SBA Loans and the Paycheck Protection Program

California Capitol building in Sacramento

Dear clients, family and friends,

We hope you all are well and safe. At Linkenheimer, our staff continue to work hard from home to help our clients find peace of mind and navigate this difficult, evolving situation. As the shelter in place continues for Sonoma County and California, we understand that many of our clients are feeling the stress of protecting and paying employees, managing rent and overhead costs and keeping their business afloat. On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). The CARES Act contains many provisions for businesses and individuals, but the most impactful provision for small businesses in the immediate future is the Paycheck Protection loan program (PPP). This new program will provide up to $349 billion in federally guaranteed loans for small businesses. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.

“This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed,” said Secretary Mnuchin. “Treasury and the Small Business Administration […]

New Overtime Rules are Changing on December 1st. Are You Ready?

Earlier this year new overtime rules were published modifying the regulations under the Fair Labor Standards Act (FLSA). The rulings may impact the way your business clients classify and compensate their employees. As many as 4.2 million workers may need to be reclassified as a result of this change, and businesses must be in compliance by December 1, 2016.

What has changed.
The minimum salary requirement for certain employees to be considered exempt from the FLSA’s overtime requirements will increase from $23,660 to $47,476 annually (or from $455 to $913 weekly).

If you or your clients have exempt employees earning less than $47,476 per year, you may need to increase their salary or reclassify them as non-exempt and pay them overtime when due. If you have any questions, please contact your Linkenheimer LLP CPA.

By |October 3rd, 2016|federal, law|0 Comments

A letter from the CA-FTB: Form 1099-MISC – is it enough?

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By |October 10th, 2012|1099, CA tax, CPA, federal, income tax, irs, Linkenheimer, payments, tax, withhold|1 Comment