COVID-19 Information & Help
Letter from Us -
At Logan, Graham & Conner Accountants, P.C. we are keeping up with the everchanging landscape of the COVID-19 crisis and how it relates to our clients. We’ve spent a countless number of hours (quite-unexpectedly!) doing research, attending webinars, and speaking one-on-one with so many of you regarding the constantly moving targets you keep hearing about: the CARES Act and Families First Coronavirus Response Act. These include the Payroll Protection Program Forgiveness Loan, the SBA grant, the EIDL loan, unemployment Federal $600 per week, stimulus checks, Emergency Sick Leave, Extended FMLA, and others.
This is messy stuff and we want to help you sift through it! To help guide clients in the right direction, we have contacted many of you personally, and many have been directed to our website, Facebook page, and YouTube channel. Keep in mind, we do not have all the answers, but as guidelines continue to change (expect this!), we promise to do our best to keep you updated with clear and accurate communication. Check back often to our Facebook page, YouTube channel and website:
It is in our firm’s interest that our clients weather the economic crisis caused by the pandemic. Helping you get all available assistance will only strengthen our long-term relationship, and that is something we strive for!
The PPP and EIDL Loans ask for a self-certification from the business, yet do not require certification from the CPA as may be the case in other loan packages. Since it is not required, we will not be providing any certification. Having said that, these really are simple applications that we know you can handle.
Ladies and gents, you got this!
Here is how we can help
&
why we are here
Consulting on COVID-19 crisis
We will always continue to answer your questions. Quick questions won’t be billed, but more in-depth questions that requires research will be charged at $125 per hour. Consulting fees will be included with your monthly or quarterly billing. We don’t want to do this, but the amount of man hours devoted to this crisis in our office is staggering. If you are unsure about billing, please call the office so we can arrange a time to discuss it. Our goal is always to remain fair and efficient.
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- eligibility determination
- questions about the process
- our recommendations
Payroll forgiveness calculations
This may or may not shake you, but the loan forgiveness portion of your PPP loan will have to be figured. Leave this complicated, tedious calculation to us. Our fee will be a flat $150, plus time spent at our hourly rate of $125.
For example, if it takes us thirty minutes to complete the calculation the amount will be 150.00 + 62.50 = $212.50 (125 x 30 min = 62.50).
Some calculations may be relatively simple, and some will be tedious nightmares; we don’t know all the details yet. We do know your loan may not all be forgiven, but we will know how to calculate it.
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- We’re in the process of developing a document to track your PPP expenditures so you know exactly how much of this loan will be forgivable. Remember to dot your “i’s” and cross your “t’s” so we can give you accurate calculations. We don’t want to give you any more surprises!
- If your Full Time Equivalents change during the covered period, your loan forgiveness amount will change. This will be the most tiresome, ridiculous, nightmare calculation this side of the Mason-Dixon. Leave this up to us and we’ll make sure it’s done right.
- The insurance guys tell us you will have to complete a separate engagement letter for this.
Document Collection
You already have many of the documents being requested by the SBA because we are required to give you these tax documents in accordance with IRS Circular 230. Out of convenience many of you request us to provide you with the documents even after we’ve sent them out. Normally we don’t have a problem with this because we know it saves you valuable time. Your time is money, right? So is ours. 😉 Therefore, with the demand that we are currently receiving you will be charged a flat $35 for any documents you request that have already been provided to you.
This will be done in a pdf format sent to you via our secure platform Sharefile. We hate to do this, but a lot of time is spent retrieving and resending documents we’ve already provided. While it might not sound like a lot of time for one or two documents, when everyone starts asking for it in an already insanely busy time, it ends up being more than we can afford to lose. Please do yourself and us a favor and grab your document; we really do not want to nickel and dime our clients.
We recognize these are unprecedented and uneasy times for so many, and we’re in the same boat. As we all fumble our way through this, please know that we will not stop striving to give you top-notch, affordable, and personable service.
We are grateful for the opportunity to continue serving you.
Warm regards,
Staff at Logan Graham & Conner Accountants