RINA's Chief Operating Officer
We continue to appreciate the relative calmness and good humor that our clients and team members show as they deal with changing and sometimes conflicting rules of the different COVID programs.
The Federal government has been responsive and has created from scratch massive relief programs and special tax laws. PPP, PPP2, EIDL, SVOG, RFF, American Rescue Plan, Employee Retention Credit, CARES Act… each term indicates a very significant effort to keep businesses alive.
The speed of the implementation of these programs has been fast, dizzyingly fast by governmental standards. Because the programs have sprung up so quickly much of the bureaucratic infrastructure has been created on the fly and sometimes has had to be adjusted midstream.
Here are some twists and turns we all have had to deal with:
- The State of California decided at the end of April to mostly conform to the Federal tax breaks on forgiven PPP loans. The lateness of this decision and the need for clarifying Franchise Tax Board regulations mean that the tax consequences are frequently still unclear. Many of our clients are on extension while the rules are studied and numbers reviewed.
- At about 10 am before a 1 pm RINA webinar on how to apply for a Restaurant Revitalization Fund grant, the SBA tweeted a significant change in the process, eliminating a registration requirement but not explaining what, if anything would replace it.
- And, of course, there are the complex interactions between PPP, EIDL, Employee Retention Credit, and other programs.
The confusion, overlap, and changes in regulations, rules, and guidance have caused you and us anxiety.
But, we have worked together to survive, recover, and thrive!
RINA is dedicated to staying on top of the latest Federal and state pronouncements on how to take advantage of the relief programs. Our RINA CARES Team continues to check government sites and professional journals daily. Not only do they check official statements, they also tap into the discussion of what lawmakers and others think are likely changes to any effort. Reach out to them if you need help.
Our professionals are also monitoring the progress of the American Families Plan and the American Jobs Plan. The potential tax implications are significant, and the negotiations on the scope of the relief and how the spending will be paid for are ongoing. Members of our CARES team and our tax team are keeping RINA on top of the situation, and we will issue alerts and articles whenever appropriate.
RINA is looking at movements toward COVID recovery. Our Client Advisory Services team members are leading the tracking of business trends, seeing what reopening tactics are recommended and successful. We stand ready to share both the financial and operational tips we learn. (Check out our Client Advisory Services approach.)
Our team members are also being asked about their feelings about returning to working in the office. We have surveyed employees and are analyzing the guidance given by agencies ranging from the Center for Disease Control, the California Health Department, and local agencies. When we decide it is appropriate to resume in-person meetings with clients we will announce it on our website. You can check for that announcement (after we make it!) and other information on our COVID-19 information page.
Finally, we’re tempted to say, “Nothing about 2021 is normal!”
Except that is not true. At all.
RINA’s core values to put people first are unchanged and solid. We are committed to our staff’s, clients’, and community’s success. Please let us know how we can help.
Your Future is Our Focus.