On April 2nd, MBK Partner, Kris Drzal Houghton, CPA, MST joined Lopez from the Kellogg Krew to discuss resources for individuals and businesses in Western Massachusetts amid COVID-19. During the interview, Lopez asked how Meyers Brothers Kalicka is helping businesses during the Coronavirus. Kris shed light on how MBK is working to demystify the myriad of rapidly evolving information. For example, while Massachusetts has extended the filing deadline for individuals to July 15, 2020, it has not done so for C Corporations. There are multiple instances like this one with so many moving parts that people are desperate for clarification on. MBK is committed to helping the business community of Western Massachusetts survive COVID-19 by providing simple explanations and a centralized location for resources.
Every day, MBK is reading about new legislation, summarizing it and then communicating with clients and the community as Acts are passed. Information is being published to a COVID-19 Updates and Toolkit with resources that can be helpful for individuals, Not for Profits and businesses. The landing page features links for Tax Resources, Financial Resources and Business Planning Resources. In addition, anyone can join the Email List to receive information regarding Taxation, Not-For-Profits, Business and/or News & Events.
What Businesses Should Do Now
Lopez asked ” What should businesses be doing right now?”. Kris responded that the biggest focus should be on becoming familiar with the CARES Act. There are many provisions that can be hugely beneficial to businesses. Kris highlighted the importance of the Payroll Protection Loan Program (PPLP): loans that are administered by local banks on behalf of the SBA, take no guarantees, are predominantly based on the payroll of the companies and can even be forgivable loans. The SBA offers Loan Resources, including on PPLP, on their website. Now is an important time for strategy and businesses should reach out to their advisers to discuss more.
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Listen to the full interview with Kris and Lopez
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