- 5 steps for small businesses to kickstart 2021
- How DSJCPA can help you prepare for a year of success
Though only less than a week into the new year, major changes are underway that will affect small businesses, entrepreneurs, and the self-employed. Take a look at 2021’s biggest updates and ideas for success while you prepare for the new year and get your business on the right track.
1.TAKE ADVANTAGE OF PPP LOAN
Whether you already received funds in the first distribution of the loan or are just now eligible, small businesses still facing financial struggles from the pandemic are strongly advised to apply for a PPP loan.
Additionally, the Economic Injury Disaster Loan (EIDL) grant is making a comeback for small businesses (less than 300 employees) in low-income communities with 30% or greater of economic loss. Qualifying businesses have the possibility of receiving the full $10,000 that the loan offers.
Speak with a member of our Coronavirus Response Team to verify your eligibility and seek help with loan applications today.
2.UTILIZE NEW TAX BENEFITS
A variety of tax benefits are currently in play:
- Employee Retention Tax Credit (ERTC): Extended through June 30, 2021, small businesses receiving PPP loans can opt for the ERTC by retaining employees and keeping the U.S. workforce in motion
- Business expenses paid for with PPP loan monies will be tax-deductible
- EIDL grants will not be taxed
3.LOANS COVERING TECHNOLOGY COSTS
PPP2 will allow for spending on new technologies such as cloud networks and other digital software that aids remote working possibilities. Moreover, the changing times and the overhaul move to virtual workplaces have facilitated advancements in technology, with increased accessibility and affordability for small businesses looking to update their tech gear for telecommuters.
4.SEEK FORGIVENESS FOR LOANS
Our expert Coronavirus Response Team members are here to advise you through the loan forgiveness process. Fortunately, for the vast majority of small businesses who received loans no greater than $150,000, the Act has confirmed a simplified forgiveness application process.
5.GET ON BOARD WITH LOCALIZED MARKETING
Convenience is one of the greatest driving factors for sales. Especially now, consumers value the comfort of convenience— from online shopping to at-home deliveries. Small businesses can often benefit from hyper-localized and convenience-oriented marketing: adapt to the needs of your local consumer public to keep steady sales during uncertainty.
The bottom line? Rohit Arora, a small business writer for Forbes, writes: “Business owners must be ready to adapt to new realities in order to survive and thrive.” DSJCPA knows how hard change can be, and that’s why we’re here to help. Call our office at 516-541-6549 or visit our website
for more information on our services.
Associate, Creative Solutions
516-541-6549 | Email