Sadly but certainly, countless small businesses have been whacked HARD by the COVID-19 pandemic. And nowhere has this hardship been more onerous for small business owners than when it comes to managing employees. Whether an employee fell ill with COVID, had a spouse or family member fall ill, or was forced to stay home due to a school or nursing care facility closure — the working question is either not on the job or far
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As Main Street attempts to shake off the pandemic’s lingering financial malaise, most employers are struggling to keep their normal staffing complement employed full-time. And while spending and growth numbers are surging, it’s hard to know how much of this upswing is artificially inflated, spurred by stimulus funding and other government intervention. In addition, many businesses are still lagging in terms of patronage and earnings. And if you’re a business owner in this boat, pandemic
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Most of Los Angeles has — at least in some fashion — reopened for business. And the increased traffic on the roads, along with many local businesses being, if not full, certainly fuller than they’ve been at any point in the last 12 months, are all signs our economy is trending in the right direction. All of this said, however, many businesses are still struggling. Debt accrued during the lock-down coming due and earnings still
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The COVID-19 vaccination rollout is charging full steam ahead! And it seems likely that all those who want the vaccine will be vaccinated before summer’s end. California (along with many other states) is laying off the “lockdown” restrictions and allowing most businesses to reopen (at least in some fashion). But while these are certainly positive developments, huge swaths of the economy continue to sputter. To address this still financially precarious situation, the new Biden
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For a lot of folks out there, 2020 was an abysmal year financially speaking. Which, for most, means the more deductions, credits, and rebates you can scrap together — to either minimize the taxes owe or pump up your tax refund — the better. One such credit you might not be aware of is the Recovery Rebate Credit. If you’re not familiar, here are more details on how the credit works and who qualifies…
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First off, Happy New Year! I hope you all enjoyed a happy, and most importantly, healthy holiday season. Secondly, it’s a brand new year… But we’re still facing many of the same problems. Particularly in California. Govern Newsom has extended the current lockdown order “indefinitely.” Which has forced many businesses to shutter or further curtain operations. Of course, this is bad news for a whole lot of people, business owners and employees alike. And
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Given the complete financial and economic bedlam 2020 has unleashed, the Payroll Protection Program (PPP) has been an absolute Godsend from countless small businesses AND their employees. But that said, the program has not come without its share of confusion, and in some cases, consequences. And one of the biggest concerns for many businesses as we coast into the end of the fiscal + calendar year is whether or not PPP funded expenses can
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The legislation drafted to help individuals and businesses stay afloat financially during the COVID-19 pandemic was necessarily created at breakneck speed. As such, it’s not surprising to see numerous revisions come just as quickly. Since drafting the CARES Act and the Payroll Protection Program, legislators and relevant government agencies have noted several important faults in the initial original legislation and accompanying regulations. To remedy these imperfections, and help small businesses manage their ongoing financial challenges,
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Could there be a light at the end of the tunnel? Well, the COVID-19 infection rate (and mortality total) in LA County is not as encouraging as one might hope. But overall, stats are improving. Setting aside, of course, the overall national death toll, which has crested 100,000 (and some predict may double before this crisis has completely dissipated). And as if the situation isn’t dire enough, already agitated citizens took to the streets
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I hope this update finds you, your family, friends, and loved ones healthy + safe. Navigating our new “stay at home” lives has no doubt been a challenge. But hopefully, you’re adapting. And on the “managing the coronavirus fallout” front, congress officially passed the CARES Act earlier this week. This $2 trillion economic stimulus package runs over 880 pages in length. And it’s positively packed with financial aid and economic relief programs for individuals
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