4Thought Blog

4thought graphic - blog 2020

SBA to Start Accepting PPP Loan Forgiveness Applications

Posted by Concannon Miller on Wed, Jul 29, 2020

The U.S. Small Business Administration (SBA) has announced it will start accepting Paycheck Protection Program (PPP) loan forgiveness applications starting Aug. 10.

The SBA issued new loan forgiveness applications in June. You can read more about the two application options and access them in our previous article.

Borrowers are tasked with preparing the forgiveness application and submitting it to their lender. Borrowers also are responsible for calculating the specific forgiveness amount.

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Topics: 2020 Coronavirus

5 Ideas for Reskilling Your Manufacturing Workforce Amid the COVID-19 Crisis

Posted by Concannon Miller on Thu, Jul 9, 2020

The COVID-19 crisis has probably changed your business operations. For example, in response to the crisis, you might need to alter your company's production line, cleaning and scheduling practices, supply chain partners, distribution methods and even product offerings.

Whether these changes are temporary or you're using recent product and operational shifts as blueprints for the future, you'll likely need to retrain or "reskill" workers.

Even before the pandemic, rapid technological advances made retraining workers necessary for many manufacturers. Perhaps you've already invested considerable time and money ensuring employees are proficient using the most innovative equipment. But if your business model is changing and you want it to be successful, you'll likely need to send workers back to "school."

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Topics: Manufacturing, 2020 Coronavirus

Tax Relief for Rental Real Estate Owners with COVID-19 Crisis Losses

Posted by Concannon Miller on Tue, Jul 7, 2020

Economic fallout from the COVID-19 crisis will cause many rental real estate properties to run up tax losses in 2020 — and possibly beyond. Here's a summary of important federal income tax rules for such losses.   

What You Can Write Off

Rental property owners can deduct mortgage interest and real estate taxes. They can also write off all standard operating expenses that go along with owning rental property. Examples include:

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Topics: Construction & Real Estate Development, 2020 Coronavirus

Strategic Financial Planning Steps to Boost Business Post-Pandemic

Posted by Andrea Brady and Andrew Desiderio on Thu, Jul 2, 2020

As businesses look to navigate towards financial health in the changing normal of a post-pandemic world, there are key areas of their business plan to reassess.

The goal, as we endure and ultimately come out of this crisis, is to rebound to better than normal. Because as the pandemic ends —whether in 3, 6, 12 months or more — the world will not look the same.

Businesses that start forecasting the post- COVID-19 landscape —and make plans accordingly—will be in a good position to succeed during the pandemic and beyond. Below are some key areas to to address in planning, and businesses should work with their trusted advisors to ensure a well deep perspective and test the thinking in critical areas.

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Topics: Business consulting, 2020 Coronavirus

Simplified PPP Loan Forgiveness Applications Issued

Posted by Concannon Miller on Wed, Jun 24, 2020

The PPP loan forgiveness application has been simplified and an easier version for certain businesses has been issued.

The U.S. Small Business Administration announced this week it has simplified the PPP loan forgiveness application and created a second application called the EZ application. The EZ application requires fewer calculations and less documentation for eligible borrowers.

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Topics: 2020 Coronavirus

7 Fundraising Tips for Nonprofits During the Coronavirus Pandemic

Posted by Concannon Miller on Tue, Jun 16, 2020

Fundraising is the lifeblood of virtually every charitable organization. However, the novel coronavirus (COVID-19) has brought the fundraising efforts of many nonprofits to a virtual standstill. This is particularly true if your nonprofit's mission is unrelated to human health and services or other causes related to the pandemic.

Maybe you've operated in challenging circumstances before — for example, during the recession following 2008's financial collapse. Even so, high unemployment and general uncertainty about the severity and longevity of the COVID-19 crisis is likely to make this time even more difficult. Here are some ideas for navigating the greatest obstacles:

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Topics: Nonprofit Organizations, 2020 Coronavirus

Overcoming COVID-19 Challenges: Tips for Construction

Posted by Concannon Miller on Thu, Jun 11, 2020

Although the novel coronavirus (COVID-19) pandemic has walloped most U.S. businesses, how your business recovers will largely be construction-industry-specific.

For example, most construction companies need to address disruptions to project schedules and overseas supply chains. They may need to renegotiate building contracts and find replacements for workers who are no longer available due to travel restrictions.

Depending on your niche, the fallout from COVID-19 could last months and possibly even years. Here are some tips on handling five major obstacles to help make a full recovery:

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Topics: Construction & Real Estate Development, 2020 Coronavirus

Should You Consider New Niches: Ways Manufacturers Can Pivot

Posted by Concannon Miller on Tue, Jun 9, 2020

As businesses continue to struggle under the weight of the novel coronavirus (COVID-19) pandemic, astute manufacturing owners and managers are looking for ways to adapt to the new normal.

One way to do this is to pivot from standard product lines into new niches. Although pivoting may enable your company to sustain operations during this time of crisis, changing gears can also raise other long-term strategic questions that you'll need to consider.

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Topics: Manufacturing, 2020 Coronavirus

Congress Approves Significant Paycheck Protection Program Loan Flexibility

Posted by Concannon Miller on Thu, Jun 4, 2020

There's very welcome news for businesses with Paycheck Protection Program (PPP) loans.

Following on the heels of the House last week, the U.S. Senate on Wednesday passed a plan allowing companies more flexibility on spending their PPP loans.

Highlights include:

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Topics: Business consulting, 2020 Coronavirus

Tax-Saving Strategies for Family Businesses in 2020

Posted by Concannon Miller on Thu, Jun 4, 2020

Many family businesses have been adversely affected by the novel coronavirus (COVID-19) pandemic.

But there's a silver lining: Proactive tax planning can help your family business take advantage of potential opportunities in the COVID-19 era.

Here are some tax-smart ideas to consider.  

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Topics: Business tax planning, 2020 Coronavirus

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