How the USMCA will help Small and Medium-Sized Enterprises (SMEs) The USMCA is a new trade agreement between the United States, Canada, and Mexico that replaced NAFTA on July 1st of this year. The agreement places a large emphasis on supporting small and medium-sized enterprises (SMEs) in North America, including a new feature: a chapter…
Read MoreWhat Does a Registered Agent Do? A corporation or LLC must identify a registered agent in each state where they are registered. A registered agent is a person or entity that is designated to receive important legal documents on behalf of your business. The types of legal documents sent to a registered agent may include…
Read MoreDoing Business in Another State – Foreign Entity Registration What is foreign entity registration on a state level? A “foreign” entity does not always mean that a company is incorporated outside the US. At the state level, a foreign entity may refer to a company that was incorporated in a different state. If your…
Read MoreAs previously discussed earlier this Spring, the Paycheck Protection Program (“PPP”) enacted through the CARES ACT is a Federal Program that has been marked with more questions than answers. As the days pass and the implications of the program are evaluated by the government and public, the Small Business Administration (“SBA”) and Department of Treasury…
Read MoreThe rules for the Paycheck Protection Program (PPP) change daily, sometimes hourly. On April 23, 2020 the SBA issued a question whether an applicant can certify in good faith that the business needed the SBA loan as liquidity. Our suggestion is to avoid potential criminal charges to analyze the needs of the company and also…
Read MoreFor anyone considering a business acquisition, now may be a great time to do it. Many buyers finance business acquisitions using 7(a) loans. A 7(a) loan is a general-purpose loan up to $5 million, which can be used to purchase a business, purchase equipment, or obtain working capital, among other uses. 504 loans are loans…
Read MorePayroll Protection Program After the Small Business Administration (SBA) applications under the CARES Act for the Paycheck Protection Program are now possible and many banks have opened their portals and applications are pouring in, the next question is: can the loan be forgiven? The quick answer is: Yes. We suggest that you open a new…
Read MoreHow do I calculate the maximum amount I can borrow? The following methodology, which is one of the methodologies contained in the Act, will be most useful for many applicants. • Step 1: Aggregate payroll costs (defined in detail below in from the last twelve months for employees whose principal place of residence is the…
Read MoreUnder the new CARES Act signed into law on Friday, March 28, 2020 unemployment benefits were expanded to provide assistance for more workers than are usually eligible for unemployment benefits (this includes self-employed people and part-time workers). In addition to state benefits, the Act also provides workers an extra $600 per week in unemployment benefits.…
Read MoreThe CARES Act has officially passed in the Senate and a vote is expected in the House on Friday, March 27th. If the Bill is signed into law as expected, $350 billion will be dedicated to preventing layoffs and business closures while workers stay home during the outbreak. Companies with 500 employees or fewer that…
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