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Gross Mendelsohn Blog

A resource to help business owners, nonprofit executives and high net worth families preserve wealth, grow and thrive.

David Goldner

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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  Manufacturing & Distribution  |  Nonprofit  |  Service Businesses

How to Apply for and Calculate PPP Loan Forgiveness - And More

The Paycheck Protection Program (PPP) is moving into the forgiveness stage for most business owners. While there still aren’t any hard and fast rules on applying for PPP forgiveness, there are a few areas where we can offer some insight. Here’s an overview of some of the guidance and advice I’ve been giving my clients on how to navigate the PPP loan forgiveness process.

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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  High Net Worth Families  |  Manufacturing & Distribution  |  Nonprofit  |  Service Businesses

What Now? Preparing for the Future with an Estate Plan

The unfortunate reality of COVID-19 is forcing us to face those “what if” scenarios no one likes to think about. Now is a critical time to take a second look at your estate plan to make sure your personal financial house is in good order. While no one gets excited about estate planning, your family will be glad you prepared.

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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  Manufacturing & Distribution  |  Nonprofit  |  Service Businesses

What Now? How to Get Your Paycheck Protection Program Loan Forgiven

The loan forgiveness period for the Paycheck Protection Program was extended from eight to 24 weeks by the Paycheck Protection Program Flexibility Act of 2020. In a matter of weeks, the federal government doled out more than $650 billion in forgivable loans to small businesses. While your loan allows you to continue paying your employees during the COVID-19 crisis, you need to plan carefully to make sure the loan proceeds are used correctly. Otherwise, your loan might not be forgiven.

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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  Manufacturing & Distribution  |  Service Businesses

Small Business Disaster Loans Available in Maryland, Washington, DC and Virginia

The SBA is currently only accepting applications for this program from agricultural businesses. The U.S. Small Business Administration (SBA) is making low-interest disaster recovery loans available to small businesses that have been severely impacted by the COVID-19 pandemic. Loans are available to businesses located in declared disaster areas, including Maryland, Washington, DC and Virginia.

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Construction & Real Estate  |  Government Contractors  |  High Net Worth Families  |  Manufacturing & Distribution  |  Nonprofit  |  Service Businesses

Tax Deadline for Individual Taxpayers Extended to July 15

Earlier this week, Treasury Secretary Steve Mnuchin delayed the deadline for individual tax payments by 90 days, moving the deadline to July 15 from April 15, when individual tax returns are normally due. Today Secretary Mnuchin took to Twitter to announce that the deadline for individual income tax filings has been extended to July 15, 2020.

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Construction & Real Estate  |  Government Contractors  |  Healthcare  |  High Net Worth Families  |  Manufacturing & Distribution  |  Nonprofit  |  Service Businesses

What the New Families First Coronavirus Response Act Means for Business Owners and Employees

President Trump just signed into law a second phase of coronavirus-related relief, called the Families First Coronavirus Response Act. It’s a $100 billion relief package designed to offer help to businesses and their employees who are impacted by the coronavirus. The first phase of relief, an $8.3 billion piece of legislation, was dedicated to coronavirus vaccine research and development. This new legislation includes provisions for tax credits for employers who offer paid sick leave or family or medical leave for their employees who miss work for various coronavirus-related reasons. Let’s take a closer look at the FFCRA and what it means for businesses and employees, and what business owners need to be ready to offer to employees by April 2.

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