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Surviving an Uncertain Small Business Future

12/20/2020

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What’s the one certain thing we’ve all had to experience amid the COVID-19 pandemic as small business owners? Uncertainty. But the silver lining here is that there are ways you can still keep your doors open and plan for a brighter future. It starts by considering these five COVID survival tips… 
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1. Stay Abreast of the Latest COVID Information Keep yourself on top of all that is happening with the virus, vaccine distribution, and government regulations that have been ever-changing since the pandemic’s impact ensued  in early 2020. Make sure you’re also informed about any local, state, and federal mandates that may impact your operations, including the latest in COVID stimulus relief for small business. Good sources to check regularly are the Centers for Disease Control (CDC) and the Small Business Administration’s site at sba.gov.
 
2. Keep Safety a Priority You’ve known for several months now that safety is critical to your employees, customers, and clients alike. Continue to build on the measures you’ve implemented, such as offering work-from-home options for employees; reducing the number of staff working or customers patronizing onsite at a given time; keeping a robust supply of masks, gloves and sanitizing supplies available; reducing your operating or storefront hours; and creating a compliant family leave policy.
 
3. Stay in the Communication Loop with Your Customers and Community From changing hours and your offerings to temporarily closing your doors, it’s important to keep customers in-the-know. If you haven’t been active on social media, now is the time to beef up your efforts to stay visible within your community. The new vaccines help ensure that hope is coming in the coming months, but it’s still important to stay safe and connected. The news you share is bound to get better with each passing month in 2021!
 
4. Review Expenses and Staffing Chances are at this point in the pandemic you’ve already reviewed all of your expenses to see where you can eliminate things that aren’t a priority. But now it’s time to re-review and look at ways you can cut costs or explore other accounting solutions through a professional consultation. Also, look at your staff and compare where you are now to where you were several months ago. The good news in all of this is that we are changing course in a positive direction, so it may be time to look at a plan to bring some reduced-hours or furloughed staff back.
 
5. Consider All Your Options for Financial Resources From business interruption insurance to lines of credit, there may still be ways for you to find the financial relief you need to push on to a more profitable 2021. There may be some loan or grant options out there that are still a fit for your business, on either a private level or state and federally funded. Another option is to consider revisiting some of the past due accounts from existing customers.
 
Sidekick Accounting is Here to Help
It’s an understatement to say we small businesses have been through some challenging times. The upside is that Sidekick Accounting is a resource for you now and well into the future. That’s because our mission is to do more than help you crunch numbers—we educate and support you on how to operate a financially successful business. Contact us online or call 414-310-7689 to schedule your complimentary consultation today.
 
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What Your Business Needs to Know About 1099 and W-2 Filing

11/24/2020

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Whether your business has employees or works exclusively with vendors and independent contractors, you’ll need to meet tax reporting requirements to operate successfully. This information can help you do just that…
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​Before our Sidekick Accounting experts get into the tax filing details, let’s answer some basic questions about forms and worker status.
 
What is and why do I need a 1099 Form?
Form 1099-MISC is tax form that businesses use to report types of non-employee compensation. That could be anything from royalties and rent to prize money and payment for professional services. As a business owner, you submit Form 1099 to your payees or independent contractors as well as to the IRS. Businesses that pay more than $600 for services rendered by non-employees need to file a 1099 form.
 
W-2 employees versus contractors: What’s the difference?
From a tax reporting perspective there is a difference between your employees and the independent contractors you hire. Your employees are workers you hire under an employment agreement, whether they’re full-time or part-time. You as the business owner are responsible for providing your employees with supplies, offering benefits, and paying taxes on their wages.  Independent contractors are another story, as these individuals work for themselves. Rather than an employment agreement, you’d issue a contract that spells out expectations and payment terms.  
 
In addition, tax percentage requirements also differ with your employees versus independent contractors. Business owners must pay a percentage of their employees’ taxes—6.2% for Social Security tax, 1.45% for Medicare, and whatever state and federal unemployment taxes apply. But independent contractors are responsible for paying their own taxes, which is 15.3% (2.9% for Medicare and 12.4% for Social Security).  
 
W-2 Filing Must-Haves for Business Owners
Keep this information in mind as you prepare to file Form W-2 for your employees:
  • Due dates. January 31 is the date you need to remember for filing. You’re submitting all the tax info from the previous year on that January 31 date in the new year (i.e., tax info for 2021 is due by January 31, 2021). You can file W-2 info electronically online or via a hard copy.
  • Employee essentials. You’ll need each employee’s name, address, and social security number (SSN)—all info you collected from them when they filled out a W-4 once they were hired.
  • Income info. You need to know the total amount of income that each of your employees earned throughout the year, as well as how much you withheld in social security and Medicare taxes. You’ll also want to know what you paid for each employee in terms of things like union dues, health savings accounts, compensation plans, or retirement plans.
  • Know your number. You’ll need to include your employer identification number ( a 9-digit number issued by the IRS) and state ID number (assigned by your state) on all W-2 filings.
 
Don’t Make These 1099 Mistakes
  • Filing the wrong 1099. There are actually several different types of 1099s, so make sure you’re filing the correct one for your contractors, as well as for you as a business owner. For example, Form 1099-R is for distributions from pensions, annuities, retirement, profits-sharing, insurance, etc. Form 1099-S is used for when you received real estate sales proceeds. Form 1099-MISC is the one we covered here that you’d use when filing the compensation you paid out to an independent contractor.
  • Keeping Inadequate records. You need to stay organized and keep track of all business receipts so you can prove any expenses. Improper records can lead to reporting mistakes that could mean additional tax payments and penalty fees.
  • Late and nonpayment penalties. Make sure you’re aware of the 1099 filing deadlines so you can avoid paying penalties for filing late or not filing, which can cost you up to 5% a month for every month it’s late.
 
A Form 1099 Learning Opportunity for You…
Looking for more guidance on when and how to issue 1099s for your small business? Sidekick Accounting owner Megan Schwan will be sharing her knowledge in an online course in January 2021. Contact us and we’ll add you to the email list so you can register when details are available.  
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How to Get Critical Funding for Your Small Business

10/20/2020

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Our federal government seems to be focused more on infighting than implementing the additional COVID-19 relief that so many individuals and businesses rely on. But hope is not lost—there are resources to consider for the critical funding your small business needs. 
From loans and grants to help with managing cashflow, the experts at Sidekick Accounting compiled links and tips you can explore to keep your operation running during these continually challenging times.  
 
Explore the Small Business Development Center (SBDC).
The Small Business Development Center (SBDC) is the most comprehensive small business network that serves the U.S. and its territories. With nearly 1,000 centers nationwide, SBDC provides businesses with free consulting and at-cost training on many topics. Statewide,  businesses can rely on the Wisconsin SBDC network for the latest local resources and information to help small businesses navigate through this ever-changing COVID-19 landscape.
 
Apply for small business funding through We’re All In grants.
In addition to SBDC, the Wisconsin Economic Development Corporation (WEDC) is another valuable resource, especially for funding through its We’re All In grant program. We’re All In provides much-needed financial assistance to thousands of Wisconsin small businesses affected by COVID-19. In fact, WEDC recently opened up a Phase 2 of We’re All In Small Business Grants.
 
This second phase awards grants of $5,000 based on a business’s annual revenue. Businesses with more than $0 but less than $1 million in annual revenues (gross receipts less returns and allowances) and one to 50 full-time equivalent employees (FTEs) in 2019 are eligible to apply. Priority will be given to applicants that did not receive funding from the Phase 1 of the We’re All In Small Business Grant Program. Review the FAQs about this grant program, then complete a We’re All In Phase 2 application if you’re eligible.
 
Manage your cashflow more effectively.
As you know, cashflow is critical to running your small business successfully. From managing inventory to spreading out expenses, there are many ways you can manage cashflow to survive and even thrive during this difficult time. In addition to cashflow tips in our previous post, here are some other ways to manage cashflow more effectively:
  • Sell or lease some of your assets. Do you have any equipment sitting idle? Selling or leasing it to another company is a good way to accumulate more cash on hand for your business.
  • Consider a merchant cash advance. This especially viable approach for retailers and restaurant owners involves taking a loan that’s automatically repaid through a percentage for your debit card transaction volume. To make this option work, be sure your margins can support the financing costs.
  • Offer incentives for faster-paying customers. Offer customers and vendors a slight discount or incentive for getting their payments in faster. Develop a plan that fits your business, but something as simple as a two-percent discount for meeting the 30-day net due terms can help increase your cashflow frequency. 
 
Need more help securing funds for your small business? Contact Sidekick Accounting.
If you’re a small business owner in Wisconsin or another state, don’t let these challenging times get the best of you. From offering guidance to help you secure funding to developing a comprehensive accounting plan for your business, the Sidekick Team is a trusted resource for solutions and results that help keep you financially healthy. Contact us at your convenience to schedule a complimentary consultation. 
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How to Avoid These Top 5 Accounting Obstacles

9/30/2020

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Staying on top of your finances as a small business owner is no small feat, but it’s essential to running a successful operation. There are many accounting obstacles that most businesses face, but these are the five biggies, and what you can do to avoid them. 
  1. More than 80 percent of business fail because of cash flow issues. Managing cash flow is such a big deal for small businesses. In fact, a recent study shows that cash flow issues lead to the demise of 82% of businesses. Why? It’s often difficult for business owners to earmark enough money to cover recurring costs that are essential to the business. You can avoid cash flow problems by combing through your bills carefully, and staying on top of payments from customers (a perfect segue to number 2…).
  2. Accurate accounts receivable/collections are essential to small businesses. Your cash flow and accounts receivable/collections go hand in hand. That’s because your accounts receivable is critical to calculating how profitable you are and how much cash you have coming in. It’s obvious that you need money coming in from customer payments in order to have money going out to pay for business expenses. You need to create a solid invoicing processes that involves timely, regular communication with customers.
  3. Processing payroll is a big challenge for many small businesses. When it comes to tax codes, tax filing, and proper accounting practices, it’s no wonder the payroll process can be overwhelming to business owners. Most businesses are inconsistent in their approach to managing payroll; incorrectly file tax information; or are using the wrong accounting software. A simple solution is to partner with an accountant with comprehensive payroll and accounting services who can help find what works best for your business.    
  4. Managing paperwork can be an accounting nightmare for many business owners. From reconciling your books and keeping up with expenses to filing all the proper tax forms and creating a budget, a mountain of paperwork piles up quickly for any small business owner. A good way to alleviate any obstacles before it overwhelms you is to sit down with an accounting professional to determine a plan that works best for your operations. Perhaps it’s finding the right payroll software or filing the tax documents specific to your business—an expert resource is invaluable.
  5. Reconciling the books each month. Closing out the books on a monthly basis can be time-consuming and frustrating. It’s easy to make mistakes that can lead to inaccurate calculations or even IRS audits. A good way to stay on top of this task is with the right accounting system, and getting into the habit of monitoring transactions often—even daily if you can so that monthly task gets easier.
 
Turn your accounting challenges into solutions—contact us ASAP.
You have enough to worry about when it comes to running your busines successfully—get peace-of-mind accounting services from Sidekick. In fact, small business owners throughout Wisconsin and nationwide count on us to promote their financial health through results-driven accounting solutions. Discover what we can do for you—call 414-310-7689 or email us.
Photo Credit: Photo by Ann H from Pexels
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Timely, Practical Payroll Tips for Your Small Business

9/22/2020

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​Setting up a payroll management system. Following tax laws. Navigating recent tax credits and the Payroll Protection Program (PPP)…You have a lot to juggle when it comes to payroll for your small business. The experts at Sidekick Accounting Services are here to help with some timely, practical payroll tips.
 
Start with an Employer Identification Number
If your business is brand new, you’ll need to register for an Employer Identification Number (EIN). For tax purposes, an EIN for businesses is the equivalent of a Social Security Number for individual employees. Obtaining one should be the first financial task on yours list, as many banks won’t let you open a business account without one. Note that you may need a state-level EIN in addition to a Federal EIN, depending on where your business is located.
 
Determine Payroll Schedule and How to Calculate Wages
Figure out how and how often you’ll pay your employees. Most small businesses pay their employees on a weekly or bi-weekly basis; you’ll have to decide what works best for your payroll practices and what complies with federal and state minimum payday laws. When it comes to calculating wages, you’ll need to determine if you’ll have hourly employees (nonexempt) or salaried employees (exempt).  
 
Implement a Time-Tracking and Payroll System
How will you track employees’ time and calculate their wages? Will you do payroll by hand, or use payroll software to streamline your timesheets and payroll operations? Do you have the accounting know-how to management your payroll properly, or does it make more sense to hire a payroll professional? These are all questions you’ll need to address so you can implement the best timesheet and payroll system for your small business.
 
Know and Follow Wage Laws
This is perhaps the trickiest aspect of payroll to navigate, yet every business needs to comply with all state and federal wage laws. You must pay the proper FICA taxes (such as Social Security and Medicare), local and state taxes, and income taxes for each employee. Be sure you’re making payroll tax deposits that synch with your scheduled tax liability. It’s important that you or someone in your business understand your legal and financial obligations.
 
Navigate the COVID-19 Economic Landscape for Small Businesses
You may have qualified and received a loan through the Payroll Protection Program (PPP), but perhaps you still have several questions about PPP next steps, or need information on other loan resources through the U.S. Small Business Administration. Remember that beyond payroll, there are other ways to keep your small business prosperous amidst this pandemic.
 
Work with Payroll Experts Dedicated to Small Businesses
Helping small businesses like yours thrive is a daily occurrence at Sidekick Accounting Services. That’s because we focus on education and support so you have the financial tools you need to triumph in your industry. We serve clients throughout Wisconsin and the U.S. with flexible, effective monthly accounting services. Contact us to learn more.
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Cash Flow Tips and Lending Options for Your Business

8/20/2020

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​You’ve tried some post COVID-19 strategies during this difficult time, but you still need resources to help you stay profitable or even just stay in business. Our team at Sidekick Accounting has your back with these current funding resources and smart ways you can manage cash flow.
 
Lending Options for Small Businesses
Economic Injury Disaster Loans (EDIL). As a result of the Coronavirus pandemic, the U.S. Small Business Administration (SBA) provides low-interest loans to small businesses, agricultural businesses, and private nonprofits throughout the U.S. SBA has resumed accepting EDIL applications as of June 15, 2020.
Main Street Lending Program. Established by the Federal Reserve, the Main Street Lending Program provides loan options to small and medium-sized businesses and nonprofit organizations that were in solid financial standing before COVID-19.
 
Loans through the Wisconsin Women’s Business Initiative Corporation (WWBIC). Through its COVID-19 Fast Track Loan Program, WWBIC provides two financing options for businesses: 1) a line of credit (minimum of $5,000; maximum of $10,000), or 2) a term loan (minimum of $5,000; maximum of $15,000).
 
Tips to Help Manage Your Business Cash Flow
Manage inventory better. Too much inventory on hand costs money. Explore inventory management options that let you keep levels as low as possible so you can maximize cash flow and profitability.
 
Have a backup plan. Emergency cash is a must for any small business. You can allow for unexpected expenses by keeping your business credit score in good standing so you have access to a business loan or business credit card as a source for last-minute funding.
 
Spread out expenses. Of course it’s easy to remember to make all of your payments on the same day each month, but that’s also extremely difficult to manage from a cash flow standpoint. Work with the digital banking options you have to set up staggered automatic payments, or use accounting software to track cash flow each month.
 
Consult an expert. If the accounting and financial side of your business isn’t your strong suit, it makes more sense to hire a professional. From helping you select the right accounting software to managing your vendor and cash flow statements, these are tasks an expert can handle so you have more time to dedicate to your business.
 
Monthly Accounting Packages Help You Stay Financial Fit
If you’re like most small businesses in Wisconsin and throughout the U.S., you want reliable bookkeeping solutions so you can focus on what you do best—grow your business. The Sidekick Accounting team offers you an affordable monthly package that covers all aspect of what you need to stay financially fit. Schedule a time that’s best for you to learn more about our services.
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Prosperous Post COVID-19 Strategies  for Small Businesses

6/1/2020

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Reopening is a much-welcomed feeling after what we’ve all experienced these past few months. But there are serious challenges to overcome for so many small businesses, especially from a financial perspective. Prosperity is possible again with some strategies in place.
 
From beefing up your online presence to planning for any future crises, our Sidekick team has your back with these suggestions:
  • Review Your Financial Fallout. Figure out how bad you were impacted financially by taking a hard look at the numbers. Update you profit and loss or cash-flow statements, then compare where you’re at now with where you were a year ago. Next, consider the financial impact of other factors like staff layoffs or nixing your marketing budget.
  • Adjust Your Business Plan. Time to look at where you were before COVID-19 and where you’ll need to be going forward. For instance, you may need to adjust your plan to the “new normal” by expanding your e-commerce or carryout options since more people are shopping and dining from home versus in-person.  
  • Examine Funding Options. There are fortunately several funding sources you can explore to help you rebuild your small business. Beyond U.S. Small Business Association (SBA) resources, explore crowd-lending platforms such as Kiva, the WEDC Small Business 20/20 Program, or the We're All I Program for Wisconsin-based businesses.
  • Rebuild and Ready Yourself. Create a timeline for tasks such as rehiring staff, restocking inventory, and reopening your doors to the public. Assess your progress regularly to make adjustments and omit aspects that aren’t giving you a solid return on your investment. In addition, develop a backup plan for the next crisis. This may include building up your savings, paying down debt, or trimming away some of your business’ non-essential expenses.
  • Foster Local Supplier Connections. You’ll be more nimble from an inventory and demand perspective if you tap into local sources whenever possible. Leaning on nearby businesses lets you get the materials you need faster and more reliably during this dynamic time.
  • Maintain a Solid Online Presence. Now more than ever customers are looking online for their support of local small businesses. If you relied on your location as your main revenue source, it’s time to rethink of ways customer can still buy your products and services remotely. Having a solid online presence will also help you diversify your income to withstand any future financial challenges.
  • Create a Safe, Healthy Space. Your employees and customers want to feel safe at your place of business. From sanitizing surfaces to proper handwashing, the CDC offers detailed guidelines for reopening safely. As more information unfolds about the coronavirus, stay on top of ways you can always promote best business practices.
  • Partner with a Financial Professional. Crunching numbers and keeping up with payroll and tax requirements can be tough for small business owners in prosperous times, let alone our current time of uncertainty. That’s why it makes sense to partner with an expert like Sidekick Accounting who can guide you through all aspects of your financial success. Schedule a time to discuss how we can help you now and well into the future—we’re eager to hear from you!
 
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How to Support Wisconsin Small Businesses During COVID-19

5/8/2020

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How to Support Wisconsin Small Businesses During COVID-19
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You know how uncertain and anxious the COVID-19 pandemic has made everyone across our state, country, and world. The best way to forge on is to focus on coming together and find ways we can lift each other up, starting at the local level. That’s why the experts at Sidekick Accounting Services encourage business owners and consumers alike to support small business in Wisconsin.
 
From helpful business resources to destinations where you can shop and dine locally, we’ve provided a valuable list of links for helping proprietors and residents in three of Wisconsin’s biggest business hubs—Greater Milwaukee, Greater Green Bay, and the Fox Valley—survive and thrive.
Show Your Support in Greater Milwaukee
  • The Greater Milwaukee Chamber of Commerce has a dedicated page of information and resources for the COVID-19 economic impact, as well as links to supporting local shops and restaurants.
  • Metropolitan Milwaukee Association of Commerce (MMAC) is terrific site for everything you want to know about strengthening your business.
  • The Milwaukee Business Journal provides a helpful Resource Guide for Milwaukee area small businesses impacted by COVID-19.
Giving Back in Greater Green Bay
  • Greater Green Bay Chamber of Commerce devotes a page to the resources specific to this unprecedented time, delivering on its purpose of #GreenBayMade: We still mean business. 
  • Check out the Shop Local Green Bay Facebook Page to download the app that gives you access to all the local business offering and promotions.
  • Businesses for Green Bay’s Broadway district have teamed up to offer Virtual Retail Therapy every Saturday night from 7–9 p.m., starting May 2. Leave comments and shop from the safety and convenience of home.
Find Ways to Fund Fox Valley Area Businesses
  1. From blood drives to business resources, the Fox Cities Chamber offers a one-stop online wealth of information.
  2. As the economic development division of the Fox Cities Chamber of Commerce, the Fox Cities Regional Partnership is great, centralized source for area business owners.
  3. This site offers you everything you need to eat, shop and support local in the Greater Fox Cities area.
Statewide Resources
On a statewide level, one of the most up-to-date and expansive sites for small business owners is the Wisconsin Small Business Development Center. From small business loans and paycheck protection, to entrepreneurial and educational resources, this is a go-to for a wealth of information.
How Sidekick Creates Successful Small Businesses
Do you need support that’s specific to your business? From start-up success packages to payroll and bookkeeping assistance, Sidekick Accounting Services is dedicated to small business success throughout Wisconsin and nationwide. Contact us to learn more about how our services give you the peace of mind you deserve as a business owner.
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How to Move Forward with PPP ?

4/20/2020

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Congratulations you’ve been funded! Now what? 
 
You want to get most if not all of your loan forgiven so what do you do now?  
  1. First and foremost have a plan to track the funds in your accounting to PPP. This may sound 
confusing but it’s actually fairly simple and the purpose is to make sure that if you receive 
multiple forms of funding that it does not cover the same expenses. In QuickBooks you can use 
class codes, in other software there may be a similar equivalent but in either case you can just 
add payroll journal, checks or receipts to a separate folder deemed “PPP Expenses”
 
    2. One thing you will also want to do is pay attention to your FTE (Full time employee) number. 
The
 maximum amount of forgiveness will be based off of this number. What does that mean? Well, 
say you had 70 employees during either “test” period (Feb 15, 2019 to June 30, 2019 or Jan 1, 
2020 to Feb 29, 2020) and then during the 8 weeks after funding you had 65 average employees. 
That means that your maximum forgiveable amount is 92.86% of the loan. Plus remember 75% 
of the funds need to be used for payroll and 25% can be used for rent, utilities or interest.  

     3. You will also want to make sure that you have not decreased wages for the position by more 
than 75%. You have to pay people at least 75% of what they were getting paid prior to COVID-19 
4.Talk to your bank, just like each lender had their own application process… each bank will have 
their own forgiveness process as well. You will want to make sure you are communicating with 
your banker throughout the 8 weeks to make sure you have the right documentation to go back 
to them after 6/30/2020 with the right documents.  
 
This time has definitely brought many things to light and some of it has completely knocked us over. 
Securing funding via the PPP is great but as always, you want to make sure you are utilizing those funds 
appropriately and make wise decisions. You do not need to stress or panic in regards to spending funds, 
it does not need to be a stressful process. Just be sure your funds/loans, etc are not overlapping 
expenses. There has been a special committee appointed to monitoring the use and disbursement of 
these funds (Special Inspector General for Pandemic Recovery). Which may mean that you could 
undergo an audit, however, if you keep good accounting records and pay your employees about the 
same as before, you shouldn’t have any issues.  

Remember that even if you don’t exhaust the funds during the period any repayable amount is incurring 
a 1% interest rate with a maturity date of 24 months from loan origination.  
Hopefully things return to some type of sustainable “normal” where we can at least not worry so much 
about cash flow, but in the meantime it’s good to know there are resources out there. Long story short, 
keep your books in order and you shouldn’t have any issues!  
 
 
Contact us for clean up, bookkeeping, payroll or tax help. We are here to partner with you and help you 
conquer your books!  
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coronachronicles and small business

3/20/2020

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Well this week has been crazy. My kids are home from school... I just became a teacher. Two years ago I "homeschooled" (I use that term loosely because she had teachers online) my oldest daughter and well, let's just say that she went back to school the year after because I discovered that it was not for me when I was also trying to run a business and take care of babies. 

Anyways, this week they came home and although they have teachers, I still need to help, monitor, supervise and assist and that has rocked my world. Juggling four kids, a business with four employees and a shared household is tricky... BUT I'm getting back to mental normalcy. This season is starting to and continuing to prove to be an ever changing pile of unknowns. Which in the world of being a business owner, it can be intimidating, not foreign but definitely way more than what we could possibly imagine. That being said, I've been almost tirelessly working to try and find as much as I can on how to help and where I can point people to so we can navigate through this season and still get through "Alive" 

Here is what I've pulled together so far. Expect there to be additional information as the days continue because that is also changing every single day. As always, feel free to reach out and as a question or offer your own suggestions. We are here to help! 
  • I just got word that WI got approved, or what have you, as a disaster location with the SBA. It will be listed on the SBA website and open for application in the next day or so. Start gathering your information now! (see below link for more info) https://wisconsinsbdc.org/services/covid-19/disasterloans/?fbclid=IwAR0gotQ-46JxZAkVJsgZ7NQXiB0ZajJBlTZNTFRH0mztEU693nsiySsOwl0
  • It was also recommended that people that are current clients of WWBIC call their SBCs as there are some additional options available specifically to you.
  • SBA loans are also being deferred up to 6 months so those with loans should contact their lenders. Many are doing a 2 month deferment with a revisit at that time.
  • Unemployment is available to those who would normally be eligible for it, they removed the one week wait. If you are the owner and your business is shut down but you have been getting a paycheck with payroll taxes being paid you should be able to also collect unemployment but you may need to call or push (per an owner I spoke with)
  • A new FMLA extended law was passed which would impact employees and employers of businesses with 25-499 employees. It indicates that employers may be required to provide paid leave after 10 days and up to 12 weeks at 2/3 the current pay rate. More information is available if you need it
  • WEDC is offering assistance up to $20,000 for businesses that already have a loan with a CDFI - It would be for the costs of payroll and rent for 2 months up to the 20k mark. I have additional information regarding this if you need it. Please let me know if you do.
Keep pushing and be blessed. We will get through this season and will be all the stronger for it. Try to enjoy your families, rest and tackle that honey-do list in your down time. 
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    Sidekick Accounting Services is an accounting company dedicated to serving other small businesses and individuals. Helping them grow and strive to their fullest potential. With Sidekick Accounting you get a whole lot more than just accounting help, you get the tools needed to continue to be successful! We are Accounting Fit for You!! ​

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