COVID-19

Understanding the Updated PPP Loan Criteria

Understanding the Updated PPP Loan Criteria

On this week’s Trilogy Town Hall Call, we discussed The Paycheck Protection Program Flexibility Act (PPPFA) that was passed on June 5th, allowing businesses more flexibility in using the loan funds. We thank our guests, Jim Haefele, CPA – Partner at Haefele Flanagan, Doug Brown, Esq. – Partner at Norris McLaughlin and Trilogy Alliance Partner Christine Connolly who graciously donated their time to help business owners understand and navigate the changes during our one hour Q&A. Q&A: What are the changes as a result of the Payroll Protection Program Flexibility Act (PPPFA)? The minimum maturity of PPP loans (for the portion not forgiven) is extended from two to not less than five years. This applies only to PPP loans originated on or after 6/5/2020. The period during which the PPP […]

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COVID-19 Professional Resources for Your Business

COVID-19 Resources for Your Business

We thank the following professionals for providing guidance during this unprecedented time as subject matter experts on our weekly Town Hall calls. If your company needs a financial or legal resource, you can feel confident reaching out to any one of our trusted resources (listed alphabetically): Accounting & Advisory Haefele & Flanagan CPAs & Advisors Jim Haefele, Partner: james.haefele@hfco.com PragerMetis CPAs Rich Feld, Partner: rfeld@pragermetis.com Princeton Financial Group Jim Colitsas, CPA: jcolitsas@tcacpa.com Tarlow & Co., CPAs | Advisors Mark Lenski, Partner: mlenski@tarlow.com Withum Tax & Audit Advisory Rick Coyne, Partner: rcoyne@withum.com Mike Yarrow, Partner: myarrow@withum.com Banking Dogwood State Bank Matt Putnam, Business Lending Specialist: mputnam@dsbnc.com Provident Bank Matt Flannery, Senior Vice President, Team Leader SBA Lending: matthew.flannery@provident.bank Legal Greenwald Doherty, Counsel for Employers Joel Greenwald, Managing Partner: jg@greenwaldllp.com Mandelbaum Salsburg, Attorneys […]

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Keep Calm & Carry On – Leading Under Stress

Keep Calm & Carry On - Leading Under Stress

Since mid-March, all our lives and companies have been affected by COVID19. The change was quick and disruptive, resulting in varying levels of anxiety. This is particularly daunting for business owners and management who are expected to be a steady light through uncertainty. On this week’s Town Hall call, Trilogy Alliance Partners, Dr. Marc Celentana and Bill Ehrhardt, led an insightful discussion on how to be a more effective, focused, and empathetic leader during stressful times. Q & A: How can I manage my own stress levels?  Recognize that stress is a natural response to things out of norm. Acknowledge that you have stress and don’t try to mask. Don’t deny how you feel from a health perspective. “Manage” is synonymous with practicing good techniques: – Eating – includes meal […]

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Are You Confused About the PPP Loan?

Are You Confused About the PPP Loan

Now that most companies have received the PPP loan, there are still unanswered questions about how to utilize the funds, the forgiveness process, timing, etc. On this week’s Trilogy Town Hall call, we asked our guests, Jim Haefele, CPA, Partner at Haefele Flanagan and Dennis Alessi, Esq., Partner at Mandelbaum Salsburg to provide some guidance around this complex issue. Questions for Our Guests: When does the 8 weeks start? When I applied for the loan, when I was approved, or when the money was deposited into my account? 8 weeks begins as soon as you are funded, and the money has hit your bank account. What is the rule about accepting the loan and/or loan forgiveness if you are profitable during this period? It is unclear yet unlikely that being […]

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How to Reinvent Your Business Beyond Covid19

How to Reinvent Your Business Beyond Covid19

On this week’s Trilogy Town Hall Call, we exchanged ideas on how businesses can adapt and reinvent to remain relevant as the economy begins to slowly re-open. A special thank you to our guests, Trilogy Alliance Partners John Baldino, President of Humareso and Denise Yosafat, President of Choice Executive Solutions for their time and expertise. Questions for our Guests: 1. Why do I need to develop contingency or continuity of business plans if I have been able to adapt to the current situation? There are still a lot of unknowns and what ifs that lend themselves to creating contingency plans. Adapting is different than functioning. If your company continued to function during this time, is this good enough moving forward? Continuity plan sets expectations regarding current approach to work if […]

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We Received the PPP Loan – What Do We Do Now?

We Received the PPP Loan - What Do We Do Now

The second wave of funding for the PPP loan has been approved. This has many of our customers asking, “We Received the PPP Loan – What Do We Do Now?” This week’s Trilogy Town Hall Call focused on what companies should do after receiving the PPP loan. To offer guidance, Trilogy invited the following professional advisors to join our call: Joel Greenwald, Managing Partner – Greenwald Doherty | jg@greenwaldllp.com Brian Mills, Shareholder – Maselli Warren, P.C. | bmills@maselliwarren.com Mark Lenski, Partner – Tarlow & Co., CPA’s | mlenski@tarlow.com Q&A: I have received the PPP for my business. I’m told that the loan forgiveness will be granted if I use 75% of the proceeds for payroll. In applying for the loan, my bank asked for my business expenses (e.g. rent, utilities, […]

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My Company Did Not Get a PPP Loan, Now What?

My Company Did Not Get a PPP Loan, Now What

As of this week, the PPP loan & the EIDL $10K Grant have officially run out of funds. Some businesses have been approved and received their money while others have not. Below is a list of questions we explored on Tuesday’s call regarding the overall handling of the PPP funds for companies WHO WERE NOT approved and/or funded. To offer guidance, Trilogy invited the following professional advisors to join our call: Rachel Stark, Shareholder: Stark & Stark, a full-service law firm serving PA & NJ. Jim Colitsas, CPA: Princeton Financial Group specializing in Tax, Assurance and Accounting, and Consultative & Planning Services Matt Putnam, Business Lending Specialist: Dogwood State Bank Matt Flannery, Senior Vice President, Team Leader SBA Lending: Provident Bank Q&A: The PPP application has you certify that you […]

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What is Your “New Business Normal”?

New Business Normal

Most businesses are now 4 weeks into working remotely and even essential businesses have been impacted by the shutdown. In some way, we all are working under a “new business normal”. On Tuesday, April 14th, Trilogy Partners hosted our 4th Navigating Covid-19 Town Hall call where we had an exchange around some common themes we’ve heard from our network. Thank you to our call participants for sharing how you are handling your “new business normal.” What tools and/or methods are you using to stay in touch with your team? Slack.com – video chat, text chat, create channels & groups of people for internal and external meetings Monday.com Project Management Tool & Communication tool complete with Dashboards & Integrations Vonage: Group chat for company/department. Some companies set up chat rooms for […]

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Update on CARES Act and Payroll Protection Program

Update on CARES Act and Payroll Protection Program

Trilogy Partners hosted our 3rd Navigating Covid-19 town hall conference call on Tuesday, April 7th to address even more questions around the CARES Act. We were fortunate to have the following guests on the call to provide answers and suggestions to our participants: Rich Feld, Partner: PragerMetis CPAs rfeld@pragermetis.com Rachel Stark, Shareholder: Stark & Stark Attorneys at Law rstark@stark-stark.com Eric Stevenson, Associate: Stark & Stark Attorneys at Law estevenson@stark-stark.com DISCLOSURE: Please check with your trusted professionals prior to acting for your business. This Q & A recap should not replace professional services from legal, financial, payroll, HR, insurance, or consulting professionals. If you need a resource in one of these areas, please reach out to Hal Levenson at hlevenson@gettrilogypartners.com or contact Trilogy Partners at 609-688-0428. Also, as expressed by the […]

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CARES Act – Coronavirus Aid Relief & Economic Security

CARES Act - Coronavirus Aid Relief & Economic Security

On March 31st, Trilogy Partners hosted a town hall call with over 50 business owners to discuss the CARES Act. We thank our guests who addressed the legal and tax implications of CARES Act. Below is their contact information as well as links to their respective COVID19 Resource Centers: Norris McLaughlin, P.A. Hon. Rebecca Warren, Esq: rwarren@norris-law.com Dolores Laputka, Esq: dlaputka@norris-law.com Norris McLaughlin https://bit.ly/39zjxzb Withum Tax & Audit Advisory Rick Coyne, Partner: rcoyne@withum.com Mike Yarrow, Partner: myarrow@withum.com Withum https://bit.ly/2UWGirx DISCLAIMER: Please check with your trusted professionals prior to acting for your business. This Q & A recap should not replace professional services from legal, financial, payroll, HR, insurance, or consulting professionals. If you need a resource in one of these areas, please reach out to Hal Levenson at hlevenson@gettrilogypartners.com or […]

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