HARDESTY TIP PPP 8 – week period is extended and the 75% rule reduced – As we reported rumors, we had heard earlier, in the last Hardesty Tip, today Congress, in a bipartisan vote 417 to 1, passed a bill to extend the PPP 8-week period to 24 weeks and reduce the 75% payroll rule to 60%. Next – This is NOT law...Read More
HARDESTY TIP Prepare for the forgiveness process. Think of this like loan diligence. Word on the street is that this process may be subcontracted out to CPA firms. So, companies may have a comprehensive review with the touch and feel of an audit or tax review. SBA latest Information Includes: Loans – FAQ’s (SBA latest info as of...Read More
Hardesty LLC is well positioned to assist clients for full spectrum CFO responsibilities. Recently, a CPG client engaged Hardesty Partner, Don Hahn, to manage the fiscal audit incorporating the first year of acquisition by the Company’s investment sponsors. The engagement posed significant logistical challenges with client location in the Greater Los Angeles area engaging Hardesty...Read More
HARDESTY TIP There are many challenges to the PPP rules. Since each bank will determine how the rules are applied, it is important to have the most current information when your forgiveness amount is calculated. The latest to challenge these rules is the AICPA. Some companies cannot rebound in 8 weeks AICPA Challenge Forgiveness Calculation The...Read More
When excellent advisors are engaged by companies without the necessary infrastructure to efficiently execute an M&A transaction, they know where to reach out for assistance – Hardesty, LLC. Our partners have successfully assisted 100’s of companies through this rigorous M &A process. Recently Bryan Gadol, Partner at the law firm Orrick, and Brad Gevurtz, investment banker...Read More
HARDESTY TIP Start preparing now to re-open. This will be the largest economic event of our lifetimes. Strategically plan your re-opening or ramp back up. Key Tips Stakeholders Discussions – get ahead of there- opening and start discussions. It is important to communicate your plans. Landlords – discuss abatement, deferral, loan conversion and / or right sizing Bank...Read More
Payroll Treatment for Schedule C Type Businesses, Partnerships, & LLC’s HARDESTY TIP When Funds Become Available…. The Small Business Administration distributed additional Q&A on Tuesday to clarify how to treat Schedule C type businesses, partnerships and LLCs in PPP Loan applications. Many businesses are organized as partnerships or limited liability companies and the rules...Read More
Hardesty is providing tips on a complimentary basis to our client’s network.With the help of these tips, most of our clients can complete the initial filing themselves. Some of our clients need additional help. If you need more expansive support with your filing, consider Hardesty experienced CFO Partners To support your PPP process For EIDL underwriting...Read More
HARDESTY TIP SBA publishes Frequently Asked Questions (FAQ) List Key Tips Gross Payroll – gross employee wages including holiday, sick and vacation pay Benefits – can be added in addition to $100,000 per employee wage limit Payroll Tax – can be included except federal employer portion Reporting Period – higher of recent Trailing 12 months or Calendar Year...Read More
