|Posted on May 15, 2020 at 3:44 AM||comments (1)|
Congratulations to Rosyan Bookkeeping Services
Today marks 8 Years of Our Company.
Birthed from a Labor & Delivery Room
Became a Reality at the Birth of a Third Child
Became liberated from the High Costs of Child Care Expenses.
Became a Business Support to many Businesses.
Became an Employer of Labor
Became a QuickBooks Training Center
Became a Bedrock to Many Homes and Families.
Became a Leading Example to Youths and College Interns.
Became a Support to Non-Profits.
Became a Successful Business.
Became Hope to our Clients.
Breaking through the Pandemic
And Coming out Stronger......................
To Many More Years of Business Success.
We are grateful to all our Clients, Colleagues and Friends. Thank you for all your Support.
Thank you for standing with us through the Years. We know, these are unprecedented times and there are a lot of challenges during these Period, but we want you to know, that we will get through this together and come out stronger.
Don't hesitate to call, if you need a Supportive Ear. We are a Call and a Click away. Together, we will celebrate and get through this.
We love and appreciate you.
|Posted on May 6, 2020 at 1:00 PM||comments (3)|
Congratulations, you filed all the Paperwork for your PPP Loan and you have received your Grant and Loan. Now is the time to start planning on how you are going to ensure you use the Funds correctly. During this Pandemic, the SBA has made efforts to make funding accessible to Small Businesses and it is important to use the Funds appropriately.
The PPP Loan is designed to provide a direct incentive for Small Businesses to keep their workers on Payroll. SBA will forgive Loans, if all employees are kept on the Payroll for eight weeks, starting from when the Loan is received and the Money is used for Payroll, Rent, Mortgage Interest Payments or Utilities. It is important to note that not more than 25% of the forgiven Amount maybe for Non-Payroll Costs.
Now, that you have your Loan and have identified the time period, it's time to calculate the monthly payroll cost, to ensure your Loan Forgiveness. The Items below are the Payroll Costs to include, as well as the Non- Payroll Costs.
1) Salary, Wages, Commissions, Tips and Bonuses.
2) Owner's Draw Payments for Sole Proprietors.
3) Severance Pay
4) Paid Leave Payments (No FFCRA Paid Leave)
5) Employee Payments for State and Local Taxes.
6) Employee Payments for Federal Income Tax and FICA.
7) Employee Contributions to Retirement and Group Health Plans ( Health Insurance & Dental Coverage).
8) Payments of Interest on Mortgage Obligations.
1) Contractor Pay
2) Payroll Reimbursement.
3) Owner's Draw Payments (Except for Sole Proprietors).
4) Workers' Compensation Fees.
5) Fringe Benefits. (Commuter Benefits, HSAs).
6) Ancillary Benefits (Short-Term Disability, Group Life Insurance).
Actions to take immediately:
The PPP and EIDL Loan Program is one of the Greatest Investments, you have ever made as a Small Business. The Secret is knowing how to play by the Rules and is essential in using it to your Best Advantage.
You may be proud of the fact, that you do your own Tax Filings, Payroll and Bookkeeping, but the PPP Loan and EIDL Loan is not an area, where you want to risk making a wrong decision. The Guidance for the PPP seems to be changing daily. Be Aware that Little Mistakes can cost you Big. Whatever you do, be sure to do it under the Guidance of a Financial Advisor/Bookkeeper to help you maximize your Benefit from the adherence to the PPP Loan Terms.
Feel Free to Reach Out to us and Let Us know, how we can assist you. We are available to help you with your Bookkeeping, Accounting and Payroll Needs. Call 202-422-4586 for More Information.