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June 30, 2020/Furniture Insights

June 2020 Furniture Insights

As expected, Furniture Insights results from April 2020 have shown significant drops in orders, with 100% participants reporting a decline. New orders in April 2020 were down 61% from April 2019 and down 52% from this March. The April results brought the year to date orders to a decline of 21%.

June 18, 2020/Tax, Business Planning, COVID-19

New PPP Loan Forgiveness Application Released

A new application and instructions to apply for tax-free forgiveness of the new small business loans is now available. Released June 17, the Form 3508EZ and instructions allow eligible borrowers that meet certain criteria to take advantage of a simplified forgiveness application process, which eliminates the complicated forgiveness calculations previously required.

June 4, 2020/Tax, Business Planning, COVID-19

PPP Forgiveness Changes Signed into Law

On June 4, 2020, the Paycheck Protection Program Flexibility Act that adjusts several PPP loan forgiveness provisions was signed into law. These changes clarified several questions that remained and could make loan forgiveness more attainable for certain business owners. 

May 29, 2020/Furniture Insights

May 2020 Furniture Insights

As March stats emerged, the economic decline expected was felt across the furniture industry as new orders for March were down 29% from March 2019 and 23% from February in our latest Furniture Insights.

FASB Approves Deferral of Leasing and Revenue Standards for Certain Private Companies

FASB votes to approve the proposed deferrals of the effective date for ASC 842, Leases (“ASC 842”), and ASC 606, Revenue from Contracts with Customers (“ASC 606”), for certain entities.

May 19, 2020/Tax, Business Planning, COVID-19

PPP Forgiveness Application and Guidance Issued

The much-anticipated PPP forgiveness application and related guidance have now been released. As many anticipated, the steps to securing forgiveness may be challenging. We break down the key components for you as you seek to apply this to your business.

May 5, 2020/Tax, COVID-19

NC Impact: Gov Cooper Signs COVID Relief Into Law

NC Senate Bill 704 was recently signed into law and effectively waives interest penalties accrued during April 15 to July 15. NC estimated tax payments for Q1 and Q2 2020 are also now both due July 15.

May 1, 2020/Tax, COVID-19

The Price of PPP – Guidance for Management & Boards on Mitigating PPP Risk

One thing now clear from the PPP is that while the application process is primarily based on certifications made by the applicant, there will be significant oversight and scrutiny of many borrowers from the government, lenders, the public, and other third-parties. This is in addition to the government publishing the names and PPP loan amounts of borrowers and any current and future self-reporting requirements imposed on borrowers.

April 30, 2020/Tax, COVID-19

Nondeductibility of Expenses Paid from PPP Loan Proceeds

While many have flocked to the PPP loan due to its forgivable nature, a new IRS notice creates a challenge by making the forgiveness taxable. Read on to find out more and reach out to your SL advisor with any questions.

April 30, 2020/Furniture Insights

April 2020 Furniture Insights

February results are in for our latest Furniture Insights, with orders up 6% over February 2019 and year to date numbers up 4% over last year. About two-thirds of the participants reported increased orders ahead of the slowdown experienced by many, if not all, in March.

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