The Fogged In Blog

The small business economy of the United States is impatiently waiting while the SBA and U.S. Treasury are trying to figure out what the CARES Act means.  The most popular segment of the benefits package is the Paycheck Protection Program Loan.  With its forgiveness that acts as a grant, many small businesses view this as a much-needed life preserver.  Referred to as PPP Loans, these loans will be distributed by Small Business Administration (SBA) lenders. Right now, those lenders are also still trying to figure out the details.  So what do you need to know about PPP Loans?
The Families First Relief Act and CARES Act have been approved and businesses, like yours, are scrambling to figure out what it all means.  The information is coming fast and furious so it can be hard to make sense of what is right for your business.  Below is a current assessment of the landscape as compiled by Ascend Consulting, Fogged In Bookkeeping, and Prix Fixe Accounting.  This should not be taken as individual tax advice but rather as a guide.  Always consult with your individual tax advisor to see how such programs may apply to your individual situation.
The much-awaited Cares Act passed last week. Included in the act were SBA relief loans like the Paycheck Protection loans.  Immediately small business owners began the quest for "free money".  We have compiled a list of resources below to help business owners with this process.  The list will update these as things evolve; which they seem to do each day.  Also, a word of caution, many owners see the Paycheck Protection Loan program as the magic bullet, and it isn't always the best solution for every case.  There are SEVERAL other relief offerings under the CARE Act and each has unique benefits. 
Just in from the Nantucket Chamber of Commerce: In response to the COVID-19 National Emergency, the SBA Express Bridge Loan (EBL) Pilot Program has been modified and the term extended. The EBL Pilot Program is designed to supplement the Agency’s direct disaster loan capabilities and authorizes SBA Express Lenders to provide expedited SBA-guaranteed bridge loan financing on an emergency basis in amounts up to $25,000 for disaster-related purposes to small businesses located in communities affected by Presidentially-declared disasters while those small businesses apply for and await long-term financing (including through SBA’s direct Economic Injury Disaster Loan Program, if eligible).
Focused, organized, adaptable, tech-savvy? Cloud accounting bookkeepers wanted to join an award-winning firm with 10 years of experience with remote teams and clients. Our small firm seeks full and part-time bookkeeping professionals who want to make a difference for small business owners and family office clients. This role requires full cycle bookkeeping including payables and receivables management, technology-assisted data-entry, reconciliations, and sometimes some good old problem-solving in a predominantly QuickBooks environment. Work often includes other integrated cloud applications and digital tools. This is a remote position ideal for a dedicated professional who takes pride in their work but also values their slippers and flexibility. Our remote team works during standard east coast business hours and enjoys the perks of a work from home life.
Our Fogged In team wanted to give you an update as the Coronavirus pandemic spreads and begins to have impacts big and small on our daily lives and businesses.  As we proceed without panic, but with an abundance of caution, our team may make some small, and temporary, changes in our operations.  These changes will have very minimal impacts as we are already a virtual firm.

Fogged In Bookkeeping Operations

Fogged in Bookkeeping Operations in the day-to-day accounting work will remain unchanged.  Except for Lucretia here in our Nantucket office, the team works remotely from their homes.  Our systems are cloud-based and are set up for fully remote work.  Below are our everyday recommendations that become even more important now.