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a white paper with a hole ripped open showing a benjamin franklin bill looking through

COVID-19 Today: Banks Left to Guess on Credit Decisions

MOD Virtual Assistants

Some observers are predicting that the pandemic could wipe out more global wealth than the Financial Crisis of 2008.

Did You Know? MyOutDesk’s origin story is set during the last global financial crisis of 2008.

Yes, that’s right — our business started during a recession to help businesses scale with virtual assistants during a recession! Our first client in 2008 went from five to seventeen VPs with a completely revamped organizational model in short order, and he told MyOutDesk, “Our virtual professionals have shaved $250,000 off our monthly overhead.” 

 

MyOutDesk can save you up to 70% on employment costs
Claim a free strategy consultation & downloads

 

Banks have pulled back sharply on lending to U.S. consumers during the COVID-19 coronavirus crisis. The main reason: They can no longer tell who exactly is creditworthy.

With today’s economy in shambles, experts are trying to figure out what is going to happen to all of the debt that Americans have racked up during better times.

 

“Banks don’t know who is going to pay and who isn’t. It’s like flying blind into a credit storm”

– Michael Abbott, head of banking for North American at Accenture PLC

 

One of the keys to thriving during a recession is to focus your time on finding out opportunities to thrive and survive during this uncertain time. Spend the next 90 days of quiet time for deeper planning and preparing.

The recession will eventually pass, and so when we come out of this thing, you will be the winner. Here’s a guide for thinking through all the things that you can do right now. Think through all the things missing or need updating in your business.

 

What are some of the biggest challenges you’re solving for business right now?
  • What will the next crisis look like? Do you have enough cash resources? Be in the position that you don’t have to take out money to survive if it happens again.
  • Beg to think, “What comes out of this? “How is business going to work after this?”
  • “How do we come back to work? What’s the new normal like?”

 

You can grow your team even while cutting costs.

Our career-oriented VAs are the most reliable professionals to advance your remote operations while saving you up to 70% on employment costs.  Get more efficient with your time + resources so that you can focus on the bigger picture  — closing more deals & outperforming the competition.

The math is simple with an enormous ROI. You will reduce overhead and leverage remote operations. These tremendous cost-savings allow you & your local team to focus on dollar-productive activities with fewer distractions.

What’s Included: No-sweat + thorough talent-matching process. FBI-grade background checks. Remote team productivity tracking software. Business strategy guides. Remote work action plans. Unparalleled customer service … and much more!

 

 

 

Growing Virtually with MORE Talent (all while cutting costs)

It’s no wonder CEOs & entrepreneurs trust us most — with 13 years of experience serving over 6,000 clients. Last year, we saved our clients $55 million as the highest-rated virtual assistant company with more than 500 verified 5-star business reviews.

In today’s market, every penny counts to maximize profits. Grow your virtual operations & scale business today!

To start the process of getting your own virtual assistant, click here to schedule a call now! 

 

 

Experience The Difference
MyOutDesk can save you up to 70% on employment costs
Claim a free business strategy consultation & ‘Grow Virtual’ Guide

 

See also:

  • A Million Ways a Virtual Assistant Can Help DURING a Recession
  • Preparing for COVID-20 — A Strategic Advisor’s Approach 

 

It’s time to maximize your productivity:
Leverage virtual assistants!

July 17, 2020/by Jeremy
a set of falling dominues being stopped by myoutdesk virtual assistants

US Economic Recovery Tracker + Solutions for Your Business

Cannabis & Legal Marijuana, Financial Planning, Healthcare, Human Resources, Insurance, Marketing, MOD Virtual Assistants, Mortgage, Property Management, Real Estate, Scale The Series, Technology, Vertical Markets

From our businesses to our homes & our groceries, Covid-19 has disrupted every aspect of our lives. While CNN Business is tracking America’s economic recovery, we examine the most important points.

 

It’s safe to say — your business will never be the same post-pandemic.

  • Office workers have shifted to working from home (See also: Remote Work Success)
  • Millions of other Americans have filed for unemployment  (See also: Labor Market Opportunities)
  • Essential workers in hospitals & grocery stores are hailed as everyday heroes

 

During the pandemic, Americans have tightened their spending and chosen to save more, as they grapple with a historically weak job market. (See also: Preparing for AFTER COVID-19)

 

It definitely got harder to sell your home during the pandemic. No open houses. Virtual closings. And many owners hesitated to put their homes on the market. (See also: Virtual Residential Real Estate Trends)

 

MyOutDesk can save you up to 70% on employment costs
Claim a free business strategy consultation & ‘Grow Virtual’ Guide

 

As of July 4th, the total hours worked in small businesses is down 52.61% since before the pandemic.

 

The unfamiliarity of what the future holds is the source of the roller-coaster of emotions. And, the best best way to ultimately overcome this recession is to ramp up on staying informed and mitigating risk.

One factor has remained the same — businesses and customers want speed & efficiency. And in today’s stay-at-home culture, experienced virtual assistants who are well-practiced in providing an effective remote operation are the key to business growth.

 

Solution: Why Virtual Assistants?

You are probably wondering, why hire a Virtual Assistant then? Why not just hire someone in-house? If cost was your immediate concern then a Virtual Assistant is exactly what you need. You save on office space, you don’t need to buy the equipment and if you work with a company like MyOutDesk, all HR concerns are handled for you. Beyond the monetary cost is lower, you will also have a larger pool of talent to choose from, thus guaranteeing that you find a perfect match for you and your business.

 

Dynamic business duo Olivia Cooley & Charles Pulliam share:

“Without virtual assistants (VAs), it limits us and we have more responsibilities in-house. A VA is significantly more affordable to the business pattern. We get more value for the price. This is essential and instrumental for our growth, not only now but long-term… 3 to 5 years out, we will continue to grow our number of VAs.”

 

Achieve more – the first step is getting the help you need to reach the next level in your business. Schedule your free ‘Grow Virtual’ Strategy Consultation’ to get started today!

 

It’s time to maximize your productivity:
Leverage virtual assistants!

‘Grow Virtual’ with MyOutDesk Today

Access more business guides & Schedule a free consultation today!

 

July 13, 2020/by Jeremy
cares act

New Guidance on CARES Act – The SCOOP & FAQ

MOD Virtual Assistants

Since the CARES Act was passed, exact instructions & information for how to access relief money for businesses have remained unclear.

Unanswered questions continue to loom as more and more procedural updates seem to be released on the regular, stirring more confusion.

Today, break it all down. Here’s a follow-up on our CARES Act resources.

Recently, the SBA released updated guidance: FAQ Fact Sheet for Paycheck Protection Program (PPP) Loans.

Access the most asked questions as well as the 48 top questions to the newest guidance.

  • Most Asked General Questions
  • New Guidance Top 48 Questions

 

𝗘𝗮𝘀𝘆 𝗟𝗶𝘀𝘁𝗲𝗻𝗶𝗻𝗴 for Strategic Business Success & understand the CARES Act: Scale the Podcast 6-Part Series

Strategize, Make Money, Save Money, & Thrive Today

Access more business guides & Schedule a free consultation today!

 

Most Asked General Questions

Do independent contractors qualify for 7(a) Loan (PPP)?

Yes

What is a 940 vs. 941?

IRS form 940 is an annual form that needs to be filed by any business that has employees. IRS form 941 is the Employer’s Quarterly Federal Tax Returns. All employers are required to withhold federal taxes from their employee’s compensation, which includes, Federal Income tax, Social Security tax, and Medicare tax.

Can I apply for both the PPP and the EIDL?

Yes

Schedule a free Thrive Strategy Consultation today!

 

New Guidance Top 48 Questions

Are lenders required to replicate every borrower’s calculations?

No. Providing an accurate calculation of payroll costs is the responsibility of the borrower, and the borrower attests to the accuracy of those calculations on the Borrower Application Form. Lenders are expected to perform a good-faith review, in a reasonable time, of the borrower’s calculations and supporting documents concerning average monthly payroll cost. For example, a minimal review of calculations based on a payroll report by a recognized third-party payroll processor would be reasonable. In addition, as the PPP Interim Final Rule indicates, lenders may rely on borrower representations, including with respect to amounts required to be excluded from payroll costs.

If the lender identifies errors in the borrower’s calculation or material lack of substantiation in the borrower’s supporting documents, the lender should work with the borrower to remedy the issue.

Are small business concerns (as defined in section 3 of the Small Business Act, 15 U.S.C. 632) required to have 500 or fewer employees to be eligible borrowers in the PPP?

No. Small business concerns can be eligible borrowers even if they have more than 500 employees, as long as they satisfy the existing statutory and regulatory definition of a “small business concern” under section 3 of the Small Business Act, 15

U.S.C. 632. A business can qualify if it meets the SBA employee-based or revenue-based size standard corresponding to its primary industry. Go to www.sba.gov/size for the industry size standards.

Additionally, a business can qualify for the Paycheck Protection Program as a small business concern if it met both tests in SBA’s “alternative size standard” as of March 27, 2020: (1) maximum tangible net worth of the business is not more than $15 million; and

(2) the average net income after Federal income taxes (excluding any carry-over losses) of the business for the two full fiscal years before the date of the application is not more than $5 million.

A business that qualifies as a small business concern under section 3 of the Small Business Act, 15 U.S.C. 632, may truthfully attest to its eligibility for PPP loans on the Borrower Application Form, unless otherwise ineligible.

Does my business has to qualify as a small business concern (as defined in section 3 of the Small Business Act, 15 U.S.C. 632) in order to participate in the PPP?

No. In addition to small business concerns, a business is eligible for a PPP loan if the business has 500 or fewer employees whose principal place of residence is in the United States, or the business meets the SBA employee-based size standards for the industry in which it operates (if applicable). Similarly, PPP loans are also available for qualifying tax-exempt nonprofit organizations described in section 501(c)(3) of the Internal Revenue Code (IRC), tax-exempt veterans organization described in section 501(c)(19) of the IRC, and Tribal business concerns described in section 31(b)(2)(C) of the Small Business Act that have 500 or fewer employees whose principal place of residence is in the United States, or meet the SBA employee-based size standards for the industry in which they operate.

Are lenders required to make an independent determination regarding applicability of affiliation rules under 13 C.F.R. 121.301(f) to borrowers?

No. It is the responsibility of the borrower to determine which entities (if any) are its affiliates and determine the employee headcount of the borrower and its affiliates. Lenders are permitted to rely on borrowers’ certifications.

Are borrowers required to apply SBA’s affiliation rules under 13 C.F.R. 121.301(f)?

Yes. Borrowers must apply the affiliation rules set forth in SBA’s Interim Final Rule on Affiliation. A borrower must certify on the Borrower Application Form that the borrower is eligible to receive a PPP loan and that certification means that the borrower is a small business concern as defined in section 3 of the Small Business Act (15 U.S.C. 632), meets the applicable SBA employee-based or revenue-based size standard, or meets the tests in SBA’s alternative size standard, after applying the affiliation rules, if applicable. SBA’s existing affiliation exclusions apply to the PPP, including, for example, the exclusions under 13 CFR 121.103(b)(2).

The affiliation rule based on ownership (13 C.F.R. 121.301(f)(1)) states that SBA will deem a minority shareholder in a business to control the business if the shareholder has the right to prevent a quorum or otherwise block action by the board of directors or shareholders. If a minority shareholder irrevocably gives up those rights, is it still considered to be an affiliate of the business?

No. If a minority shareholder in a business irrevocably waives or relinquishes any existing rights specified in 13 C.F.R. 121.301(f)(1), the minority shareholder would no longer be an affiliate of the business (assuming no other relationship that triggers the affiliation rules).

The CARES Act excludes from the definition of payroll costs any employee compensation in excess of an annual salary of $100,000. Does that exclusion apply to all employee benefits of monetary value?

No. The exclusion of compensation in excess of $100,000 annually applies only to cash compensation, not to non-cash benefits, including:

  • employer contributions to defined-benefit or defined-contribution retirement plans;
  • payment for the provision of employee benefits consisting of group health care coverage, including insurance premiums; and
  • payment of state and local taxes assessed on the compensation of

Do PPP loans cover paid sick leave?

Yes. PPP loans cover payroll costs, including costs for employee vacation, parental, family, medical, and sick leave. However, the CARES Act excludes qualified sick and family leave wages for which a credit is allowed under sections 7001 and 7003 of the Families First Coronavirus Response Act (Public Law 116–127). Learn more about the Paid Sick Leave Refundable Credit here.

My small business is a seasonal business whose activity increases from April to June. Considering activity from that period would be a more accurate reflection of my business’s operations. However, my small business was not fully ramped up on February 15, 2020. Am I still eligible?

In evaluating a borrower’s eligibility, a lender may consider whether a seasonal borrower was in operation on February 15, 2020, or for an 8-week period between February 15, 2019, and June 30, 2019.

What if an eligible borrower contracts with a third-party payer such as a payroll provider or a Professional Employer Organization (PEO) to process payroll and report payroll taxes?

SBA recognizes that eligible borrowers that use PEOs or similar payroll providers are required under some state registration laws to report wage and other data on the Employer Identification Number (EIN) of the PEO or other payroll provider. In these cases, payroll documentation provided by the payroll provider that indicates the number of wages and payroll taxes reported to the IRS by the payroll provider for the borrower’s employees will be considered acceptable PPP loan payroll documentation. Relevant information from a Schedule R (Form 941), Allocation Schedule for Aggregate Form 941 Filers, attached to the PEO’s or other payroll provider’s Form 941, Employer’s Quarterly Federal Tax Return, should be used if it is available; otherwise, the eligible borrower should obtain a statement from the payroll provider documenting the number of wages and payroll taxes. In addition, employees of the eligible borrower will not be considered employees of the eligible borrower’s payroll provider or PEO.

May lenders accept signatures from a single individual who is authorized to sign on behalf of the borrower?

Yes. However, the borrower should bear in mind that, as the Borrower Application Form indicates, only an authorized representative of the business seeking a loan may sign on behalf of the business. An individual’s signature as an “Authorized Representative of Applicant” is a representation to the lender and to the U.S. government that the signer is authorized to make the certifications, including with respect to the applicant and each owner of 20% or more of the applicant’s equity, contained in the Borrower Application Form. Lenders may rely on that representation and accept a single individual’s signature on that basis.

I need to request a loan to support my small business operations in light of current economic uncertainty. However, I pleaded guilty to a felony crime a very long time ago. Am I still eligible for the PPP?

Yes. Businesses are only ineligible if an owner of 20 percent or more of the equity of the applicant is presently incarcerated, on probation, on parole; subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction; or, within the last five years, for any felony, has been convicted; pleaded guilty; pleaded nolo contendere; been placed on pretrial diversion, or been placed on any form of parole or probation (including probation before judgment).

Are lenders permitted to use their own online portals and an electronic form that they create to collect the same information and certifications as in the Borrower Application Form, in order to complete implementation of their online portals?

Yes. Lenders may use their own online systems and a form they establish that asks for the same information (using the same language) as the Borrower Application Form. Lenders are still required to send the data to SBA using SBA’s interface.

What time period should borrowers use to determine their number of employees and payroll costs to calculate their maximum loan amounts?

In general, borrowers can calculate their aggregate payroll costs using data either from the previous 12 months or from the calendar year 2019. For seasonal businesses, the applicant may use the average monthly payroll for the period between February 15, 2019, or March 1, 2019, and June 30, 2019. An applicant that was not in business from February 15, 2019, to June 30, 2019, may use the average monthly payroll costs for the period January 1, 2020, through February 29, 2020.

Borrowers may use their average employment over the same time periods to determine their number of employees, for the purposes of applying an employee-based size standard. Alternatively, borrowers may elect to use SBA’s usual calculation: the average number of employees per pay period in the 12 completed calendar months prior to the date of the loan application (or the average number of employees for each of the pay periods that the business has been operational if it has not been operational for 12 months).

Should payments that an eligible borrower made to an independent contractor or sole proprietor be included in calculations of the eligible borrower’s payroll costs?

No. Any amounts that an eligible borrower has paid to an independent contractor or sole proprietor should be excluded from the eligible business’s payroll costs. However, an independent contractor or sole proprietor will itself be eligible for a loan under the PPP, if it satisfies the applicable requirements.

How should a borrower account for federal taxes when determining its payroll costs for purposes of the maximum loan amount, allowable uses of a PPP loan, and the amount of a loan that may be forgiven?

Under the Act, payroll costs are calculated on a gross basis without regard to (i.e., not including subtractions or additions based on) federal taxes imposed or withheld, such as the employee’s and employer’s share of Federal Insurance Contributions Act (FICA) and income taxes required to be withheld from employees. As a result, payroll costs are not reduced by taxes imposed on an employee and are required to be withheld by the employer, but payroll costs do not include the employer’s share of payroll tax. For example, an employee who earned $4,000 per month in gross wages, from which $500 in federal taxes was withheld, would count as $4,000 in payroll costs. The employee would receive $3,500, and $500 would be paid to the federal government. However, the employer-side federal payroll taxes imposed on the $4,000 in wages are excluded from payroll costs under the statute.

I filed or approved a loan application based on the version of the PPP Interim Final Rule published on April 2, 2020. Do I need to take any action based on the updated guidance in these FAQs?

No. Borrowers and lenders may rely on the laws, rules, and guidance available at the time of the relevant application. However, borrowers whose previously submitted loan applications have not yet been processed may revise their applications based on clarifications reflected in these FAQs.

Are PPP loans for existing customers considered new accounts for FinCEN Rule CDD purposes? Are lenders required to collect, certify, or verify beneficial ownership information in accordance with the rule requirements for existing customers?

If the PPP loan is being made to an existing customer and the necessary information was previously verified, you do not need to re-verify the information.

Furthermore, if federally insured depository institutions and federally insured credit unions eligible to participate in the PPP program have not yet collected beneficial ownership information on existing customers, such institutions do not need to collect and verify beneficial ownership information for those customers applying for new PPP loans, unless otherwise indicated by the lender’s risk-based approach to BSA compliance.

Do lenders have to use a promissory note provided by SBA or may they use their own?

Lenders may use their own promissory note or an SBA form of the promissory note.

The amount of forgiveness of a PPP loan depends on the borrower’s payroll costs over an eight-week period; when does that eight-week period begin?

The eight-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower. The lender must make the first disbursement of the loan no later than ten calendar days from the date of loan approval.

Do lenders need a separate SBA Authorization document to issue PPP loans?

No. A lender does not need a separate SBA Authorization for SBA to guarantee a PPP loan. However, lenders must have executed SBA Form 2484 (the Lender Application Form for the Paycheck Protection Program)6 to issue PPP loans and receive a loan number for each originated PPP loan. Lenders may include in their promissory notes for PPP loans any terms and conditions, including relating to amortization and disclosure, that are not inconsistent with Sections 1102 and 1106 of the CARES Act, the PPP Interim Final Rules and guidance, and SBA Form 2484.

I am a non-bank lender that meets all applicable criteria of the PPP Interim Final Rule. Will I be automatically enrolled as a PPP lender? What criteria will SBA and the Treasury Department use to assess whether to approve my application to participate as a PPP lender?

We encourage lenders that are not currently 7(a) lenders to apply in order to increase the scope of PPP lending options and the speed with which PPP loans can be disbursed to help small businesses across America. We recognize that financial technology solutions can promote efficiency and financial inclusion in implementing the PPP. Applicants should submit SBA Form 3507 and the relevant attachments to NFRLApplicationForPPP@sba.gov. Submission of the SBA Form 3507 does not result in automatic enrollment in the PPP. SBA and the Treasury Department will evaluate each application from a non-bank or non-insured depository institution lender and determine whether the applicant has the necessary qualifications to process, close, disburse and service PPP loans made with SBA’s guarantee. SBA may request additional information from the applicant before making a determination.

How do the $10 million cap and affiliation rules work for franchises?

If a franchise brand is listed on the SBA Franchise Directory, each of its franchisees that meets the applicable size standard can apply for a PPP loan. (The franchisor does not apply on behalf of its franchisees.) The $10 million caps on PPP loans is a limit per franchisee entity, and each franchisee is limited to one PPP loan.

Franchise brands that have been denied listing on the Directory because of affiliation between franchisor and franchisee may request listing to receive PPP loans. SBA will not apply affiliation rules to a franchise brand requesting a listing on the Directory to participate in the PPP, but SBA will confirm that the brand is otherwise eligible for listing on the Directory.

How do the $10 million cap and affiliation rules work for hotels and restaurants (and any business assigned a North American Industry Classification System (NAICS) code beginning with 72)?

Under the CARES Act, any single business entity that is assigned a NAICS code beginning with 72 (including hotels and restaurants) and that employs not more than 500 employees per physical location is eligible to receive a PPP loan.

In addition, SBA’s affiliation rules (13 CFR 121.103 and 13 CFR 121.301) do not apply to any business entity that is assigned a NAICS code beginning with 72 and that employs not more than a total of 500 employees. As a result, if each hotel or restaurant location owned by a parent business is a separate legal business entity, each hotel or restaurant location that employs not more than 500 employees is permitted to apply for a separate PPP loan provided it uses its unique EIN.

The $10 million maximum loan amount limitation applies to each eligible business entity because individual business entities cannot apply for more than one loan. The following examples illustrate how these principles apply.

Example 1. Company X directly owns multiple restaurants and has no affiliates.

  • Company X may apply for a PPP loan if it employs 500 or fewer employees per location (including at its headquarters), even if the total number of employees employed across all locations is over

Example 2. Company X wholly owns Company Y and Company Z (as a result, Companies X, Y, and Z are all affiliates of one another). Company Y and Company Z each own a single restaurant with 500 or fewer employees.

  • Company Y and Company Z can each apply for a separate PPP loan because each has 500 or fewer employees. The affiliation rules do not apply, because Company Y and Company Z each have 500 or fewer employees and is in the food services business (with a NAICS code beginning with 72).

Example 3. Company X wholly owns Company Y and Company Z (as a result, Companies X, Y, and Z are all affiliates of one another). Company Y owns a restaurant with 400 employees. Company Z is a construction company with 400 employees.

  • Company Y is eligible for a PPP loan because it has 500 or fewer employees. The affiliation rules do not apply to Company Y, because it has 500 or fewer employees and is in the food services business (with a NAICS code beginning with 72).
  • The waiver of the affiliation rules does not apply to Company Z, because Company Z is in the construction industry. Under SBA’s affiliation rules, 13 CFR 121.301(f)(1) and (3), Company Y and Company Z are affiliates of one another because they are under the common control of Company X, which wholly owns both companies. This means that the size of Company Z is determined by adding its employees to those of Companies X and Y. Therefore, Company Z is deemed to have more than 500 employees, together with its affiliates. However, Company Z may be eligible to receive a PPP loan as a small business concern if it, together with Companies X and Y, meets SBA’s other applicable size standards,” as explained in FAQ #2.

Does the information lenders are required to collect from PPP applicants regarding every owner who has a 20% or greater ownership stake in the applicant business (i.e., owner name, title, ownership %, TIN, and address) satisfy a lender’s obligation to collect beneficial ownership information (which has a 25% ownership threshold) under the Bank Secrecy Act?

For lenders with existing customers: With respect to collecting beneficial ownership information for owners holding a 20% or greater ownership interest, if the PPP loan is being made to an existing customer and the lender previously verified the necessary information, the lender does not need to re-verify the information. Furthermore, if federally insured depository institutions and federally insured credit unions eligible to participate in the PPP program have not yet collected such beneficial ownership information on existing customers, such institutions do not need to collect and verify beneficial ownership information for those customers applying for new PPP loans, unless otherwise indicated by the lender’s risk-based approach to Bank Secrecy Act (BSA) compliance.

For lenders with new customers: For new customers, the lender’s collection of the following information from all-natural persons with a 20% or greater ownership stake in the applicant business will be deemed to satisfy applicable BSA requirements and FinCEN regulations governing the collection of beneficial ownership information: owner name, title, ownership %, TIN, address, and date of birth. If any ownership interest of 20% or greater in the applicant’s business belongs to a business or other legal entity, lenders will need to collect appropriate beneficial ownership information for that entity. If you have questions about requirements related to beneficial ownership, go to https://www.fincen.gov/resources/statutes-and-regulations/cdd-final-rule. Decisions regarding further verification of beneficial ownership information collected from new customers should be made pursuant to the lender’s risk-based approach to BSA compliance.

SBA regulations require approval by SBA’s Standards of Conduct Committee (SCC) for SBA Assistance, other than disaster assistance, to an entity, if its sole proprietor, partner, officer, director, or stockholder with a 10 percent or more interest is: a current SBA employee; a Member of Congress; an appointed official or employee of the legislative or judicial branch; a member or employee of an SBA Advisory Council or SCORE volunteer; or a household member of any of the preceding individuals. Do these entities need the approval of the SCC in order to be eligible for a PPP loan?

The SCC has authorized a blanket approval for PPP loans to such entities so that further action by the SCC is not necessary in the PPP program.

SBA regulations require a written statement of no objection by the pertinent Department or military service before it provides any SBA Assistance, other than disaster loans, to an entity, if its sole proprietor, partner, officer, director, or stockholder with a 10 percent or more interest, or if a household member of any of the preceding individuals, is an employee of another Government Department or Agency having a grade of at least GS-13 or its equivalent. Does this requirement apply to PPP loans?

No. The SCC has determined that a written statement of no objection is not required from another Government Department or Agency for PPP loans.

Is a lender permitted to submit a PPP loan application to SBA through E-Tran before the lender has fulfilled its responsibility to review the required borrower documentation and calculation of payroll costs?

No. Before a lender submits a PPP loan through E-Tran, the lender must have collected the information and certifications contained in the Borrower Application Form and the lender must have fulfilled its obligations set forth in paragraphs 3.b.(i)-(iii) of the PPP Interim Final Rule. Please refer to the Interim Final Rule and FAQ #1 for more information on the lender’s responsibility regarding confirmation of payroll costs.

Lenders who did not understand that these steps are required before submission to E-Tran need not withdraw applications submitted to E-Tran before April 14, 2020, but must fulfill lender responsibilities with respect to those applications as soon as practicable and no later than loan closing.

Can lenders use scanned copies of documents or E-signatures or E-consents permitted by the E-sign Act?

Yes. All PPP lenders may accept scanned copies of signed loan applications and documents containing the information and certifications required by SBA Form 2483 and the promissory note used for the PPP loan. Additionally, lenders may also accept any form of E-consent or E-signature that complies with the requirements of the Electronic Signatures in Global and National Commerce Act (P.L. 106-229).

If electronic signatures are not feasible, when obtaining a wet ink signature without in-person contact, lenders should take appropriate steps to ensure the proper party has executed the document.

This guidance does not supersede signature requirements imposed by other applicable laws, including by the lender’s primary federal regulator.

Can a lender sell a PPP loan into the secondary market?

Yes. A PPP loan may be sold into the secondary market at any time after the loan is fully disbursed. A secondary market sale of a PPP loan does not require SBA approval. A PPP loan sold into the secondary market is 100% SBA guaranteed. A PPP loan may be sold on the secondary market at a premium or a discount to par value.

Do businesses owned by large companies with adequate sources of liquidity to support the business’s ongoing operations qualify for a PPP loan?

In addition to reviewing applicable affiliation rules to determine eligibility, all borrowers must assess their economic need for a PPP loan under the standard established by the CARES Act and the PPP regulations at the time of the loan application. Although the CARES Act suspends the ordinary requirement that borrowers must be unable to obtain credit elsewhere (as defined in section 3(h) of the Small Business Act), borrowers still must certify in good faith that their PPP loan request is necessary. Specifically, before submitting a PPP application, all borrowers should review carefully the required certification that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” Borrowers must make this certification in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business. For example, it is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification.

Lenders may rely on a borrower’s certification regarding the necessity of the loan request. Any borrower that applied for a PPP loan prior to the issuance of this guidance and repays the loan in full by May 7, 2020 will be deemed by SBA to have made the required certification in good faith.

Does the cost of a housing stipend or allowance provided to an employee as part of compensation count toward payroll costs?

Yes. Payroll costs include all cash compensation paid to employees, subject to the $100,000 annual compensation per employee limitation.

Is there existing guidance to help PPP applicants and lenders determine whether an individual employee’s principal place of residence is in the United States?

PPP applicants and lenders may consider IRS regulations (26 CFR § 1.121- 1(b)(2)) when determining whether an individual employee’s principal place of residence is in the United States.

Are agricultural producers, farmers, and ranchers eligible for PPP loans?

Yes. Agricultural producers, farmers, and ranchers are eligible for PPP loans if: (i) the business has 500 or fewer employees, or (ii) the business fits within the revenue-based sized standard, which is average annual receipts of $1 million.

Additionally, agricultural producers, farmers, and ranchers can qualify for PPP loans as a small business concern if their business meets SBA’s “alternative size standard.” The “alternative size standard” is currently: (1) maximum net worth of the business is not more than $15 million, and (2) the average net income after Federal income taxes (excluding any carry-over losses) of the business for the two full fiscal years before the date of the application is not more than $5 million.

For all of these criteria, the applicant must include its affiliates in its calculations. Link to Applicable Affiliation Rules for the PPP.

Are agricultural and other forms of cooperatives eligible to receive PPP loans?

As long as other PPP eligibility requirements are met, small agricultural cooperatives and other cooperatives may receive PPP loans.

To determine borrower eligibility under the 500-employee or other applicable threshold established by the CARES Act, must a borrower count all employees or only full-time equivalent employees?

For purposes of loan eligibility, the CARES Act defines the term employee to include “individuals employed on a full-time, part-time, or another basis.” A borrower must therefore calculate the total number of employees, including part-time employees, when determining their employee headcount for purposes of the eligibility threshold. For example, if a borrower has 200 full-time employees and 50 part-time employees each working 10 hours per week, the borrower has a total of 250 employees.

By contrast, for purposes of loan forgiveness, the CARES Act uses the standard of “full-time equivalent employees” to determine the extent to which the loan forgiveness amount will be reduced in the event of workforce reductions.

Do businesses owned by private companies with adequate sources of liquidity to support the business’s ongoing operations qualify for a PPP loan?

In addition to reviewing applicable affiliation rules to determine eligibility, all borrowers must assess their economic need for a PPP loan under the standard established by the CARES Act and the PPP regulations at the time of the loan application. Although the CARES Act suspends the ordinary requirement that borrowers must be unable to obtain credit elsewhere (as defined in section 3(h) of the Small Business Act), borrowers still must certify in good faith that their PPP loan request is necessary. Specifically, before submitting a PPP application, all borrowers should review carefully the required certification that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” Borrowers must make this certification in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business. For example, it is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification.

Lenders may rely on a borrower’s certification regarding the necessity of the loan request. Any borrower that applied for a PPP loan prior to the issuance of this guidance and repays the loan in full by May 7, 2020, will be deemed by SBA to have made the required certification in good faith.

Section 1102 of the CARES Act provides that PPP loans are available only to applicants that were “in operation on February 15, 2020.” Is a business that was in operation on February 15, 2020 but had a change in ownership after February 15, 2020 eligible for a PPP loan?

Yes. As long as the business was in operation on February 15, 2020, if it meets the other eligibility criteria, the business is eligible to apply for a PPP loan regardless of the change in ownership. In addition, where there is a change in ownership effectuated through a purchase of substantially all assets of a business that was in operation on February 15, the business acquiring the assets will be eligible to apply for a PPP loan even if the change in ownership results in the assignment of a new tax ID number and even if the acquiring business was not in operation until after February 15, 2020. If the acquiring business has maintained the operations of the pre-sale business, the acquiring business may rely on the historic payroll costs and headcount of the pre-sale business for the purposes of its PPP application, except where the pre-sale business had applied for and received a PPP loan. The Administrator, in consultation with the Secretary, has determined that the requirement that a business “was in operation on February 15, 2020” should be applied based on the economic realities of the business’s operations.

Will SBA review individual PPP loan files?

Yes. SBA reminded all borrowers of an important certification required to obtain a PPP loan. To further ensure PPP loans are limited to eligible borrowers in need, the SBA has decided, in consultation with the Department of the Treasury, that it will review all loans in excess of $2 million, in addition to other loans as appropriate, following the lender’s submission of the borrower’s loan forgiveness application. Additional guidance implementing this procedure will be forthcoming.

The outcome of SBA’s review of loan files will not affect SBA’s guarantee of any loan for which the lender complied with the lender obligations set forth in paragraphs III.3.b(i)-(iii) of the Paycheck Protection Program Rule (April 2, 2020).

Will a borrower’s PPP loan forgiveness amount (pursuant to section 1106 of the CARES Act and SBA’s implementing rules and guidance) be reduced if the borrower laid off an employee, offered to rehire the same employee, but the employee declined the offer?

No. As an exercise of the Administrator’s and the Secretary’s authority under Section 1106(d)(6) of the CARES Act to prescribe regulations granting de minimis exemptions from the Act’s limits on loan forgiveness, SBA and Treasury intend to issue an interim final rule excluding laid-off employees whom the borrower offered to rehire (for the same salary/wages and same number of hours) from the CARES Act’s loan forgiveness reduction calculation. The interim final rule will specify that to qualify for this exception, the borrower must have made a good faith, written offer of rehire, and the employee’s rejection of that offer must be documented by the borrower. Employees and employers should be aware that employees who reject offers of re-employment may forfeit eligibility for continued unemployment compensation.

Can a seasonal employer that elects to use a 12-week period between May 1, 2019, and September 15, 2019, to calculate its maximum PPP loan amount under the interim final rule issued by Treasury on April 27, 2020, make all the required certifications on the Borrower Application Form?

Yes. The Borrower Application Form requires applicants to certify that “The Applicant is eligible to receive a loan under the rules in effect at the time this application is submitted that have been issued by the Small Business Administration (SBA) implementing the Paycheck Protection Program.” On April 27, 2020, Treasury issued an interim final rule allowing seasonal borrowers to use an alternative base period for purposes of calculating the loan amount for which they are eligible under the PPP. An applicant that is otherwise in compliance with applicable SBA requirements, and that complies with Treasury’s interim final rule on seasonal workers, will be deemed eligible for a PPP loan under SBA rules. Instead of following the instructions on page 3 of the Borrower Application Form for the time period for calculating average monthly payroll for seasonal businesses, an applicant may elect to use the time period in Treasury’s interim final rule on seasonal workers.

Do nonprofit hospitals exempt from taxation under section 115 of the Internal Revenue Code qualify as “nonprofit organizations” under section 1102 of the CARES Act?

Section 1102 of the CARES Act defines the term “nonprofit organization” as “an organization that is described in section 501(c)(3) of the Internal Revenue Code of 1986 and that is exempt from taxation under section 501(a) of such Code.” The Administrator, in consultation with the Secretary of the Treasury, understands that nonprofit hospitals exempt from taxation under section 115 of the Internal Revenue Code are unique in that many such hospitals may meet the description set forth in section 501(c)(3) of the Internal Revenue Code to qualify for tax exemption under section 501(a), but have not sought to be recognized by the IRS as such because they are otherwise fully tax-exempt under a different provision of the Internal Revenue Code.

Accordingly, the Administrator will treat a nonprofit hospital exempt from taxation under section 115 of the Internal Revenue Code as meeting the definition of “nonprofit organization” under section 1102 of the CARES Act if the hospital reasonably determines, in a written record maintained by the hospital, that it is an organization described in section 501(c)(3) of the Internal Revenue Code and is therefore within a category of an organization that is exempt from taxation under section 501(a).16 The hospital’s certification of eligibility on the Borrower Application Form cannot be made without this determination. This approach helps accomplish the statutory purpose of ensuring that a broad range of borrowers, including entities that are helping to lead the medical response to the ongoing pandemic, can benefit from the loans provided under the PPP.

This guidance is solely for purposes of qualification as a “nonprofit organization” under section 1102 of the CARES Act and related purposes of the CARES Act and does not have any consequences for federal tax law purposes. Nonprofit hospitals should also review all other applicable eligibility criteria, including the Interim Final Rules on Promissory Notes, Authorizations, Affiliation, and Eligibility (April 28, 2020) regarding an important limitation on ownership by state or local governments. 85 FR 23450, 23451.

SBA guidance and regulations provide that any borrower who applied for a PPP loan prior to April 24, 2020, and repays the loan in full by May 7, 2020, will be deemed by SBA to have made the required certification in good faith. Is it possible for a borrower to obtain an extension of the May 7, 2020 repayment date?

SBA is extending the repayment date for this safe harbor to May 14, 2020. Borrowers do not need to apply for this extension. This extension will be promptly implemented through a revision to the SBA’s interim final rule providing the safe harbor. SBA intends to provide additional guidance on how it will review the certification prior to May 14, 2020.

How do SBA’s affiliation rules at 13 C.F.R. 121.301(f) apply with regard to counting the employees of foreign and U.S. affiliates?

For purposes of the PPP’s 500 or fewer employee size standard, an applicant must count all of its employees and the employees of its U.S and foreign affiliates, absent a waiver of or an exception to the affiliation rules. 13 C.F.R. 121.301(f)(6). Business concerns seeking to qualify as a “small business concern” under section 3 of the Small Business Act (15 U.S.C. 632) on the basis of the employee-based size standard must do the same.

Is an employer that repays its PPP loan by the safe harbor deadline (May 14, 2020) eligible for the Employee Retention Credit?

Yes. An employer that applied for a PPP loan received payment, and repays the loan by the safe harbor deadline (May 14, 2020) will be treated as though the employer had not received a covered loan under the PPP for purposes of the Employee Retention Credit. Therefore, the employer will be eligible for the credit if the employer is otherwise an eligible employer for purposes of the credit.

How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?

When submitting a PPP application, all borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA, in consultation with the Department of the Treasury, has determined that the following safe harbor will apply to SBA’s review of PPP loans with respect to this issue: Any borrower that, together with its affiliates,20 received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.

SBA has determined that this safe harbor is appropriate because borrowers with loans below this threshold are generally less likely to have had access to adequate sources of liquidity in the current economic environment than borrowers that obtained larger loans. This safe harbor will also promote economic certainty as PPP borrowers with more limited resources endeavor to retain and rehire employees. In addition, given the large volume of PPP loans, this approach will enable SBA to conserve its finite audit resources and focus its reviews on larger loans, where the compliance effort may yield higher returns.

Importantly, borrowers with loans greater than $2 million that do not satisfy this safe harbor may still have an adequate basis for making the required good-faith certification, based on their individual circumstances in light of the language of the certification and SBA guidance. SBA has previously stated that all PPP loans in excess of $2 million, and other PPP loans as appropriate, will be subject to review by SBA for compliance with program requirements set forth in the PPP Interim Final Rules and in the Borrower Application Form. If SBA determines in the course of its review that a borrower lacked an adequate basis for the required certification concerning the necessity of the loan request, SBA will seek repayment of the outstanding PPP loan balance and will inform the lender that the borrower is not eligible for loan forgiveness. If the borrower repays the loan after receiving notification from SBA, SBA will not pursue administrative enforcement or referrals to other agencies based on its determination with respect to the certification concerning the necessity of the loan request. SBA’s determination concerning the certification regarding the necessity of the loan request will not affect SBA’s loan guarantee.

An SBA interim final rule posted on May 8, 2020, provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020, will be deemed by SBA to have made the required certification concerning the necessity of the loan request in good faith. Is it possible for a borrower to obtain an extension of the May 14, 2020 repayment date?

Yes, SBA is extending the repayment date for this safe harbor to May 18, 2020, to give borrowers an opportunity to review and consider. Borrowers do not need to apply for this extension. This extension will be promptly implemented through a revision to the SBA’s interim final rule providing the safe harbor.

What is the deadline for lenders to complete the initial SBA Form 1502 reporting process?

SBA is extending the deadline for lenders to submit the initial SBA Form 1502. Under SBA’s interim final rule on disbursements, posted April 28, 2020, lenders must disburse PPP loans within 10 calendar days of loan approval; a loan is considered approved when the loan is assigned a loan number by SBA. That interim final rule also provides that loans for which funds have not been disbursed because a borrower has not submitted required loan documentation within 20 calendar days of loan approval shall be canceled by the lender.22 Previously, the deadline for lenders’ submission of the initial SBA Form 1502 reporting information was May 22, 2020.23 SBA is extending the deadline for lenders to electronically upload the initial SBA Form 1502 reporting information to the later of: (1) May 29, 2020, or (2) 10 calendar days after disbursement or cancellation of the PPP loan. This extension of the timeline for the initial SBA Form 1502 reporting information will be promptly implemented through revisions to SBA’s interim final rules providing an extension to the certification safe harbor and the deadline for SBA Form 1502 reporting.

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We at MyOutDesk pray that your team, families, and communities remain safe and healthy during this time of heightened concern.

 

Note that we at MyOutDesk are not providing tax, legal, or financial advice. We strive to support the success of all SMBs and want to pass along useful and practical information that can help your business draw out effective solutions. Please consult a qualified tax advisor, attorney, and investment professional for guidance.

 

May 21, 2020/by Jeremy
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STIMULUS RELIEF money ran out, NOW WHAT?

MOD Virtual Assistants

When the CARES Act cash relief is not there, it’s time to up your production with lower overhead costs. The answer is full-time Virtual Assistant services at up to 70% less in costs than a traditional employee.

An update on the stimulus relief plan

The $350 billion funds is depleted for the Paycheck Protection Program (PPP) in the CARES Act. While the money has run out, many businesses flocked at the opportunity to get ahold of cash relief. The truth is, the majority of business owners who applied did not receive any relief.

Although many businesses prepared an application, these great business owners knew that chances were slim, and they were not relying on the CARES Act stimulus package and the PPP.

Instead, they turned to revolutionize their business structure, making agile tweaks to the practice that in turn lowered operational costs, increased productivity, and reinvigorated profitable & marketable value propositions, products, and services.

Meanwhile, the House, Senate, and White House finalized another stimulus package yesterday in response to the coronavirus pandemic. This new package will include another $310 billion for the Paycheck Protection Program (PPP) and another $60 billion will be allocated to economic disaster loans. This stimulus package was less than the first CARES Act package, so many businesses risk not receiving aid once again.

 

MyOutDesk can save you up to 70% on employment costs
Claim a free business strategy consultation & Go Remote Guide

 

Sales is like the air we breathe for a business

Entrepreneurs are challenged today to add value to their products and services. During this crisis, you MUST develop your ability to generate, work, and close deals remotely, or you will go out of business.

 

Strategies for selling now:

  • Increase your touchpoints to the most influential clients.
  • Double down on branding and marketing — differentiate yourself.
  • Focus on adding value to your suppliers and vendors.
  • Double down on your prospecting and outreach programs.
  • Keep key talent and stay connected to your people.
  • Manage cash and cut out all fat in your business (but not muscle)
  • Set up clients & employees to be fully remote, yes as the leader it’s your job.

 

I’ve laid off employees because of COVID-19, how do I double down and keep business thriving?

You can implement all the strategies for selling now with full-time, top Virtual Assistant talent that is up to 70% less than the cost of a traditional employee. It starts with a MyOutDesk Virtual Assistant.

Request a FREE Consultation:
Go Remote Strategy Session

 

Hiring a MyOutDesk Virtual Assistant means that your organization is ready to increase its capacity, impact, and overall performance. The MyOutDesk team is here only for success.

Thrive with MyOutDesk, your partner in the remote workplace with over 15 years of experience serving 7500 clients. Last year, we saved our clients $55 million as the highest-rated virtual assistant company with more than 800 verified 5-star business reviews.

To learn more, schedule a strategy consultation, and book an interview with those in our talent pool, click here.

 

Claim a free business strategy consultation & Thrive Guide

 

April 21, 2020/by Jeremy
cares act explained part 2

Survive & Thrive: CARES Act Explained Part 2 (LIVE Tax Implication webinar)

MOD Virtual Assistants, Webinars

You don’t want to miss this!

Find out how the CARES Act can help your business and how you can get your hands on part of the $2 trillion stimuli. Due to popular demand, MyOutDesk will host another live webinar TODAY—helping you further understand the implications of the CARES Act and how you can take advantage of it.

 

Strategize, Make Money, Save Money, & Thrive Today

Access more business guides & Schedule a free consultation today!

 

 

MyOutDesk wants to support your business as you go through this change in today’s market. We serve you by adding value through resources, helping you support your customers, and providing remote solutions that allow your business to thrive and survive!

 

Virtual Assistant costs can be covered by EIDL! The cost of full-time MyOutDesk Virtual Assistants for your business can be included as a covered expense and does not need to be repaid as part of the $10,000 advance. 

 

Webinar Pt. 2 with Tim Mahoney, CliftonLarsonAllen LLP

[DOWNLOAD] Notes: Webinar Pt. 2

 

 

We at MyOutDesk pray that your team, families, and communities remain safe and healthy during this time of heightened concern.

LINKS TO RESOURCES

  • Notes: Webinar Pt. 2
  • Recording + Notes: Webinar Pt. 1
  • 100 Most Active SBA 7(a) Lenders
  • The Senate’s Guide to the CARES Act with FAQs
  • SBA Disaster Assistance Homepage
  • For more information, click here for a full copy of the bill

Note that we at MyOutDesk are not providing tax, legal, or financial advice. We strive to support the success of all SMBs and want to pass along useful and practical information that can help your business draw out effective solutions. Please consult a qualified tax advisor, attorney, and investment professional for guidance.

 

Schedule a free Thrive Strategy Consultation today!
April 7, 2020/by Jeremy
cares act free money loan forgiveness assistance

Stack Cash & Find Economic Relief: CARES Act Explained (LIVE Tax Implication webinar)

MOD Virtual Assistants, Webinars

 

What you need to know now about the US CARES Act

Businesses, ACT FAST, and get your hands on this aid now.

THIS IS BIG. The federal government just passed the $2 trillion CARES Act providing emergency assistance to affected businesses during the COVID-19 outbreak. Here’s how to get your part of the $2.2 trillion as a business owner, as an entrepreneur, and as a leader.

Our CEO Daniel Ramsey said last week, it’s our civic duty to stay productive. We want you to have ALL of this information now to be prepared. If you might have missed the first webinar—no worries. We’ve bundled all the available resources for you, and also there will be another webinar!

  • Navigating the CARES Act
  • Upcoming Live Webinar, Part 2
  • Links to Resources
  • Strategize, Thrive, & Survive

 

What the US CARES Act can do for your business

Navigating the CARES Act & Getting started. If you need:

  • Capital to cover the cost of retaining employees, then the Paycheck Protection Program might be right for you.
  • A quick infusion of a smaller amount of cash to cover you right now, you might want to look into an Emergency Economic Injury Grant.
  • Relief for keeping up with payments on your current or potential SBA loan, the Small Business Debt Relief Program could help.

What’s the catch? NONE. This is 100% forgiveness for 2 months of eligible expenses. FREE MONEY.

How to Apply for Aid:  You can apply at any bank offering loans under 7(a) of the Small Business Act (15 U.S.C. 636(a)).

 

Upcoming Webinar – Part 2 – TODAY!

Live TAX IMPLICATION Webinar (Pt. 2) for Entrepreneurs: Due to popular demand, MyOutDesk will host another live webinar TODAY to help you understand the implications of the CARES Act and how you can take advantage of it.

Part 2 with Tim Mahoney, CliftonLarsonAllen LLP
TODAY, Tuesday, March 31, 2020
3:00 PM, Pacific Time

Register Now

Spots are limited, register today!

 

(PASSED) Part 1 with Jack Randall, CEO & Founder of Taxbot
Saturday, March 28, 2020
12:00 PM, Pacific Time

[DOWNLOAD Notes: Webinar Pt. 1]

Jake Randall is CEO of Taxbot and the host of “The Profit Junkie.” Taxbot helps self-employed people keep more of their hard-earned money by helping them keep more of it out of the IRS’ greedy hands.

Links to Resources

  • 100 Most Active SBA 7(a) Lenders
  • The Senate’s Guide to the CARES Act with FAQs
  • SBA Disaster Assistance Homepage
  • Notes: Webinar Pt. 1
  • For more information, click here for a full copy of the bill

 

Strategize, Thrive, & Survive

Organize a Restructure into Remote Work for Your Business Today!

MyOutDesk can support your business as you go through this change in today’s market. We serve you by providing valuable business resources, helping you support your customers, and providing remote solutions that allow your business to thrive and survive!

For business owners who want to make the switch to remote work the right way and stay productive, our FREE Go Remote Quick Guide includes three easy steps to get started.

 

Go Remote Today

Access more business guides & Schedule a free consultation today!

We at MyOutDesk pray that your team, families, and communities remain safe and healthy during this time of heightened concern.

 

Note that we at MyOutDesk are not providing tax, legal, or financial advice. We strive to support the success of all SMBs and want to pass along useful and practical information that can help your business draw out effective solutions. Please consult a qualified tax advisor, attorney, and investment professional for guidance.

 

March 27, 2020/by Abby

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