Ohio Offers Micro-Enterprise Grant Program for Minority- & Women-Owned Businesses

Ohio Offers Micro-Enterprise Grant Program for Minority- & Women-Owned Businesses

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

City Fund Offers Relief For Local Small Business Owners

City Fund Offers Relief For Local Small Business Owners

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

Now That Your Business Is Opening Back Up, What Employee Concerns Will You Face?

Now That Your Business Is Opening Back Up, What Employee Concerns Will You Face?

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.

[…] Read more

Additional Loan Options for Struggling Small Business Owners

Additional Loan Options for Struggling Small Business Owners

There are a couple additional loan options for small business owners who are struggling right now: the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL).

The PPP offers applicants funds in the form of loans that can be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities. (Expenses must be equal to loan amount for forgiveness.). Loan payments are also deferred for six months. All small businesses with 500 or fewer employees are eligible.

An EIDL loan can provide a small business an advance of up to $10,000 (which may not need to be repaid) and […] Read more

IRS Releases Mileage Rates for 2020

IRS Releases Mileage Rates for 2020

The IRS recently released the mileage rates for 2020. Beginning Jan. 1, the business mileage rate decreased one-half of a cent for business travel driven and three cents for medical and certain moving expenses as compared to the rates for 2019. The charitable rate is set by statute and remains unchanged.

 

2020 mileage rates:

 

57.5 cents per mile driven for business travel

17 cents per mile driven for medical travel

14 cents per mile driven in service of charitable organizations

 

More details can be found here.

[…] Read more

New Ohio Laws for Pass-Through Entities

New Ohio Laws for Pass-Through Entities

Many of our clients are pass-through entities and sole-proprietorships. Ohio tax law has been very generous to these entities over the past several years, but there are now some changes to those laws.

Part of the value of a CPA relationship is knowing that we will monitor tax law changes and always help our clients manage change.

Enjoy the article…or not. Our clients don’t have to read this!

[…] Read more