Author Archives:
Vivian Dempsey

The attempts by Congress to negotiate another round of Coronavirus relief for individuals, businesses, and local government agencies have failed to move forward. The inability to come to agreement left many relying on expected relief frustrated and concerned about the future.

The good news for DeKalb County businesses is there is a new business loan program, with a loan forgiveness feature, which will soon begin accepting applications. The DeKalb Better Business Loan Program offers qualifying businesses experiencing financial difficulties due to the COVID-19 pandemic access to low-interest loans. Like the PPP, borrowers are required to use loan proceeds to pay certain business expenses including payroll, business interest, rent, utility, and other business-related debts.

If there is one word that best describes 2020 it would have to be instability. The COVID-19 pandemic has created new challenges for individuals, businesses, and organizations. Efforts designed to flatten the curve while important to public health have created dire economic conditions. Businesses were hit sharply when forced business closures and modified operation regulations were implemented leaving many without the ability to generate income.

The arrival of the COVID-19 pandemic made significant changes to daily life through forced business closures, stay at home orders, and heightened fear of contraction. The convergence of these changes left many businesses forced shut and others with an altered business model and a dwindling demand for products and services.

The recently enacted Coronavirus Aid, Relief and Economic Security (CARES) Act, opens the door to tax saving, retirement plan, and business financing opportunities for Atlanta businesses.

The news last week of an extended IRS filing and payment deadline from April 15th to July 15th was welcome news for many struggling to cope with COVID-19. The extension granted businesses and individuals with additional time to review their tax situation and determine how they will make required income tax payments.