ICYMI: Tips to Help Small Businesses

Most of us are facing our second month of stay-at-home orders and mandatory shutdowns. A lot of small business owners are struggling right now and we know most of you don’t have time to search the web for information. So we’ve done it for you. We’ve put together a few items that we think might help your business navigate the post-pandemic business world.

Did you receive a federal Payroll Protection Loan? – You may have questions about what to do next. Forbes turned to Morse Barnes-Brown & Pendelton, a law firm in the Boston area for advice. There could be legal consequences of the money from the Payroll Protection Loan is used for non approved reasons. They recommend “businesses should set up a tracking system to ensure—and to be able to demonstrate, if asked—that they are using the funds for the approved purposes only.” If your business needs help with this, reach out to us. Our Process Management service can ensure you have everything you need at your fingertips.

 Confused about taxes? – That’s understandable. There have been numerous tax changes on both the federal and the state level. It’s hard to keep up. The deadline to file and pay federal taxes is now July 15th. Keep in mind that federal first and second quarter 2020 estimated income tax payment deadlines have also been extended to July 15, 2020.

The deadlines to pay state taxes vary by state, with most extending their deadlines to July 15th to mirror the IRS date. Things are a little more confusing if you live in Virginia. The deadline to file a return in the Commonwealth is May 1st. The deadline to pay any taxes owed is June 1st. In other words, late payment penalties will not be charged if tax payers pay taxes owed by June 1st. TurboTax has a handy list of state filing deadlines.

Get advice via a virtual Conference – On April 23 the “Survive and Thrive” virtual conference will kick-off. As SmallBizTrends explains, “Hosted by entrepreneur and author, Ramon Ray, the event will bring leading brands, experts and entrepreneurs together to address the challenges brought on by the coronavirus.” Dell, AT&T, Salesforce, FreshBooks, Yelp, and SCORE and experts in their field will take part in the multi-hour online conference.  This will be a good chance for entrepreneurs to learn practical tips from leaders from the Small Business Entrepreneurship Council, AT&T, Yelp and others. The conference is free, but you’ll need to pre-register here. They promise attendees will leave “refreshed, inspired and armed with tips and strategies to get through these challenging times, rebound and look towards the future”.

During this pandemic, we here at VersaTel Solutions are still looking for ways to help our small business partners successfully run their business. If you have questions about how we can help you with anything from virtual workers to keeping your processes on track, please reach out to us.