COVID-19 Business Services

Supporting Your Business Through Covid-19

With an ever-changing economic environment, we find businesses need much more from their CPA than just traditional tax compliance services. Smith Schafer is here to help with a suite of services to support your business through the current challenges.

Help with Business Decisions

Our experts can conduct a thorough analysis of your business and develop a strategic plan, including:

– Cash flow analysis & projections
– Reassess recordkeeping
-Analyze drivers & KPIs
-Evaluate operations

We will work with you and provide a plan of action to achieve sustainability throughout this crisis.

Help with Accounting & Financial Tasks

Accounting activities have become more complicated for companies participating in the federal Paycheck Protection Program. Outsourcing accounting or financial tasks allows you to keep your focus on where it matters. To help business owners overcome these challenges times, Smith Schafer is offering scalable accounting services. 

Help with PPP Loans

Companies that have managed to secure financing through the Paycheck Protection Program (PPP) are fortunate—but also saddled with a lot of red tape. Business owners and managers should be careful that they adhere strictly to the terms of the program to qualify for loan forgiveness.

We can help calculate the PPP loan amount, forgiveness amount, expense tracking, answer questions, and make the process easier for you.

Help with Buying or Selling Business

These difficult times have taken a toll on businesses. Some owners are considering selling their business or consolidating. While negotiating a merger or business sale, it is helpful to conduct a valuation. There is more to business value than simply your balance sheet today. Our goal is to make sure you are getting the best purchase price, even during the current crisis.

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Help with COVID-19 Tax & Payroll Credits

Amidst the current crisis, two significant pieces of stimulus legislation were signed into law and provide opportunities for businesses. We can help you identify all credits you may be eligible for, such as the Employee Retention Credit, Paid Sick Leave, and more.

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Help with Business Interruption Insurance Claims

We can add credibility to your business interruption insurance claim by calculating income losses using commonly accepted techniques. Smith Schafer experts can help with claim preparation, litigation support, calculations, and more.

We recognize your business may be facing decisions you have never had to face, and we are here to help. We are monitoring all bills passed for their impact on our clients and will help you navigate through this season of your business.

Our Latest Blog Posts

PPP: New Interim Final Rules and Forgiveness Applications

PPP: New Interim Final Rules and Forgiveness Applications

Reading Time: 3 minutes The SBA and Treasury have released new Paycheck Protection Program guidance and forgiveness applications. This new material addresses changes brought by the Paycheck Protection Program Flexibility Act, including those to PPP loan maturity, deferral, and forgiveness.

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COVID-19 Relief for Accounting Standards

COVID-19 Relief for Accounting Standards

Reading Time: 2 minutes On June 3, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-05, bringing relief for both for-profit and nonprofit entities. The standard allows entities who have not yet issued their financial statements to DELAY the implementation of ASU 2014-09, Revenue Recognition from Contracts with Customers (ASC 606).

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Business in the Post-Coronavirus World

Business in the Post-Coronavirus World

Reading Time: 2 minutes As we slowly start to transition into reopening, many business owners are anticipating significant changes—a new normal. While no one can know how things will turn out, we want to spend some time discussing what the post-coronavirus business world might look like.

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Payment Protection Program Flexibility Act of 2020

Payment Protection Program Flexibility Act of 2020

Reading Time: 2 minutes Yesterday, June 3, the Senate passed the Paycheck Protection Program (PPP) Flexibility Act. This Act makes several significant revisions to the PPP, initially created in the CARES Act. See critical provisions below.

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FASB Delays Revenue Recognition and Leasing Standards

FASB Delays Revenue Recognition and Leasing Standards

Reading Time: < 1 minute Following last month’s proposal to defer the effective date of two standards for private companies and nonprofit organizations, the Financial Accounting Standards Board (FASB) voted to delay the effective dates of revenue recognition and leases standards on May 20. The standards extension comes as a response to complications caused by the coronavirus pandemic.

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