Bennett Thrasher is proud to support the local community during the coronavirus pandemic and has donated 30 laptops to members of the Boys & Girls Club of Metro Atlanta. The Club is collecting computers for its teen members to complete their online schooling and stay connected virtually.
On May 15, 2020 the Small Business Administration (SBA) posted the long-awaited Paycheck Protection Program Loan Forgiveness Application, with step-by-step instructions on how to perform the calculations required by the CARES Act to determine the eligible amount of loan forgiveness. According to a Treasury statement, the application and instructions provide guidance that is meant to reduce compliance burdens and facilitate the process for borrowers. They answer several questions that were troubling borrowers and their advisors and are mostly favorable to businesses.
Prior to the coronavirus pandemic, most companies would associate business continuity with a set of processes/procedures to provide access to critical IT systems in the event of an extended power and/or internet outage at their main office. What those companies aren’t considering is all of the other components that go into running day-to-day operations (e.g. cutting checks, paying vendors, running payroll, taking phone calls, etc.).
Most small business owners will face a time in their career when they have to communicate about topics that may be uncomfortable. COVID-19 has put small business owners in the position to have many stressful conversations about topics they may not want to discuss.
Although the coronavirus has caused uncertainty in nearly all aspects of everyday life, it is inspiring to witness our community navigate this new normal and support local businesses and nonprofits. The BT Foundation and BT Associates are committed to giving back to our community and are proud to have rallied behind the hospitality industry by donating over $10,000 to the Giving Kitchen.
Businesses who have borrowed through the Paycheck Protection Program (PPP), enacted by the CARES Act, are still anxiously waiting for the Small Business Administration (SBA) to provide further guidance explaining how the loan forgiveness amount will be calculated. On May 13, 2020, the SBA did issue additional guidance that will benefit certain employers.
Bennett Thrasher is pleased to announce the hiring of Brett Dixon as a Director in the firm’s Disputes, Valuation & Forensics practice. In his role, Brett will focus on performing valuations of business entities and intangible assets to assist clients with mergers, acquisitions and dispositions; taxation planning and compliance; financial reporting; and strategic planning.
The Atlanta Business Chronicle recently published an article that dives into the Paycheck Protection Program (PPP) requirements and whether businesses will be able to meet the obligation of using 75% of the loan proceeds on payroll costs. The publication turned to Stephen Klein, Managing Director of Bennett Thrasher’s Bankruptcy & Restructuring practice, for his insight on whether companies that offer bonuses to employees will see greater forgiveness from the Small Business Administration (SBA).
Industry Today recently published an article by David Kloess, a Partner in Bennett Thrasher’s Financial Reporting & Assurance practice. In the article, Kloess advises manufacturers on how to manage cash flow and create efficiencies in the wake of COVID-19.
Bennett Thrasher, one of the largest full-service public accounting and consulting firms in the country, announces the addition of Stephen Klein as managing director of the firm’s bankruptcy and restructuring practice.