April 27, 2020
Key Points and Additional Information:
- If you need help with the calculation of "total payroll costs" for your PPP application, call us and we can help you. Important documents are already in your SmartVault (see COVID-19 folder) added at the end of March.
- We are still waiting for more SBA guidance about the actual loan forgiveness calculation. Stay tuned.
- If you haven't scheduled your quarterly meeting to review your Q1 financials with us, now is the time. We need to review your financials with you so we can wrap up open items and finalize them in case you need them to apply for a loan, defer your loan payments, or to renegotiate your lease. See calendar below.
- With so many unique financial transactions (especially EIDL grant, PPP loans, and EIDL loans) impacting your practice bank accounts, we need you to complete a special questionnaire so we can be working efficiently on your Q2 financials --- just in case you need them on short notice. Your Q2 financials will be critical in applying for new loans and seeking PPP loan forgiveness since Q1 financials cut off on March 31st and weren't impacted significantly (in most cases).
- We are releasing a cashflow tool this week to help you plan ahead and hopefully have peace of mind. Look out for a special email with more details later this week.
- We have started preparing and filing unsecured property tax returns (Forms 571L in California). If you haven't given us your letter from the County Assessor's Office, now is the time.
- We hope to start working on business and personal income tax returns in May so they will be ready by the July 15 due date. If you owe us more information, now is the time to upload it to your SmartVault.
Practice Owner Accounting Update Form
We need your help in order to gather the missing puzzle pieces in order to finish your Q2 financial statements. In this video, I walk you through the questionnaire to help you get started.