Crisis. New laws and regulations are being passed quicker than the legislative process has taken in the past. And the interpretations are changing daily, if not hourly. Deadlines and due dates are being extended and re-extended. Please keep this in mind as we get through this together.

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