Helping Small Businesses Survive the Pandemic
Jay Darby spoke on a panel addressing "Helping Small Businesses Survive the Pandemic," at a program sponsored by the Massachusetts Association of Accountants on April 9, 2020.
The panelists discussed the CARES Act and PPP Program, new tax law changes and incentives, other regulatory relief, and practical business management strategies that can help small businesses survive these perilous times. Specific topics addressed included the following:
- The latest information on the implementation of the CARES Act and how to best take advantage of the different incentives available to individuals and businesses
- A hard and practical look at whether it is better to preserve current employment levels under the PPP Program or whether it is safer to cut costs – which inevitably includes cutting staff
- A review of the new tax law changes and related incentives enacted by Congress, including the provisions allowing net operating loss carrybacks for five years, as well as other tax relief for individuals and businesses
- Various regulatory extensions and other relief designed to defer tax filings, allow more time for investment and deployment of funds under the Opportunity Zone rules, and related issues
- A pragmatic examination of key upcoming business decisions that need to be made in the "fog" of uncertainty, with imperfect (and sometimes wholly inadequate) information, and in an atmosphere of fear and uncertainty