How are you holding up? If you haven’t yet done so, please do shoot me a quick note to let me know how your Skagit County area business is managing.
Depending on the situation, I have lots of ways to help … some of which I’ll give you details about today.
I will continue to be posting here more updates than normal, as there are rapidly unfolding NEW credits being considered (even as I type) by Congress, as well as a bunch of emergency actions done by various departments under the executive branch … all designed to help YOU.
I do believe that we will get through this. This isn’t a medical or epidemiological opinion (neither of which I’m particularly qualified to offer), but rather a statement about the confidence I have in my clients and community, and the businesses they represent.
Crisis is one of the most powerful seedbeds of innovation, if we let it be.
Before I get to the COVID-19 updates, allow me to invite you…
We’ve heard from SO MANY of our Skagit County area business clients and friends that they appreciate these COVID-19 updates and with questions, and looking for help … please feel free to forward these notes to your business-owner friends and associates.
We are still taking on new clients, and are quickly mobilizing to assist Skagit County area business owners to obtain emergency funding from the SBA, and from other sources (more about that below), and we’re getting flooded with communication from clients and their friends.
And I must say: This all feels like we are EXACTLY where we should be. We’re VERY animated by the opportunity to help our existing clients, and any other business owner who needs help navigating all that is to come.
Simply put, we are here to help:
With so much noise, I’ve found myself tuning out “new” voices, and trying to focus my media and news consumption to only be from trusted sources. There are just so many rumors, and so many updates flying around.
I do suggest you do the same. Allow us to help guide you through this, within our particular area of expertise. These are NOT the times to navigate these changes by yourself.
Now to some COVID-19 updates:
Economic Stimulus Package
As of this writing, nothing has been passed. There are a variety of details Congress has yet to hash out.
In fact, I’ve seen some other accountants and outfits ALREADY charging predatory pricing to “help” businesses obtain funding based on this legislation that has not even yet been passed.
Fine, good on them, I suppose. But this is not how we operate.
That said, here’s what’s on the table right now:
- Small Business Loans
These would be for up to 6 weeks of cashflow for qualifying businesses, depending on what gets eventually passed.
- Employee Retention Bonuses
They are talking about an ADDITIONAL cashflow loan for up to two weeks, with repayment being waived if you retain all of your employees. Again, this has not yet passed. We will keep you posted.
- Payroll Tax holiday?
Again, these are still being discussed as of this writing, but there is discussion of letting employers and self-employed individuals defer payments on the employer share of Social Security taxes beyond the election, with half being due by Dec. 31, 2021, and the other half by Dec. 31, 2022.
- New working-from-home write-offs
There are additional deductions and credits being considered for those MANY of us who are working from home now, but those are still pending.
Let Us Help You Navigate These Waters
I’ve been told that these notes are getting forwarded all over the place — even copied and used by other accountants — and I say GREAT. The more the merrier. Good information is good information, and we’re all in this together.
But if you want help from experts who get it, and have YOUR best interests in mind …
… well, you know where to find us.
Padgett & Padgett, PLLC CPA’s
And again, to reiterate my “COVID Action Plan” for my clients:
1) Don’t marinate in other people’s panic. Be mindful of your social media consumption.
2) Get financially and logistically prepared for the worst.
3) Make sure you have some ready, liquid assets, if you are able. (I.e., cash in the bank, and in hand.)
4) Set aside plans for any big spending until the dust settles — but don’t let up on your communication and your marketing (especially digital).
Much more to come in the days ahead.
We will get through this. Together.
I’m grateful for our chance to serve you and your Skagit County area business — and we are dedicated to its success, in every season.
Feel free to forward this article to a business associate or client you know who could benefit from our assistance. While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for families and business owners.