We learned this week that the EIDL is permanently closing their Rapid Portal on May 16th. What does this mean for you?
If you haven’t already, download a copy of your EIDL loan agreement documents, and snap a screenshot of your loan number and save it to PDF for easy reference.
Your bookkeeper and accountant will thank you for this — and you’ll thank them for insisting you do it!
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
Last week, the Small Business Administration (SBA) made a welcome announcement for small business owners with Economic Injury Disaster Loans (EIDL) — for the third time in the past 12 months, they have announced that the deferral period for making payments on loan and interest has been extended.
As Journal of Accountancy points out, “the announcement Tuesday came exactly one year after the SBA had lengthened the deferral period from 12 months to either 18 months for loans made in 2021 or 24 months for loans made in 2020. In September, the SBA unveiled several major modifications to the program, including an extension of the deferral period for 2021 EIDL payments to 24 months as part of a series of major modifications designed to broaden the appeal of the program.”
One thing to keep in mind, however, is that borrowers taking advantage of this deferral will still be liable once their deferment period is up, to pay the principal plus interest on the whole period (including the extra deferred months). At around 3 percent, this is considered inexpensive compared to other loans, but it adds up.
We encourage borrowers to log into their SBA EIDL portal once-a-month to download the monthly EIDL statement and provide it to their bookkeeper or accountant to accrue the interest. Not only is this a good bookkeeping practice, but they may be surprised at the amount of interest that has accrued, which could change their approach toward either holding off or repaying it sooner. Unfortunately, if they don’t log into their SBA portal every 30 days, the password expires — so this is a way to avoid that issue and an added benefit of this approach.
Instructions for creating an account are here:
According to Inc. Magazine, “the announcement arrives just days after a group of 16 senators asked the SBA to extend the deferment period. In their letter, the senators emphasized the challenges that small businesses faced amid the surge of the Omicron variant, which included staffing crunches and drops in revenue. Those same challenges continue to linger for many businesses today.”
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
My excellent colleagues over at Wegner CPAs are providing yet another free webinar on the remaining Covid-19 relief programs for small business owners.
Do you still have questions about the COVID relief programs? Join us for an overview of what’s available and learn about any updates to the:
Kate Serpe, CPA, Senior Manager, joined Wegner CPAs as an intern in 2010 and was hired full-time as part of the Accounting Solutions Group in 2011. Kate has experience providing controllership and CFO services to cooperatives and not for profit organizations and specializes in board presentations and assisting clients with strategic planning.
Dan Bergs, CPA, Senior Manager, joined Wegner CPAs as an intern in 2008 and started full-time after graduation in 2010. He specializes in working individual and business clients providing them with a variety of tax and accounting services.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
My trusted colleagues over at Wegner CPAs are putting on a two-week series of FREE webinars geared toward small business owners. They will go through each of the following current Federal relief programs designed to help small businesses make it through to a brighter day:
Employee Retention Credit 2021
Employee Retention Credit 2020
Shuttered Venue Operator Grants
Paycheck Protection Program
Restaurant Revitalization Fund
Economic Injury Disaster Loans
All of these programs have been changed over the past month to make them more useful to small business owners — often with the effect that multiple programs are available simultaneously. The resulting complexity is a real challenge, but the amount of financial relief available makes it worth learning what you can (and potentially working with a professional to make it happen).
We have been reaching out directly to clients who we believe qualify for each of these programs — but if you work with us and think you are eligible, yet haven’t been contacted, please let me know.
Employee Retention Credit 2021 Tuesday, March 30, 2021 10:00 am – 10:30 am CDT (8:00 am PT / 11:00 pm ET) ERC in 2021 can result in big dollars for your organization. We will discuss how to determine if you’re eligible and how to be sure you file for the credit timely. Register
Employee Retention Credit 2020 Wednesday, March 31, 2021 10:00 am – 10:30 am CDT (8:00 am PT / 11:00 pm ET) Were you eligible for ERC in 2020? Find out as we take a deeper dive into the credit eligibility requirements and rules for last year. We’ll also review what you need to do to claim the credit for 2020. Register
Shuttered Venue Operator Grants Thursday, April 1, 2021 10:00 am – 10:30 am CDT (8:00 am PT / 11:00 pm ET) The SVOG portal opens on April 8th. Are you eligible and ready to apply? Join us to learn more about the program and what you need to be doing now to prepare. Register
Paycheck Protection Program Tuesday, April 6, 2021 10:00 am – 10:30 am CDT (8:00 am PT / 11:00 pm ET) Updates continue to roll out for PPP. We’ll discuss what the soon to be signed extension means for applicants and tips on getting through the application process. We’ll also review the updated loan calculation for Schedule C filers. Don’t forget about PPP loan forgiveness! Register
Restaurant Revitalization Fund Wednesday, April 7, 2021 10:00 am – 10:30 am CDT (8:00 am PT / 11:00 pm ET) The SBA announced that they hope to have RRF up and running by early April. We will review timely released guidance and how to prepare for applying to the program. Register
Economic Injury Disaster Loans Thursday, April 8, 2021 10:00 am – 10:30 am CDT (8:00 am PT / 11:00 pm ET) The EIDL program has continued to evolve over this last year. There are EIDL loans and EIDL grant advances. Are you eligible for either? Learn more about this program and the changes that have come from the last two stimulus bills. Register
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
Initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter.
Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act.
Key PPP updates include (underlines are mine):
PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
The PPP provides greater flexibility for seasonal employees;
Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
Has no more than 300 employees; and
Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. (Updated since to provide an option for annual comparison for those without quarterly records.)
The guidance included two interim final rules (IFRs).
The 82-page IFR “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended” consolidates the rules for PPP forgivable loans for first-time borrowers and outlines changes made by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, P.L. 116-260.
The 42-page IFR “Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans” lays out the guidelines for new PPP loans to businesses that previously received a PPP loan.
In addition, the SBA released a three-page “Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns.” That guidance includes a commitment from the SBA to make at least the first two days of the PPP application window open exclusively to applications from community financial institutions that serve minority- and women-owned businesses.
AICPA Firm Services Vice President Lisa Simpson got up at 5 am on the morning the SBA guidance was released, and was ready by 3 pm — slide deck and all — to share it with us on the AICPA Town Hall. The hour-long episode is free and available to the public — it’s all excellent, but her presentation in the first half-hour will give you almost everything you need to know. I’ll attempt to summarize it here, but honestly… you’re doing yourself a favor to sit down and watch it.
Here’s a summary of what I consider to be the highlights:
SBA program will open January 11, in phases, as outlined above (minority-owned businesses were the last to receive assistance first-time around).
March 31st is last day to apply for PPP (first- or second-round).
For payroll costs used in calculating the loan amount (x 2.5 months, or x 3.5 for the hospitality industry, including restaurants), one can use: a) 2019, b) 2020, or c) 12-months’ prior to application.
Borrowers that want a 2nd PPP must show a 25% quarterly revenue loss in any quarter of 2020 compared to the same quarter in 2019 (or annual, see below). The SBA is streamlining this for loans under $150k. It will not require supporting documentation to be submitted with the application but only later, when applying for forgiveness.
Businesses trying to show the quarterly 25% revenue drop for 2nd PPP loans can cite an annual reduction of 25% and submit copies of annual tax forms to verify. SBA and Treasury say this will help small borrowers that may not have quarterly revenue information readily available.
For details on both first-draw and second-draw maximum loan amounts and eligible costs, this Journal of Accountancy article is the best summary I have read so far.
The AICPA has been very generous in encouraging us to share its slides from the Town Halls in order to get the word out. Here are a few “best of” from Thursday’s session. Again, I encourage you to watch for yourself to get some clarity.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
For the past few weeks, we’ve been hearing in the news that Congress is coming closer to an agreement on another round of stimulus. It will be a more narrowly-targeted package than prior relief, but it will contain (at least the draft does) funding for the most important items: vaccine distribution; unemployment extension & federal supplement; stimulus checks; emergency food, rent & loan assistance; PPP loan forgiveness simplification; and our main topic here: another chance at PPP funding.
At this week’s AICPATown Hall (free recording here), Lisa Simpson and Mark Peterson walked us through what is included in the current round of proposed legislation, and what it would mean for the next PPP program (popularly dubbed “PPP2”). They have encouraged us to share their slides and other resources.
Some of the notable elements are that 501(c)(6) organizations — including Chambers of Commerce — will be eligible for PPP this time, providing their lobbying efforts don’t exceed a certain threshold (10% as of now but that could change); and hospitality-industry chains will yet again be allowed to each apply for PPP as if they were independent hotels and restaurants (surprising after the negative press from the first round, but they have a loud voice in politics). Thankfully, the IRS and Congressional representatives are working together to include a provision for expenses paid for with PPP funds to be deductible — the current biggest obstacle for small businesses who receive(d) aid.
In addition, Lisa went through what we know so far about how the new PPP program will be structured and what eligibility requirements might look like. Keep in mind that this is all in draft at this point.
The idea is that if the gross revenues for any quarter in 2020 are down 30% or more over the same quarter in 2019, the business would be eligible for a second application for PPP funds, as long as they have 300 or fewer employees (per location, if in the hospitality industry). EIDL and PPP funds would not be included in this calculation, but no word yet on whether other aid, such as state, local or industry grants, would.
You do not have to apply for forgiveness for PPP1 before applying for PPP2 — in fact, we are still recommending that you hold off on your forgiveness application until Congress passes forgiveness simplification and tax deductibility of related expenses.
Nothing has been finalized yet and we don’t know all the details. But the AICPA has been meeting with politicians on both sides of the aisle and says that something is certainly going to be passed — it’s just a question of when, not if — and what the exact details will be.
It’s likely we’ll have news soon, and as such, it’s important that small business owners begin anticipating their next decision here, since time will likely be a factor — there is less capital in PPP2 than there was in the first round (which was exhausted in 6 days), so being prepared is key.
With that in mind — tips to consider if you might want to pursue additional PPP funding:
1) Have your books up-to-date and reconciled so you and your accountant can begin preparing your application the second the legislation drops. 2) There will be an eligibility hurdle for second-time PPP applicants. You will need to prove a 30% (as of now) drop in revenue — not profit, but gross revenue — in any quarter of 2020 compared to the same quarter in 2019. (If you didn’t get PPP funds in the first round and you want to this time, this rule does not apply.) The first round of PPP/EIDL does not count toward income for this purpose. No word yet on whether other grants may. Otherwise the calculations will be the same as in the first round. 3) I’m asking my interested clients to reach out to me to get their file set up in my CPA Business Funding Portal now, before legislation is passed, so we can just hit “submit” when the program opens, to try to get them in the first tranche of applicants.
(Note to other CPAs and accounting colleagues: this time around I am using AICPA-developed PPP application and forgiveness software, CPALoanPortal.com, so as to make the process for getting client funding less haphazard, more reliable, and more efficient. It’s free at the basic level, which allows you to apply for funding and forgiveness all in one portal, with a client dashboard. I’ve decided to pay to upgrade so I can use the payroll company reporting and AICPA FTE-calculator integrations. Their partner, Biz2Credit, was directly approved by SBA to lend money to small businesses; it’s not a third-party (like so many of the services we used first-time around who brokered loans as a middle-man). Looking forward to same-day PPP2 loan approvals, and disbursements within days. No I am not paid a cent to say any of this.)
Sincerely hoping the process goes more smoothly this time than it did in April!
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
The EIDL has two portions: an advance grant, and a 30-year loan.
The SBA provided guidance recently on the interaction of PPP loan forgiveness with advances on the Economic Injury Disaster Loans (EIDL), in the form of adding three Q&As to its August 11th FAQs.
Many of my clients, as well as countless other small businesses, applied for loans under both the PPP and EIDL programs and received them. For EIDL, they could receive 1) an advance grant (generally measured at $1000 per employee), which in theory was automatically forgiven, and 2) a 30-year working capital loan at an interest rate of 3.75% (2.75% for nonprofits). Applicants could apply for or receive either the advance grant, the loan, or both.
Though the CARES Act does not call for it, and the SBA did not expressly state it, the AICPA began reporting some months ago (presumably based on information received from their regular meetings with Treasury) that the EIDL advance grant would have to be subtracted from PPP forgiveness. There was much disagreement in the CPA world as to whether or not this was indeed the case, as the SBA forgiveness application could be interpreted either way.
However, with these new FAQs, the SBA has put an end to that debate, confirming the AICPA’s position that the EIDL advance grants must be subtracted from PPP forgiveness.
The good news here is that at least these will, in effect, be converted into the PPP 1%-interest loans, rather than the 3.75% EIDL. The bad news is that the PPP loan term is only 2- or 5-years (depending on when the loan was signed), rather than the 30-year EIDL.
Therefore, if you have a large EIDL advance grant (at one point these were capped at $10,000, but there are some out there for more than this amount), and you will be challenged by paying it back, take a look at your PPP loan term. If it is 2 years (for loans prior to June 5), then contact your PPP lender to extend the PPP loan to a 5-year period.
This would be particularly important if the EIDL advance grant was larger than your PPP loan, as in these cases there will be no forgiveness.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
As a reminder — EIDL is considered a “working capital” loan, which means it’s meant to be used to make payments that would have been required to sustain operations if the disaster hadn’t occurred in the first place. The only items that EIDL can’t be used on are a) expansion costs (which includes new assets only if they are part of the expansion; therefore regular replacement or investment in equipment for increased efficiency is allowable), b) consolidating long-term debt (so regular LOC and debt service payments are fine, but not anything that essentially refinances existing long-term debt), and c) shareholder payroll or distributions that are not in the usual course of business (in other words, you can’t use the EIDL to essentially give yourself a bonus).
From their press release today, June 15: “The SBA is strongly committed to working around the clock, providing dedicated emergency assistance to the small businesses and non-profits that are facing economic disruption due to the COVID-19 impact. With the reopening of the EIDL assistance and EIDL Advance application portal to all new applicants, additional small businesses and non-profits will be able to receive these long-term, low interest loans and emergency grants – reducing the economic impacts for their businesses, employees and communities they support,” said SBA Administrator Jovita Carranza.
EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses. Additionally, the EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid.
The SBA is offering low interest federal disaster loans for working capital to small businesses and non-profit organizations that are suffering substantial economic injury as a result of COVID-19 in all U.S. states, Washington D.C., and territories.
These loans may be used to pay debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
To keep payments affordable for small businesses, SBA offers loans with long repayment terms, up to a maximum of 30 years. Plus, the first payment is deferred for one year.
In addition, small businesses and non-profits may request, as part of their loan application, an EIDL Advance of up to $10,000. The EIDL Advance is designed to provide emergency economic relief to businesses that are currently experiencing a temporary loss of revenue. This advance will not have to be repaid, and small businesses may receive an advance even if they are not approved for a loan.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
I’ve been doing regular 40-minute free zoom sessions for my clients and colleagues for a few months now, mostly centering on questions concerning PPP & EIDL applications and forgiveness.
Today we did one on the recent big changes to the PPP forgiveness program, and many have asked me for the recording, so I decided to make it public — to assist them and others out there in getting the facts (well, at least the ones we know so far).
The AICPA has come out with the best summary I’ve seen so far, which is what I chose to use in the zoom session as a reference — so if you don’t have 40 minutes handy, take a quick look at it instead (or in addition):
And of course, the inimitable Tony Nitty has gotten to the core of the issue by pointing out all the stuff we don’t know yet. His excellent analysis can be found at Forbes, as always.
More to come — hopefully soon, as I have many clients whose initial forgiveness period is about to come to a close, and we can only remain in a holding pattern for so long.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
Things are scary right now — we’re seeing how size and capital are rewarded in tough times, not just good ones. We’re recognizing that operating on cash flow and not having savings is risky. And we’re keenly aware of how our employees depend on their jobs for their health insurance.
But it’s not all grim… we’re not entirely powerless. There are loads of resources out there, and if we went into entrepreneurship in the first place, chances are we have some of our own: Creativity, Resilience, and Flexibility: – Creativity? Brainstorm. Imagine a new world, not a return to the old one. – Resiliency? You’ve likely overcome struggles before, or know other business owners who have. Tap into this. – Flexibility? Take off the blinders and open up your view to all the possibilities out there.
With that in mind, here are ten valuable pieces of advice for what to do next.
1) If you still have staff you’re paying, I recommend taking advantage of the Employee Retention Tax Credit that you get by reducing your required regular payroll deposits, and applying for the balance on Form 7200. I know that Gusto (my favorite payroll company) is helping many of its clients through this process, which provides immediate cash in the form of certain payroll tax payments that don’t have to be made (in essence an advance on the credit). Treasury has indicated that you cannot take ERTC and PPP at the same time (though it sounds like they are working on a way for folks to take advantage of ERTC and simply have it deducted from the PPP forgiveness should the business end up with PPP funding).
2) Payroll Tax Deferral – similar to the above, in the sense that you only benefit from this if you have staff still on payroll (or yourself if you are a shareholder-employee), but this one is just a delayed payment of the employer portion of Social Security taxes. Again, I know Gusto is doing this for their clients on request. And again, guidance initially indicated that you couldn’t do payroll deferrals and PPP, but has since indicated that you can defer these payroll taxes until the end of the PPP forgiveness period, and the original due dates for the deferment will stick. More info here.
3) EIDL – the Economic Injury Disaster Loans are still an option for farmers only. Only the advance is forgiven, and there’s no way to know how much of an advance you’ll get (though in general it seems to line up with $1K per employee), but if you need cash, you should apply. If you request $25K or less, there’s no personal guarantee or collateral required.
4) Regarding the Paycheck Protection Program: – Get your PPP application in order if you have not applied already. I’ve got a whole list of lenders accepting applications in this blog post. – Similarly, work with your accountant to establish a plan for tracking the loan for forgiveness, so you have everything set up properly from the moment the funds are received. There’s a lot we don’t know about the forgiveness calculations from SBA. Make a plan to structure your forgiveness-period payroll to ensure the maximum amount of the loan will be forgiven. – And make sure you have a business checking account! Some folks are using personal checking accounts for their business – these rules about this changed four years ago, but some were apparently grandfathered in, and these small business owners are finding that the banks will not even consider their applications as a result – even though they’ve been banking there for ages. The banks are prohibited from depositing PPP funds into a personal account.
5) Pivot Your Business: If you haven’t already, start redefining your business model now. Even once the stay-at-home order is lifted, it might be quite some time before people are comfortable shopping or dining or drinking out. Research alternative models; ask around as to what other businesses are doing; investigate new revenue streams; communicate with your employees.
Some examples: – switching to online sales and other new/expanded sales channels (even for service-based businesses like entertainment, makeup/hair lessons, art/hobby and cooking classes); – offering virtual shopping and curbside pickup; – pairing with other businesses to deliver/ship care-packages; – going to a 100% take-out model with a contactless pick-up window; – having staff take care of customer ordering and deliveries instead of GrubHub or Caviar, or switch to a co-op bike delivery service; – provide services for free and ask for tips, donations, or pay-as-you-can; – increasing your marketing and social media presence, improving your website; – offering in-demand products along with your usual offerings, such as groceries or alcohol; – teaming up with your local Chamber of Commerce to establish a virtual neighborhood store, and more.
This is likely the #1 most important thing you can do to come out on the other side once this is behind us. And don’t just take my word for it. Lots of resources are out there to help you reinvent yourself. Among them: five things to recognize now: you’re not alone; what you do now will determine your future success; recognize that the future has already changed; we can never over-prepare… and this too shall pass.
6) Go on unemployment. If you’re no longer able to pay yourself, or you’re paying yourself a substantially reduced salary, you may be eligible. Shareholder-employees have been eligible since Day One for the full amount (they receive W-2s from their own companies and have been paying into the system all along), and as of yesterday, self-employed folks such as sole proprietors and partners in partnerships are able to apply. Even if you received PPP funds, you can claim backpay for the period of time between when you stopped being able to pay yourself and when the PPP funds arrived.
7) Remember that there is currently no 10% penalty for withdrawing retirement funds – if you feel confident that you can survive this period but need cash now to do it, consider accessing those accounts now.
8) Cash flow forecasting is something I wish all small businesses did, but they don’t. Consider working with your accountant to build a cash-flow projection system to figure out how to get through this. CashFlowTool.com is a great resource, and they offer free webinars on how to forecast, if you don’t have a professional you can go to (or even if you do).
Once you’ve gone through the effort, you can then see: – Are there any weeks where it looks like there will be a cash shortfall? – If so, what is the plan to address that? – Can we adjust in- and outflows to attain a better cash position by:
Reducing days sales in accounts receivable
Extending repayment days in accounts payable
Negotiating better terms with suppliers on purchases
Reducing operating expenses
Delaying capital purchases
Sell equipment that is no longer needed
Run specials on any slow-moving inventory to convert it to cash
Have owners contribute additional equity or loans to the company
9) Apply for small business grants — the focus has been on PPP, EIDL, ERTC and other federal relief efforts, but remember that there are public and private resources available at the state, county and city levels as well. You can just google “COVID relief” and the name of your industry and see the various options.
10) And I know this sounds insane… but try to take moments, tiny little vacations, away from your anxiety. I have to tell myself this every day. There is so much that is out of our hands; we have to work on the things over which we have control, and try to let go of what we don’t. The world isn’t working the way we want it to, or maybe even thought it did. For a lot of us, that’s a shock, and the emotional weight of that can pull us down. To survive this, we’ll need to shake off the anxiety and plan for a brighter future.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
