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.

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.

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.

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The Employee Retention Tax Credit (ERTC) helped employers bolster cash flow and avoided layoffs during the most uncertain periods of COVID. The confluence of state issued forced business closures and stay at home orders created adverse conditions for many Minnesota companies. The program provided a desperately needed capital infusion to struggling businesses.

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Minnesota Frontline Worker Payments

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he Minnesota Department of Labor and Industry is currently developing an online application system for eligible workers to apply for a bonus payment. There will be a 45-day application period and a 15-day appeal period for denied applications.

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