Great news for college students! Federal student loan rates for the 2020-21 school year have dropped to the lowest point ever: 2.75% for both subsidized and unsubsidized undergraduate loans. Please see this chart for additional details.
Thank you, Dave Lundregan at Park National Bank, for sharing this information with us!
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Ohio’s Office of Small Business Relief recently announced a micro-enterprise grant program benefiting many of Ohio’s small, minority- and women-owned businesses, which have been hard hit by the COVID-19 pandemic. The Ohio Minority Micro-Enterprise Grant Program provides $10,000 in funding to help these companies through the current crisis and set them up for the future.
To be eligible, businesses must have been certified as a Minority Business Enterprise or woman-owned EDGE-certified business as of Feb. 29, 2020; have 10 or fewer employees and up to $500,000 in annual revenue; and have not received funding under the federal CARES Act.
To qualify, businesses […] Read more
Anyone who has taken out a PPP loan should review this Forbes article and the numerous favorable changes to the PPP program.
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The City of Columbus is devoting $5.25 million of the $157 million Columbus received from the Coronavirus Aid, Relief, and Economic Security (CARES) Act to the business relief effort, calling it the Columbus COVID-19 Small Business Response and Recovery Fund.
The fund helps businesses with fewer than 25 employees in three ways:
$3.25 million for “recovery grants” of up to $10,000 for businesses in low- to moderate-income areas to help with expenses and to retain employees during the pandemic;
$1 million in low-interest “pivot loans” of up to $20,000 for businesses in low- to moderate-income areas that can be used to retain or […] Read more
We are always here to address the accounting needs of our business clients, but we are also aware that now, more than ever, businesses are facing some new HR concerns. Business owners have new responsibilities, designed to keep employees and customers safe. Also some employers who are ready to open their doors are finding they have employees who do not want to return to work. Click these links to find insights from Sharon Delay at GO-HR for employers who are dealing with those issues.
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If you received an Economic Impact Payment (aka: federal stimulus check) in error, you should return the payment as described below:
If the payment was a paper check:
Write “Void” in the endorsement section on the back of the check.
Mail the voided Treasury check immediately to the appropriate IRS location listed below.
Don’t staple, bend, or paper clip the check.
Include a note stating the reason for returning the check.
If the payment was a paper check and you have cashed it, or if the payment was a direct deposit:
Submit a personal check, money order, etc. immediately to the appropriate IRS location listed below.
Write on […] Read more
Note: each county appears to have their own new due date!
Belmont (from July 20, 2020 to August 21, 2020)
Cuyahoga (from July 20, 2020 to August 13, 2020)
Delaware (from July 20, 2020 to August 20, 2020)
Franklin (from July 20, 2020 to August 5, 2020)
Geauga (from July 20, 2020 to July 22, 2020)
Montgomery (from July 20, 2020 to August 14, 2020)
Monroe (from July 20, 2020 to August 19, 2020)
Paulding (from July 20, 2020 to August 17, 2020)
Washington (from July 20, 2020 to August 14, 2020)
Additional updates about Ohio’s COVID-19 relief efforts can be found here.
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2020 is a unique year as far as required minimum distributions (RMDs) are concerned. The CARES Act has suspended the requirement for most 2020 IRA distributions–including some 2019 distributions that you might have personally elected to delay until 2020. For our retirees who must take annual withdrawals from their retirement accounts, here is a huge tax saving opportunity for 2020!
Please see this article from Forbes for more details about these suspended RMDs.
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Please click the links to learn more about how your business can benefit from the Employee Retention Credit, the Paid Sick Leave Credit and the Paid Family Leave Credit. […] Read more
We encourage those who qualify to move quickly to secure loans from this second round of funding. Please contact us via email if you need any assistance in determining if you should apply. […] Read more