Blog
Updates on the PPP Forgiveness Process
Banks are beginning to offer portals for businesses to begin the PPP forgiveness process. We strongly encourage our clients to continue to work closely with their bank’s forgiveness process. If you find you need accounting assistance at any point during the process,...
Reminder: Social Security Benefits May Be Taxable
Up to 50% or more of a taxpayer’s Social Security benefits may be taxable, depending on annual income. If you’d like to find out more about the details of the taxable portion of your benefits, please see this IRS brief. Please know N&Co always takes these formulas...
Major Changes to Retirement Plans Due to COVID-19
According to the IRS, qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020. These coronavirus-related distributions aren't subject to the 10%...
New Low Interest Loans Available to Women- & Minority-Owned Businesses
The Economic and Community Development Institute (ECDI) is administering a statewide loan fund to help women- and minority-owned businesses recover from the coronavirus fallout. Loans are available up to $350,000 each at 2% interest. More details about the program can...
Federal Student Loan Rates Drop to Record Lows for 2020-2021
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...
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...
Paycheck Protection Program Flexibility Act Signed; Changes to Benefit Business Owners
Anyone who has taken out a PPP loan should review this Forbes article and the numerous favorable changes to the PPP program.
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...
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...