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SBA LOAN FORMS FOR DBAS OR GIG WORKERS
We know these forms may be confusing and hard to understand. This is our best interpretation of what to put in each area
COVID CRISIS-REV UPDATE 3
We are writing you from our locked down offices over here in South Austin to fill you in on what we know about the current financial/health crisis.
WHAT THE GOVERNMENT IS DOING
Here's a good break down on the latest legislation being considered currently: https://www.cnn.com/2020/03/25/politics/stimulus-package-details-coronavirus/index.html The issue is the timing-I don't have to tell most of you that help is needed like YESTERDAY for small businesses who have been closed for weeks. Abbott finally issued the emergency declaration we needed to start applying for loans https://gov.texas.gov/news/post/governor-abbott-announces-approval-of-emergency-designation-for-small-business-disaster-loans-from-u.s-small-business-administration however, so I am encouraging everyone to fill out a form for a loan NOW even if you're not sure you will need it. The SBA has set up a site just for these loans here https://www.sba.gov/disaster-assistance/coronavirus-covid-19 but be patient, I've been told the site is crashing due to the volume of folks seeking assistance. I just clicked on it and it's down right now.
WHAT REV ATX IS DOING
In order to get the loans above you will need up-to-date bookkeeping and answers to vital questions to fill out these forms. We are working diligently to get and keep everyone's books up-to-date to facilitate these requests for reports. Taxes will be taking a backseat at this time, since the deadline was extended for filing and paying to July 15th https://money.usnews.com/money/personal-finance/taxes/articles/tax-deadline-extension-what-you-need-to-know We will still be working on returns, but we want to focus our attention on getting you the best proof we can of a reduction in income to get you funded as quickly as possible. Our goal is to maintain 100% employee retention during this crisis. My advice to you is to hold on to cash if you can, and worry first about bills that directly affect other businesses and your essential survival. Use credit where possible. Revolutions is waiving any credit card fees during this time to help ease the burden on all our clients. We understand that you may not be able to pay us as timely as possible, and we want to work with people as much as we can on our bills to ease the pain you are all going through. We do have a team of hardworking bookkeepers to pay as well, so reach out if you need a payment plan or additional time to pay so we can work with you and keep you moving. Katie is available to talk to you about best practices during this time, and budget cuts that can be made https://letmetalktokatie.as.me/.
WHAT SHOULD YOUR EMPLOYEES DO
If you have employees that you simply can't keep busy it may be best to let them seek help from the government sooner rather than later, since unemployment claims are based on recent paystubs. We are still recommending laying off folks, in writing, so that they may seek assistance ASAP and you can hold on to cash. California has announced remediation for the State Unemployment Assessment so that gives us hope that small businesses in Texas will see similar relief. Let us know if you need help with the language of this letter.
WHAT SHOULD YOU DO
In addition to the above advice and best practices we are recommending following strict social distancing guidelines to protect yourself, your employees and your community. We are suggesting everyone get out for fresh air and exercise each day. We are also highly stressing the need for human contact every day. It may seem silly, but do a zoom or google hangout meeting. It's nice to see everyone's face and remember that we are still a community of people. Chat your loved ones, check on your elders and stay away from in-person interactions that are unnecessary as much as possible. Do art, bake, find joy. If you know a business owner or small gig employee that needs some kind of financial reports for loans please refer them to us for help. REV ATX is committed to helping small businesses as much as we can during this time. Please send us any new info you find out so we can continue to update everyone with as much information as we can. Continue to call and email your state and local representatives to push for the relief you think we need and deserve. Stay calm and be kind to one another.
-Katie and the REV ATX team --
* We've recently moved! You can now find us at 2111 W. Slaughter Ln, Austin, TX 78748 Need to talk to Katie on the phone or in person? Schedule some time here https://letmetalktokatie.as.me/
COVID CRISIS-REV UPDATE 2
Hello Revolutions Clients and Family,
Some great breaking news, the President is expected to sign a relief bill sent to his desk by an overwhelming majority of your elected officials. It will provide relief to workers and to all SMALL BUSINESSES by easing payroll taxes and issuing direct payments. Read more here:
I have been talking to many of you this week about your fears and concerns. I feel all of your pain so deeply. The best advice I can give is to stay calm and focus on what you CAN do. Take this down time to catch up on all the little things that slip through the cracks of our everyday hustle and bustle. Refine your HR policies, or put together a budget. Something to take your mind off of all the craziness and bad news. Or bake! Spend time with your kids! Hell, have a drink (or 5) and allow yourself time to feel however you do about the situation.
I have found the following info also to be helpful:
REMEDIATION FOR SMALL BUSINESSES:
https://tdem.texas.gov/wp-content/uploads/2020/03/Economic-Injury-Worksheet-051410.pdf
PLACES THAT ARE HIRING TO WORK FROM HOME:
https://search.amazondelivers.jobs/job/washington-d-c/seasonal-work-from-home-customer-service-associate-us-virtual-position/3413/15759313?fbclid=IwAR3_YZnQbnlmbNWkUb6C9DmUH0fs9WGB77O1JjlHJCYhD4v_-3LmRAQ13Qs https://www.indeed.com/q-Work-Home-Online-l-Austin,-TX-jobs.html SBA Funding options: http://www.austintexas.gov/department/funding The SBA is also doing some webinars, the only ones I could find are in Houston, but you'll still get great information and may be able to ask questions:https://www.txrestaurant.org/events/sba-disaster-recovery-assistance-informational-webinars If you cannot keep your employees working for the foreseeable future the best practice would be to lay them off directly, in writing. That way they can apply for benefits sooner and get the help they need. Do not fight the unemployment claims once they start rolling in, there will be forgiveness for this in the future, I can almost guarantee that. If you'd like to stop paying any taxes at this time such as sales tax or payroll taxes I cannot advise you that you will not face fines, but at the end of the day we will do what you tell us to. Please reach out if that's something you would like from us and we can talk about it. We are here for you. Please let me know if you'd like to talk about anything. In the meantime, CALL YOUR LOCAL AND STATE REPS AS OFTEN AS POSSIBLE AND KEEP THE PRESSURE ON THEM TO KEEP THE HELP COMING. https://www.house.gov/representatives/find-your-representative https://www.senate.gov/senators/index.htm https://house.texas.gov/members/find-your-representative/ https://wrm.capitol.texas.gov/home https://gov.texas.gov/contact
-Katie and the REVATX team
* We've recently moved! You can now find us at 2111 W. Slaughter Ln, Austin, TX 78748Need to talk to Katie on the phone or in person? Schedule some time here https://letmetalktokatie.as.me/ --
COVID CRISIS-REV UPDATE 1
Hello Beloved Clients and Family,REV ATX has been just as shocked and taken aback by the recent world events surrounding COVID-19 as everyone else. We wanted to update you on tax planning as well as what we know about how the government intends to help small businesses like ours during this scary time. The SBA has some great updates on current recommendations as well as remediation for lost income and how to stay afloat during all of this here: https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19It is expected that there will be some government relief for small business owners above and beyond what is linked above. At this point we are urging all clients NOT TO PANIC about the loss of income. This country is built on the backs of small business, and we know this city certainly is. We expect a response that is commensurate with all the value we all bring every day to our communities. Your business is important to this economy, don't let the current atmosphere make you doubt that for one second. The IRS has some updates on current tax relief and due dates here: https://www.irs.gov/coronavirus.While an official extension for taxes has not yet happened one is expected very soon from the highest offices of government. For now we will continue to file as we have been and send in any extensions needed to ensure no one faces fines or penalties. We are also going to follow the recommendations of so many health professionals and limit our face to face interactions at this time. This means that most of the REV team will be working from home. We are currently setting up processes to make this possible, including security measures to protect your confidential information. This will mean that we may not be as responsive as usual in the next few days as we iron out this new arrangement. Please be patient and understand that we are working hard to be here for you in the coming weeks and months. LIkewise, meetings with Katie will no longer be in person. She will have phone calls or video calls with all clients needing assistance during this time. If you already have a meeting set we will need to change this to a phone call or video conference. If you have frequent drop offs/pickups with us there will still be someone here at the office each day to facilitate checks going out and other important functions. We will continue to pick up info and drop off info to you on our scheduled times. IF YOU'D LIKE TO START SCANNING THINGS OVER INSTEAD PLEASE REACH OUT AND LET US KNOW. We want to keep you as safe as possible during this time as well. We are practicing high level hygiene and social distancing to ensure everyone stays safe, healthy, and we protect the most vulnerable people in our communities. We encourage you all to do what you can to keep yourselves and your loved ones and co-workers safe as well. It's our biggest wish that this blows over quickly and we can all get back to our lives. Let us know if there is ANYTHING we can do for you during all of this. If you need to vent or have someone reassure you we are always here to do everything we can. Thank you, as always, for being a part of our family. -Katie and the REV ATX Team --
* We've recently moved! You can now find us at 2111 W. Slaughter Ln, Austin, TX 78748
Need to talk to Katie on the phone or in person? Schedule some time here https://letmetalktokatie.as.me/
WE BOUGHT A BUILDING!!!!
We are beyond excited to announce that RevATX has a new home near the intersection of Manchaca and W Slaughter Ln. We should be easy to find, with a large sign outside! Feel free to stop in and see us if you’re in the area!
REVolutions has some big news!
REVolutions has some big news! Please welcome Cat Sauser to the management team as we announce a new location in a cool city!!!
REVOLUTIONS PDX HAS BEEN BORN!!! 👣
REV PDX will serve the greater Portland area with the same attention to detail and love that REV ATX has been serving up for years. Cat Sauser is a great bookkeeper with a passion for small business, and she's bringing her skills back to Portland! Katie Heim and the ATX crew will be on hand to support the new office in every way possible.
The entire REVolutions family welcomes Cat and Portland into our tribe with open arms. Message Cat today for all your bookkeeping needs, Portland!
Top five questions asked by new business owners, part five
Question #5: How much is this going to cost?
For every new client call I get one of the first things I get asked is “How much is this going to cost”? My answer is simple; the price is tailored to you exactly like our services. Each accounting project is different, and in order to give you a price, even a ballpark figure, we have to assess exactly where you are and what you need to maximize your accounting project.
Several factors drive the cost of accounting:
-The volume of bank, credit card, lines of credit and other accounts that are being tracked-for every account that is being used a reconciliation must occur to keep the books in accordance with GAAP. (The Generally Accepted Accounting Principles) http://en.wikipedia.org/wiki/Generally_Accepted_Accounting_Principles_(United_States)
-The volume of transactions in each of the aforementioned accounts that are being tracked-every item that hits the bank or credit card account must be entered (either manually or via download) and then accounted for in reconciliation. If you have very high volume accounts this will definitely take a bit of time
-The frequency with which your business requires reporting-Some small business have higher reporting needs than others in order to get an accurate picture of the accounting puzzle. If you need to see reports weekly or monthly; that will cost more than seeing reports on a quarterly basis. We recommend at least a quarterly reporting schedule for all our clients, to prevent confusion and memory loss on transactions. It’s important to evaluate both the solvency of the business and the accuracy of the bookkeeping in real time.
-The clarity of the books-Sometimes the books are very inaccurate, or may need clean up to get the project moved forward. Other times the books are very behind. These factors will drive the cost of this first phase of your accounting project up.
The good news is, we understand that budget is an issue for any business, especially the ones we cater to. We love entrepreneurs and the small business spirit that drives America. We work with each client to stay within their budget and deliver quality projects, on schedule.
We also maintain good relationships with your CPAs, and we can provide referrals to CPAs when requested. This keeps the cost of accounting lower by making the CPAs job as easy as possible, and cutting out on fixes that can become costly.
Top five questions asked by new business owners, part four
Question #4: Why do you need my statements?
When I meet with new clients I tell them I will need all the bank statements, credit card statements, lines of credit statements and the like in order to get started on their accounting project. I’m frequently asked why I don’t just take their receipts and go from there.
Bank statements provide a clear indication of what has happened with your business. Bank activity can also be printed from most bank websites, but this isn’t enough for a diligent bookkeeper. True bank statements provide a beginning balance and an ending balance so that your bookkeeper can reconcile your account each month.
Banks now offer downloads directly into your QuickBooks software, and it is possible that these downloads can save you time and money. Retail businesses, bars and restaurants, and businesses that don’t use job costing can all benefit from bank downloads. Businesses that have real estate or utilize job costing do better to have manual data entry done on a QuickBooks file to ensure that each transaction is correctly coded; bank downloads aren’t right for these types of businesses.
No matter whether you utilize bank downloads or not, it is still important that you provide any and all bank statements for accounts used in the regular conduct of business to your bookkeeper. This will ensure that they have all that they need to provide you accurate, balanced books for year-end tax preparation.
Providing statements will also allow your bookkeeper to accurately quote you a price for your accounting project, saving you both the hassle of surprise bills and overages.
Top five questions asked by new business owners, part three
Question #3: Should I have employees or contractors?
Your business is growing, and you need help. You can’t be everywhere at once, so it’s important that you hire someone you can trust to take on some of the burdens of running your small business. Once you’ve found that person you hit the pentacle question: Should I pay them as a contractor or as an employee?
Like so many other things, the answer is “it depends.” There is a test that the IRS applies to the employee vs. contractor equation:
Do you determine the hours they work? Contractors make appointments but determine their own schedules, while employees are scheduled at the business owner’s discretion.
Do you provide the instruments they work with? Contractors bring their own tools, computers, vehicles and provide their own insurance. Employees use your equipment.
Do you provide any benefits, insurance, pension or paid time off? Contractors get none of these perks, while employees may.
There is no magic formula to whether or not a person is an employee or not. A good rule of thumb is to offer the person you are thinking of hiring a contract position for a specific period of time. If it works out you can always move them from a contractor position to an employee position at a later date. Make sure you always get the required documentation to allow your bookkeeper to prepare year-end forms like a 1099 or W-2. As always, if you need further assistance in making these decisions you can always call your bookkeeper or tax professional for guidance.