4Thought Blog

4thought graphic - blog 2020

Paycheck Protection Program Loan Audits: How Businesses, Nonprofits Should Prepare

Posted by Concannon Miller on Tue, Jun 2, 2020

Is your Paycheck Protection Program loan $2 million or more? Then you’ll have to prepare for an audit if you apply for loan forgiveness, officials recently announced.

Here are some tips to position your business or nonprofit organization to receive the maximum allowable forgiveness, as well as to prepare for the subsequent government audit.

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Topics: 2020 Coronavirus

New Lease Accounting, Revenue Recognition Rules Delayed for Private Businesses

Posted by Concannon Miller on Thu, May 28, 2020

There’s some further welcome news for businesses and nonprofits that use GAAP (Generally Accepted Accounting Principles) for their financial statements. There is now an additional delay on implementing fairly cumbersome new revenue recognition and lease accounting standards.

Due to the coronavirus pandemic, the Financial Accounting Standards Board (FASB) voted last week to delay the start of new revenue recognition and lease accounting standards.

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Topics: Business consulting, 2020 Coronavirus

Boosting the Productivity of Remote Workers: Tips for Employers

Posted by Concannon Miller on Tue, May 26, 2020

Even while conditions in some states have improved enough to allow some workers in exile to begin returning to their workplaces, life isn't likely to return to normal for a long while, thanks to the COVID-19 crisis.

First, some employees worried about the chances they could become infected might balk at the idea of returning to their offices even after you've decided that the risk is small and manageable enough to re-open your doors.

And second, some businesses and employees may decide that work-at-home arrangements should be more widely available all the time. As more employees experience a workstyle that doesn't involve a brutal commute but does offer greater flexibility in juggling work and personal responsibilities, you could face strong pressure to broaden that opportunity.

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Topics: Business consulting, 2020 Coronavirus

COVID-19 Business Reopenings: Steps to Improve Employee Safety

Posted by Concannon Miller on Thu, May 21, 2020

Chances are, employers don't need the force of law to make them care about the health of their employees, especially during the novel coronavirus (COVID-19) pandemic.

But it's still important to know what the federal workplace safety agency — the Occupational Safety and Health Administration (OSHA) — has to say about employees returning to their jobs with a measure of confidence in their own safety.

OSHA's recent "Guidance on Preparing Workplaces for COVID-19" report offers a helpful blueprint. However, the agency stresses it's "only advisory in nature" and doesn't set any new standards. Also, it falls under the underlying law's overall requirement that employers "provide their employees with a workplace free from recognized hazards likely to cause death or serious physical harm."

Below are some points from the OSHA blueprint to help you consider workplace safety through a new lens.

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Topics: 2020 Coronavirus

Important New Guidance for PPP Loan Forgiveness

Posted by Concannon Miller on Tue, May 19, 2020

At long last, there’s some guidance on how businesses can seek forgiveness for their Paycheck Protection Program loans.

Late last week, the U.S. Small Business Administration released a PPP loan forgiveness application and instructions, which you can access here. We spent the weekend reviewing this application and instructions and thought it would be helpful to you for us to share some of the most relevant highlights from this latest guidance.

We’ll have more to come in the future on documentation and other less significant aspects of the latest guidance. For now, here’s the most important information to know:

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Topics: 2020 Coronavirus

Coronavirus Assistance for Nonprofits: 7 Benefits to Consider

Posted by Concannon Miller on Thu, May 14, 2020

The recent Coronavirus Aid, Relief, and Economic Security (CARES) Act provides relief to employers struggling to stay afloat during the novel coronavirus (COVID-19) pandemic.

The nonprofit sector is no exception. In fact, some provisions in the new law are specifically tied to charities.

Following is a brief summary of seven key benefits for nonprofit employers and supporters.

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Topics: Nonprofit Organizations, 2020 Coronavirus

8 Successful Post-COVID 19 Pivot Tips for Businesses

Posted by Concannon Miller on Tue, May 12, 2020

The novel coronavirus pandemic has caused difficulties for millions of businesses — from family-owned restaurants and niche manufacturers to multinational airlines and oil companies. As the economy slowly reopens across the country, old ways of doing things clearly won't work for most business operations.

But there's a potential upside: Major economic disruptions may provide opportunities for managers and owners who can reject the status quo and "think outside the box." Over the short run, businesses that "pivot" in a timely manner may be able to stay afloat until things decisively turn around for the better. There also may be long-term opportunities to add value and update your existing business model.

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Topics: Business consulting, 2020 Coronavirus

Safety Tips, Best Practices for Construction Companies During COVID-19

Posted by Concannon Miller on Fri, May 8, 2020

As COVID-19 spread throughout the country this March and April, many states restricted the movement of residents while allowing those in "essential" businesses to continue working. Generally, construction companies have been deemed essential for this purpose — leaving contractors to grapple with the logistics.

Although nothing is certain at this point, some standard COVID-19 operating procedures have been established by American General Contractors, one of the construction industry's leading associations. Here's an overview of what you can do to keep workers and others safe in the current hazardous environment.

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Topics: Construction & Real Estate Development, 2020 Coronavirus

The Post-COVID 19 Business World: How to Find Agility, Resilience

Posted by Concannon Miller on Wed, May 6, 2020

Few businesses have been left unscathed by the novel coronavirus pandemic. Unfortunately, some have been mortally wounded. Some may be living on life support thanks to financial help from the government, but their long-term survival is in doubt. That may not be inevitable, however, particularly for businesses that are proactive.

Business advisors are instructing companies to be resilient and nimble to come out on top. What does that mean for your business? Having deep pockets is one form of resilience. It gives you the ability to endure a sustained revenue drought while still keeping employees on board and your vendors, your landlord and other creditors on good terms.

But resilience is also a state of mind: that is, being able to have faith in the future, think and act creatively under duress to make a better future possible.

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Topics: Business consulting, 2020 Coronavirus

PPP Loan Updates: Audit Rules, Forgiveness Tips, Tax Implications

Posted by Concannon Miller on Fri, May 1, 2020

Every day, there seems to be something new as it relates to Paycheck Protection Program.

The only thing that is really certain is that everything is still very uncertain. We still await final regulations and guidance from Treasury on the matter of forgiveness.

Our eyes and ears remain glued to any information that might be helpful to you as you plan for the protection of your business and care of your employees and customers in these uncertain times. Below are three important updates you should be aware of:

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Topics: 2020 Coronavirus

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