Well, Congress seems to have heard the cries of the huddled masses of SMB’s around the country, and more PPP funding is (seemingly) on the way.
Details aren’t finalized yet as of this writing, so I will have more to say on these matters in future weeks.
Even these early signals are still very good news in my book … but I will remind you — unless you have a plan to use these funds properly, they won’t help your Suffolk County business.
Either you’ll get bit by the tax implications of these (while the debate still rages about the deductibility of PPP-funded expenses), or the funding will end up simply delaying the inevitable demise of your business because you haven’t been able to pivot. (Yes, that 2020 cliche … but it’s real.)
We’re slammed in these final, holiday-crunched days of 2020, putting the finishing touches on last-minute EOY moves for some of our Long Island SMB clients. We MIGHT be able to squeeze in a conversation by 12/31 about anything tax-related, if you need one …
But I do have a different kind of thing for you to consider today.
This is something I stumbled across some time ago, and I can’t take credit for its authorship. But it’s worth pausing to consider.
And while it’s framed as a prayer, no matter your belief system, I believe that you will find that it’s rather pertinent to this pandemic-touched culture.
Edwin Casanova’s Annual Holiday Prayer
“People travel to wonder at the height of the mountains, at the huge waves of the seas, at the long course of the rivers, at the vast compass of the ocean, at the circular motion of the stars, and yet they pass by themselves without wondering.” -St. Augustine
“God, help us remember that the jerk who cut us off in traffic last night is a single mother who worked nine hours that day and is rushing home to cook dinner, help with homework, do the laundry and spend a few precious moments with her children.
“Help us to remember that the pierced, tattooed, disinterested young man who can’t make change correctly is a worried 19-year-old college student, balancing his apprehension over final exams with his fear of not getting his student loans for next semester.
“Remind us, Lord, that the scary-looking bum, begging for money in the same spot every day (who really ought to get a job!) is a slave to addictions that we can only imagine in our worst nightmares …
“Help us to remember that the old couple walking annoyingly slowly through the store aisles and blocking our shopping progress are savoring this moment, knowing that, based on the biopsy report she got back last week, this will be the last year that they go shopping together.
“Father, remind us each day that, of all the gifts you give us, the greatest gift is love. It is not enough to share that love with those we hold dear. Open our hearts not to just those who are close to us, but to all humanity. Let us be slow to judge and quick to forgive, show patience, empathy and love.
Edwin Casanova CPA PC
Feel free to share this article with a Suffolk County area (or beyond!) business associate or client you know who could benefit from our assistance. While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for families and business owners.