4Thought Blog

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.

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.

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:

The coronavirus pandemic has forced American businesses to adapt quickly to a radically new economic and operating landscape. If your company sells, manufactures, delivers, distributes or otherwise facilitates goods considered "essential" you may need to operate at full (or overtime) capacity.

On the other hand, manufacturers whose goods aren't deemed essential may be forced to idle their machines and close their doors indefinitely. (In many cases, state guidelines specify which businesses are essential and which ones aren't.)

Both situations are challenging. But if you're up and operating, here are four considerations to help you do so safely and productively:

The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures.

Some of that tax relief is retroactive. These provisions can affect 2018 and 2019 returns that have already been filed. One retroactive provision can, in some cases, go all the way back to 2013. Some taxpayers that file amended returns may receive a tax refund from prior years.

Here's a summary of four retroactive CARES Act provisions that can potentially benefit you or your business entity after amended prior-year returns have been prepared and filed.

To help curb layoffs during the Coronavirus pandemic, Congress has created a new federal income tax credit for employers that keep workers on their payrolls.

You can’t use both the credit and a Paycheck Protection Program loan, but if you missed out on a loan and are working to maintain your staffing levels, the new Employee Retention Tax Credit may be a good option for your company.

The credit amount equals 50% of eligible employee wages paid by an eligible employer in a 2020 calendar quarter. It's subject to an overall wage cap of $10,000 per eligible employee. Here are the details.

There's a CARES benefit that’s not getting as much press as PPP but may be a useful liquidity tool for business owners battling through this crisis.

No matter the size of your business, the CARES Act allows employers to defer the payment of the employer’s share of social security taxes that would otherwise be due from 3/27/20 through 12/31/20 without penalty or interest charges.

These FAQs from the IRS lay out the rules for employers on which portion of the social security taxes they can defer, when they have to be paid, and if and when they can still take tax deductions on them. And if you received a PPP loan from the SBA, read more in the FAQ’s about how this benefit can apply to you.

The federal government is now offering several loans to help businesses through the Coronavirus pandemic, including a new loan just announced April 9.

Which loan is right for your business? Learn more about three available options below.

Many small business owners are working furiously to try to qualify for the new Paycheck Protection Program loans that were part of the Coronavirus stimulus, or CARES Act.

The Paycheck Protection Program provides small businesses with loans meant to help support payroll during the period February 15, 2020 through June 30, 2020 through 100 percent federally guaranteed loans if they maintain their payroll and employees during this emergency.

If the employer maintains its payroll and employees, then the portion of the loan used during the covered period for eligible payroll costs, interest on mortgage obligations, rent, and utilities would be potentially forgiven on a tax-free basis.

Read on below to get answers to some frequently asked questions about the new loans, which became available April 3.

Late yesterday, the Department of Treasury released the first information on the SBA loan program related to the CARES Act.

We have promised to keep you updated as things take place. We understand from SBA lenders that there is still a lot of work to do and guidance needed from the Dept of Treasury.

On our end, we are actively monitoring, meeting and reviewing all of this information and commit to being ready to advise and guide you through this process.