The SBA said in a release that its Office of Disaster Assistance will coordinate with state or territory governors to submit requests for Economic Injury Disaster Loan assistance. Once a declaration is made, the information on the application process for Economic Injury Disaster Loan assistance will be made available to affected small businesses within that area. The SBA and state governors plan to speed the application and loan grant process so funds can be rapidly dispersed to qualifying businesses in need.

ELIGIBILITY:

• Your business must be experiencing a business loss related to COVID-19. The business receiving the loan must be deemed a Small Business based on North American Industrial Classification System (NAICS) code, annual receipts, and the average number of people employed per pay period. Learn more about the SBA’s size standards.
• According to SBA’s guide to size and affiliation rules, when calculating the size of your business, you must include the annual receipts and employees of your domestic and foreign affiliates, regardless of whether the affiliates are organized for profit. Applicable affiliation rules from the guide include:
• Affiliation exists when one business controls or has the power to control another or when a third party (or parties) controls or has the power to control both businesses.
• Control can be established through ownership, management, or other relationships or interactions between the parties.
• Both affirmative and negative controls are considered. Negative control includes when a minority shareholder has the ability under charter, by-laws, or a shareholder’s agreement to prevent a quorum or block action by the board of directors or shareholder
• Current SBA loans will not preclude an applicant from being eligible for Disaster Relief Loans; however, businesses need to be in good standing with the SBA. Applicants may not be eligible if they have not complied with the terms of previous SBA loans.
• The SBA must find that applicants have an acceptable credit history.

FUNDING

• Usage:Funds made available must be used for certain purposes. Acceptable purposes include working capital, paying fixed debts, payroll, accounts payable, and paying other bills that could have been paid had the disaster not occurred. It is NOT acceptable to use loans to replace lost sales, enhance profits, refinance long-term debt, or fund expansion opportunities.
• Loan limitations:The statutory limit of SBA loans is $2 million. The amount of each loan is further limited to the economic injury determined by SBA after subtracting business interruption insurance and other capital recoveries up to the administrative lending limit. The SBA will also consider potential contributions that are available from the business and/or its owner(s) or affiliates. can waive the $2 million statutory limit if the business is a major source of employment.
• Interest Rate:The interest rate for small businesses is 3.75% and for private nonprofit organizations is 2.75%.
• Maximum loan term:The maximum term is 30 years; however, terms are determined on a case-by-case basis based on each borrower’s ability to repay.
• Collateral: The SBA requires collateral for all loans over $25,000. Real estate is acceptable as collateral. SBA has said it will not decline a loan for lack of collateral, but it will require the borrower to pledge collateral that is available.
• Economic injury:If applying for disaster declarations related to the coronavirus outbreak, only select “Economic Injury” when inquiring about your business losses.

APPLICATION

• Online: The fastest way to apply is online at https://www.sba.gov/page/disaster-loan-applications
• Mail: Printed applications are available here.

REQUIRED DOCUMENTS

As listed on the application, the SBA will require the following documents to be submitted:

• The application (SBA Form 5), completed and signed.
• Tax Information Authorization (IRS Form 4506T) completed and signed by each applicant, each principal owning 20% or more of the applicant business, each general partner or managing member, and any owner who has greater than 50% ownership in an affiliate business.
• Complete copies, including all schedules, of the most recent federal income tax returns for the applicant business; an explanation if not available
• Personal Financial Statement (SBA Form 413) completed, signed, and dated by the applicant, each principal owning 20% or more of the applicant business, and each general partner or managing member
• Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used)

Additional financial information may be required if requested, including:

• Complete copy, including all schedules, of the most recent federal income tax return for each principal owning 20% or more, each general partner or managing member, and each affiliate when any owner has more than 50% ownership in the affiliate business
• If the most recent federal income tax return has not been filed, a year-end profit and loss statement and balance sheet for that tax year
• Additional Filing Requirements (SBA Form 1368) providing monthly sales figures will generally be required when requesting an increase in the amount of economic injury.

Contact

Brenda J. McGivern, CPA

781-341-0930

Brian J. McGivern, CFP®, MBA, EA

781-341-0930

The post SBA Disaster Relief Loan Program (Section 7(b) Economic Injury Disaster Loans) appeared first on Brenda J. McGivern, PC.

NOTE:

The U.S. Chamber of Commerce will revise this document as it continues to review the bill. Summary as of 9:00 AM Thursday, March 26.

Bill text can be found: here.

A section-by-section summary released by the Senate can be found here.

A summary of the appropriations provisions released by the Senate can be found here.

Contents:

• Small Business “Paycheck Protection Program”
• Additional Small Business Provisions
• Changes to SBA’s Economic Injury Disaster Loans (EIDLs)
• Loan Programs and Credit Facilities
• Business Tax Provisions
• Pension and Employee Benefit Requirements
• Banking Relief, Mortgage Forbearance, and Credit Reporting
• Payments & Relief for Individuals
• Unemployment Programs
• Work Sharing Programs
• Paid Leave Changes
• Health Care Provisions
• Student Loans
• Airline Industry Support
• State and Local Aid
• Appropriations

Small Business “Paycheck Protection Program:”

• New $349 billion lending program, modeled on existing SBA 7(a) program, with 100% government guarantee (as opposed to 75% guarantee for 7(a) loans).
• Eligibility:
  • Small businesses as defined by SBA size standards (generally up to 500 employees, but up to 1,500 employees depending on the sector and certain sectors are based on revenue).
  • Businesses in the Accommodation and Food Services Sector (NAICS Code 72) are eligible with up to 500 employees at each location. o 501 (c)(3) non-profits with fewer than 500 employees.
  • Sole proprietors, the self-employed, and independent contractors.
• Regulatory Streamlining:
  • SBA’s standard “no credit elsewhere” test is waived
  • All lenders (non-SBA lenders to be approved by Treasury and SBA) can provide loans
  • No personal guarantee or collateral required
  • Lenders defer fees, principal, and interest for no less than 6 months and no more than 1 year.
• Maximum Loans: Generally, monthly payroll costs for 2 ½ months, not to exceed $10 million. Payroll costs exclude compensation paid to individuals, including the self- employed, above $100,000 a year.
• Requirements: The employer certifies loan will be used to retain workers, maintain payroll, make mortgage or lease payments, and pay utilities.
• Loan Forgiveness: The borrower shall have a portion of their loan forgiven in the amount equal to their payroll costs (not including costs for compensation above $100,000 annually), interest payments on mortgages, rent payments, and utility payments between February 15 and June 30, 2020. Loan forgiveness will be reduced if the borrower reduces employment by a ratio similar to their reduction in employment or if borrower reduces salaries and wages by more than 25%.

Additional Small Business Provisions:

• $17 billion for SBA to cover six months of payments for businesses with current SBA loans.
  

Changes to SBA’s Economic Injury Disaster Loans (EIDLs): 

 Loans can be made based solely on credit scores.

• Loans available to all non-profits, including 501(c )(6)s.
• Loans below $200,000 can be approved without a personal guarantee.
• Borrowers can receive $10,000 cash advances that are forgiven if spent on paid leave, maintaining payroll, increased costs due to supply chain disruption, mortgage or lease payments, or repaying obligations that cannot be met due to revenue losses.

 Loan Programs and Credit Facilities:

• $500 billion for loans and loan subsidies and support for Federal Reserve credit facilities.
• Eligibility: Air carriers and other businesses not otherwise receiving adequate relief under other provisions of the bill.
• Breakdown:
  • (1) $25 billion in loans and loan guarantees for air carriers, air maintenance and ticket agents.
  • (2) $4 billion in loans and loan guarantees for cargo air carriers.
  • (3) $17 billion in loans and loan guarantees for businesses critical to maintaining national security.
  • (4) $454 billion for loans, loan guarantees and investments in support of facilities established by the Federal Reserve to support lending to eligible businesses, states, or municipalities.
• Via the Federal Reserve, the $454 billion could be leveraged significantly, potentially providing up to $4 trillion in financial support.
• Allows Federal Reserve to purchase corporate, state, and municipal bonds.
• Defines “United States businesses” as businesses “that are created or organized in the United States or under the laws of the United States and that have significant operations in and a majority of its employees based in the United States.”
• Restrictions for Loans Under 1, 2, and 3: Loans must be secured, for a term of not more than 5 years, and while the loan is outstanding plus an additional 1 year, prevents stock repurchases and dividend payments and requires borrowers to maintain existing employment level as of March 24, 2020. Requires the Secretary to obtain warrants or senior debt instruments to enable the government to share in any gains. Secretary will not exercise voting power. Secretary can also conduct audits.
• Under 1, 2, or 3, imposes limits on executive compensation for borrowers.
• For one year after the date on which the loan or loan guarantee is no longer outstanding, no officer or employee whose total compensation exceeded $425,000 in 2019 can receive a pay increase from 2019 levels or severance pay exceeding twice max compensation received in 2019. Additionally, officers or employees whose compensation exceeded $3 million in 2019 may not receive compensation in excess of sum of $3 million and 50% of the excess more than $3 million that such employee received in 2019.
• Restrictions Under Federal Reserve: Loans through the Federal Reserve generally (though with possible exceptions) prevent the borrower from repurchasing stock and dividend payments while the loan is outstanding plus an additional year.
• The Treasury Secretary would be permitted to waive this requirement if it determines such waiver is necessary to protect the interests of the federal government, although he would be required to testify before Senate Banking and House Financial Services regarding the reasons for the waiver.
• In addition to whatever other loan facilities might be created, the Treasury Secretary will “endeavor to seek the implementation” of a Middle Market loan facility for banks to provide loans to businesses and eligible nonprofits with 500-10,000 employees.
• Interest rate will be no more than 2% with no principle or interest paid for the first 6 months.
• Funds must be used to retain 90% of workforce at full wages and benefits through September 30, 2020 and intends to restore 90% of workforce on hand on February 1, 2020.
• No buybacks or dividend payments through the life of the loan.
• No outsourcing or offshoring of jobs for the life of the loan and 2 years thereafter.
• Recipient will not abrogate collective bargaining for term of the loan and two years. Will also remain neutral in union organizing activities.
• (NOTE: this could be one of many loan facilities created and no borrower is required to use this particular facility.)
• Federal Reserve authorized to create a Main Street Lending Facility for small and mid-size businesses using 13-3 powers (with none of the requirements described above).
• Creates Office of the Special Inspector General for Pandemic Recovery within the Department of Treasury to conduct, supervise, and coordinate audits and investigations of loan and loan guarantees under this section.
• Establishes bipartisan Congressional Oversight Commission.
• Requires Treasury Secretary to publicly report detailed information on each authorized transaction within 72 hours.
• Permits the Exchange Stabilization Fund to be used to guarantee money market mutual funds

Business Tax Provisions:

• Employee retention credit for employers subject to closure due to COVID-19
  • (permits fully refundable 50% tax credit applicable to the employer’s share of payroll taxes on wages up to $10,000 per employee; widely available with special rules for small employers).
• Delay of payment of employer payroll taxes (defer payment of the employer share of the Social Security tax due between now and January 1, 2021 to December 31, 2021 (50% due) and December 31, 2020 (remaining due).
• Modifications for net operating losses (for 2018, 2019, 2020, loss can be carried back 5 years, temporarily suspends 80% limitation; extends to pass-throughs, sole proprietors).
• Accelerates ability of companies to recover AMT credits.
• Modification of limitation on business interest (for 2019, 2020, increases 30% limitation to 50%).
• Technical amendment regarding qualified improvement property.
• Temporary exception from excise tax for alcohol used to produce hand sanitizer (for 2020).

Pension and Employee Benefit Requirements:

• Allow the Department of Labor to delay employee benefit related deadlines because of a public health emergency the same as declared national disasters or terroristic military actions.
• Delay any required minimum pension contributions due in 2020 until January 1, 2021 (plus interest).
• For benefit restrictions, allow a plan sponsor to use the adjusted funding target attainment percentage for the last plan year ending before January 1, 2020 for plan years including calendar year 2020

Banking Relief, Mortgage Forbearance, and Credit Reporting:

• Regulatory relief from accounting standards for loan modifications related to COVID19 made by banks.
• Temporary relief from CECL standards.
• During the covered period, a borrower with a Federally backed mortgage loan experiencing a financial hardship due, directly or indirectly, to the COVID–19 emergency may request forbearance on the Federally backed mortgage loan, regardless of delinquency status.
  • Covered period is 60 days (2 months) and allowable extensions of up to 4 periods of 30 days each (4 months).
• Requires that furnishers to credit reporting agencies who agree to account forbearance, or agree to modified payments with respect to an obligation or account of a consumer that has been impacted by COVID-19, report such obligation or account as “current” or as the status reported prior to the accommodation during the period of accommodation unless the consumer becomes current. o Applies only to accounts for which the consumer has fulfilled requirements pursuant to the forbearance or modified payment agreement.
• Such credit protection is available beginning January 31, 2020 and ends at the later of 120 days after enactment or 120 days after the date the national emergency declaration related to the coronavirus is terminated.

Payments & Relief for Individuals:

• Direct payments to taxpayers equal to $1,200 per individual ($2,400 joint return) plus $500 per child.
• Phased out for incomes above $75,000 ($150,000 joint).
• Penalty-free COVID-19-related distributions up to $100,000 and loan amount increases and modifications to individuals from tax-favored retirement plans.
• Waiver of required minimum distributions from retirement plans and IRAs for 2020.
• Tax exclusion for people who are receiving student loan repayment from their employer.

Unemployment Programs:

• Extend unemployment insurance by 13 weeks and include a four-month enhancement of benefits
• Unemployment compensation is available for those not eligible for regular UI, including those who may have exhausted benefits.
• An individual must provide certification that he or she is able and available to work, but is unemployed or underemployed due to:
  • Coronavirus diagnosis or presentation of symptoms and seeking medical attention.
  • A household member with coronavirus diagnosis. o Caring for a family member who has been diagnosed. o School or daycare closures and the individual is the primary child caregiver.
  • Workplace lock-down. o Advise from a health care provider to self-quarantine.
  • The individual was about to start a job that is no longer available because of coronavirus.
  • The individual is now the breadwinner of a household because someone has died from coronavirus.
  • The individual had to quit because of a circumstance resulting from coronavirus.
  • The individual’s place of work is closed because of coronavirus.
• These provisions do not apply to an individual who can telework with pay.
• These provisions do not cover someone getting paid sick or paid family leave.
• The unemployment provisions run from January 27 to December 31, 2020.
• Receipt of assistance under the unemployment provisions shall not exceed 39 weeks unless otherwise extended.
• No one week waiting period.
• The federal government will pick up 100% of the cost.
• Upon agreement between a state, an additional $600 per worker per week unemployment compensation payment is available.
• This compensation is 100% covered by the federal government.
• The additional payment sunsets on July 31.
• The federal government will pick up the cost for any states that waive the one-week waiting period. This sunsets on December 31, 2020.

Work Sharing Programs:

• States that have an existing short-term compensation program can get 100% federal reimbursement for their costs related to that program.
• States that enact a short-term compensation program after enactment will also be eligible for reimbursement.
• States without a law can enter into an agreement with the Department of Labor to begin providing short-term compensation payments.
• Employers participating in a short-term compensation program will pay half the cost to the state.
• $100 million in grants are made available for states to develop short-term compensation programs, and the Secretary of Labor will develop model legislation.

Paid Leave Changes:

Changes to the “Phase 2” Bill that was just enacted:

• Paid FMLA leave under FFCRA is capped at $200 per day and $10k in aggregate.
• Paid sick leave under the FFCRA is capped at $511 per day and $5,110 in aggregate; this amount drops to $200 per day and $2000 in aggregate for sick leave taken to care for a family member or because of a school closure.
• Workers who are laid off after March 1 but then rehired are eligible for paid FMLA leave.
• Employers can keep money they would have deposited for payroll taxes in anticipation of refunds from the Treasury for paid sick and paid FMLA leave provided to employees, including amounts that would have been refunded.

Health Care Provisions:

• Repeals the requirement that over-the-counter medical and health items previously deemed to be qualified medical expenses must be prescribed by a physician in order for tax preferred funds to be used when purchasing them.
• Provides $4.3 billion to the Centers for Disease Control and Prevention to prevent, prepare for and respond to coronavirus, domestically or internationally
• Delays of DSH reductions.
• Provides $75 billion to ensure healthcare providers continue to receive the support they need for COVID-19 related expenses and lost revenue.
• Appropriates not less than $500 million to provide preparedness support to facilities around the country. $200 million shall be provided to grantees within 30 days
• Allows for sharing of substance use disorder history across providers and in a patient’s electronic health record pursuant to the patient’s consent for purposes of treatment, payment, and health care operations as permitted by the HIPAA. It shall be permissible for a patient’s prior written consent to be given once for all such future uses or disclosures for purposes of treatment, payment, and health care operations, until such time as the patient revokes such consent in writing.
• Requires the coverage under Medicare Part B of COVID-19 vaccine and its administration without any cost-sharing.
• Requires Medicare Part D plans and MA-PD plans to permit eligible individuals enrolled in such a plan to obtain a single fill or refill at the option of the individual a total day supply not to exceed a 90-day supply for a covered Part D drug.
• Expands the Medicare accelerated payment program to 100% for hospitals during the emergency period and extends the period to 6 months.
• Extends the date on which a series of funding provisions are set to expire from May 22^nd until November 30, 2020.
• Builds on new coverage requirements for diagnostic and testing of COVID 19 for private plans by broadening the testing that would be covered without cost-sharing beyond FDA-approved testing to include 1) tests provided by clinical labs on an emergency basis (including public health labs); and 2) state-developed labs.
• Requires all comprehensive private health insurance plans reimburse the test provider based on the rate negotiated between the plan and the provider (i.e., the in-network rate). If there is no negotiated rate between the plan and provider (i.e., the provider is out-of-network), the plan would fully reimburse the provider based on the provider’s own “cash price” which must be publicly available (listed on a public website).  Providers who fail to make their price public could face a civil monetary penalty of up to $300 per day from the Department of Health and Human Services.
• Ensures that access to testing and a coronavirus vaccine (once one is developed) would be quickly covered without cost-sharing on a permanent basis as a preventive service.
• Includes a safe harbor for High Deductible Health Plans that begin on or before December 31, 2021 which would allow pre-deductible coverage for telehealth and other remote care services without violating federal rules for HDHPs paired with Health Savings Accounts
• Expands grant funding for evidence-based telehealth networks and telehealth technologies (by $29 million for each fiscal year from 2021 through 2025) and rural health care services (by $79.5 million for each fiscal year from 2021 through 2025).
• Increase the weighting factor by 20% for COVID-19 patients under the Medicare hospital inpatient prospective system and revise payment rates for durable medical equipment during the emergency period.
• Expand and adjust policies regarding Medicare’s coverage of telehealth and home health services.
• Provides $1.32 billion in supplemental funding to community health centers on the front lines of testing and treating patients for COVID-19.
• Temporarily lifts the Medicare sequester, which reduces payments to providers by 2%, from May 1 through December 31, 2020, boosting payments for hospital, physician, nursing home, home health, and other care.
• Waives the Inpatient Rehabilitation Facility (IRF) 3-hour rule, which requires that a beneficiary be expected to participate in at least 3 hours of intensive rehabilitation at least 5 days per week to be admitted to an IRF. This will provide acute care hospitals flexibility, during the COVID-19 emergency period, to transfer patients out of their facilities and into alternative care settings in order to prioritize resources.
• Prevents scheduled reductions in Medicare payments: for durable medical equipment during the emergency period and for clinical diagnostic tests furnished to beneficiaries in 2021.
• Ensures that uninsured individuals can receive a COVID-19 test and related service with no cost-sharing in any state Medicaid program that elects to offer such enrollment option.
• Ensures that states are able to receive the Medicaid 6.2% FMAP increase.
• Delays scheduled reductions in Medicaid disproportionate share hospital payments through November 30, 2020.

Student Loans:

• Requires the Secretary of Education to defer student loan payments, principal, and interest thought September 30, 2020 without borrower penalty.
• Suspends reporting to credit agencies.
• Suspends all involuntary collection on defaulted student loans, including wage garnishment and reduction in tax refunds or other government-provided benefits.

Airline Industry Support:

• Provides $32 billion in grants to airline industry (air passenger, cargo, and contractors) exclusively to support employee wages and benefits.
• The government may take warrants, debt securities, or other instruments as compensation.

State and Local Aid:

• Provides $150 billion to states and local government based on each state’s population for the purpose of funding unforeseen expenses related to COVID-19.

Appropriations:

Provides $340 billion in new federal spending for Fiscal Year 2020 – 80% of which goes to state and local governments and communities and includes:

• $20.5 million for the USDA Rural Business Cooperative Service – the legislation provides $1 billion in lending authority available for the Business and Industry loan guarantee program, which provides financing to business owners that might not be able to qualify for a loan on their own.
• $80 million for the Food and Drug Administration – the legislation provides additional funding to support the development of necessary medical countermeasures and vaccines, advance domestic manufacturing for medical products, and monitor medial product supply chains.
• $1.5 billion for the Economic Development Administration – funding to support economic development grants for states and communities suffering economic injury as a result of the coronavirus.
• $50 million for the Manufacturing Extension Partnership (MEP) – funding included to be distributed among the 51 MEP centers to help small and medium sized manufacturers recover from the economic impacts of the coronavirus.
• $6 million for the National Institute of Standards and Technology – funding to support continuity of operations during the coronavirus pandemic, including research and measurement science activities to improve coronavirus testing capabilities and support development of coronavirus diagnostics.
• $10 million for the National Institute for Innovation in Manufacturing
• Biopharmaceuticals (NIMBL) – funding for NIMBL to improve national readiness and domestic biopharmaceutical manufacturing capability.
• $60 million for the National Aeronautical and Space Agency (NASA) – funding to support NASA with resources for operational adjustments associated with mission delays caused by NASA center closures related to the coronavirus pandemic.
• $2.45 billion for the Defense Industrial Base – additional funding for the Defense Working Capital Funds as the military services work to mitigate the impact of the coronavirus on production lines, supply chain, military depots, and labs. Additionally, funds will go to the Defense Production Act to increase access to materials necessary for national security and recovery from the pandemic.
• $70 million for the U.S. Army Corps of Engineers – additional funding to support Emergency Operations Centers to ensure the continuous operation of Corps projects across the country related to coronavirus prevention.
• $562 million for the Small Business Administration (SBA) – additional funding for administrative expenses and program subsidy for the SBA’s Disaster Loans Program.
• $9.1 million for the Cybersecurity and Infrastructure Agency – funding to address immediate needs for improved interagency coordination for the protection of critical infrastructure worldwide.
• $45 billion for the Federal Emergency Management Administration (FEMA) – funding to continue FEMA’s entire suite of response and recovery activities and reimbursements provided to states and localities nationwide by the Disaster Relief Fund.
• $453 million for the Bureau of Indian Affairs – funding for the coronavirus containment and detention facilities and aid to tribal governments.
• $7.2 million for the Environmental Protection Agency (EPA) – funding to support research efforts regarding coronavirus and associate costs with cleaning and disinfecting Agency facilities.
• $1 billion for the Indian Health Service – funding to address critical response needs in Indian country including medical equipment and medical supplies to fight the coronavirus.
• $127 billion for the Public Health and Social Services Emergency Fund – funding included for reimbursement to hospitals and healthcare providers so that they may continue to receive the support they need for coronavirus related expenses and lost revenue.
• $4.3 billion for the Centers for Disease Control (CDC) – funding for public health preparedness and response which includes direct funding to state and local public health responders as well as State and Local Preparedness Grants.
• $945.5 million for the National Institute of Health (NIH) – funding for vaccines, therapeutic, and diagnostic research to increase our understanding of the coronavirus and underlying risks.
• $30.9 billion for the Department of Education – funding for the Education Stabilization Fund and Elementary and Secondary Education in formula funding directly to the states to help schools respond to coronavirus and related school closures.
• $19.6 billion for the Department of Veterans Affairs (VA) – funding for Medical Services and Medical Facilities to support the increased demand for healthcare services at the VA.
• $353 million for the United States Agency for International Development (USAID) – funding to bolster the response to coronavirus domestically and abroad including support for the cost of evacuating personnel abroad.
• $31.1 billion for the Department of Transportation (DOT) – funding included for the Federal Aviation Administration, Airport Improvement Program, Essential Air Service, Federal Highway Administration, Federal Transit Administration Transit Infrastructure Grants, and Amtrak.
• $900 million for Low Income Home Energy Assistance (LIHEAP) – grants to states to support immediate home energy assistance for low-income households affected by coronavirus.

The post Summary of Bipartisan Agreement on “CARES” Act appeared first on Brenda J. McGivern, PC.

WHAT IS THE PAYCHECK PROTECTION PROGRAM?

The program provides $349 billion in 100% federally guaranteed loans to small businesses and 501(c)(3) nonprofit organizations, 501(c)(19) veterans’ organizations, or tribal business concerns described in Section 31(b)(2)(C). Because many businesses have already laid off workers as a response to the pandemic, the program can be retroactive, with the covered loan period running from Feb. 15 to June 30, 2020, which allows previously laid off or furloughed employees to be returned to payrolls.

ELIGIBLE BUSINESSES

• Only small businesses that employ fewer than 500 employees are eligible.
• The program removes the “Credit Elsewhere Test,” which requires an extensive analysis to determine whether the borrower has the ability to obtain some or all of the requested loan funds from alternative sources, without causing undue hardship. That test could also have required them to utilize those alternative sources rather than obtain the SBA loan.
• No collateral, or personal guarantee, shall be required for the covered loan.
• Waiver of affiliation rules:
  • Restaurants, foodservice, caterers, and hotels that employ 500 or fewer employees per physical location are also eligible to receive a single loan if they operate in North American Industry Classification System Sector 72 (Accommodation and Food Services).
  • Affiliation rules are also waived for:
    • Franchises that are approved on the SBA’s Franchise Directory.
    • Small businesses that receive financing through the Small Business Investment Company (SBIC) program

MAXIMUM LOAN AMOUNTS

The maximum loan amount must be the lesser of 2.5 average months’ eligible  payroll costs or $10,000,000. In determining the 250% of average monthly payroll costs, business should consider the average monthly eligible payroll costs incurred during the one-year period before the date on which the loan originates.

Seasonal businesses should calculate the 2.5 months’ payroll using the 12-week period beginning Feb. 15, 2019. Alternatively, the business may choose the period beginning March 1, 2019, and ending June 30, 2019. Seasonal businesses will multiply this average by 2.5.

There are important restrictions regarding the payroll calculation. Do not include:

• Any salaries in excess of $100,000 per year
• Any qualified sick and family leave wages for which a tax credit is allowed under Section 7001 or 7003 of the Families First Coronavirus Response Act

LOAN USES

The loan can be used for the following purposes:

• Employee salary or wages, cash tips, or equivalent payments
• Vacation, parental, family, medical, or sick leave payments (excluding those for which a tax credit is allowed under Section 7001 or 7003 of the Families First Coronavirus Response Act)
• Payment required for the provisions of group healthcare benefits, including insurance premiums
• Payment of any retirement benefit
• Payment of state or local tax assessed on the compensation of employees
• Mortgage payments, rent, and utility payments
• Interest on debt obligations previous to Feb. 15, 2020

 LOAN FORGIVENESS PROCESS

• Loan recipients can be eligible for forgiveness for an amount equal to the total amount paid for the following expenses over eight weeks starting with the loan’s origination date, but not more than the loan’s principal amount.
• Eligible payroll costs
  • Recipients with tipped employees as described in the Fair Labor Standards Act may receive forgiveness for additional wages paid to those employees.
• Mortgage interest, rent, and utilities, provided that the mortgage, lease, and utility services were in place before Feb. 15, 2020.
• The Act includes a possible reduction in the forgiveness amount corresponding to any reductions in the number of full time equivalent employees or in employee pay compared with 2019 numbers.
• However, this penalty will not apply to employers that reduced these numbers at the beginning of the pandemic disruption and then raise them again by June 30, 2020.
• “The Administrator and the Secretary of the Treasury may prescribe regulations granting de minimis exemptions from the requirements under this subsection,” the Act says.
• Those seeking loan forgiveness must provide certain documentation to their lenders, such as payroll tax filings and documentation of payments on mortgage, rent, and utilities. Lenders will be “held harmless” for forgiveness if they have that documentation.
• Any loan amounts remaining after this forgiveness is applied will be carried forward, with a maximum maturity of 10 years and a maximum interest rate of 4% with an option to defer payments of interest and principal no more than one year.

HOW TO GET A LOANS

The SBA is authorizing banks and other commercial lenders currently authorized to make SBA loans to originate and administer the new loan program. The federal government is pushing for rapid adoption and expects to have numerous lenders in place within a week of the signing of the Act.

Contact

Brenda J. McGivern, CPA

781-341-0930

Brian J. McGivern, CFP®, MBA, EA

781-341-0930

The post Paycheck Protection Program appeared first on Brenda J. McGivern, PC.

When you first started your business, you might have been able to keep track of your merchandise by counting manually. But as you and your product list grew, this became impractical. You might have recorded it all in a spreadsheet, or even a box full of notecards.

QuickBooks Online has a much better way. Whether you sell products or services or both, you need records of specific items to use in transactions and reports. Those records are especially important if you have physical inventory; they can store details that help you know, for example, when it’s time to reorder.

Building a database of your inventory is time-consuming work that requires a lot of detail. But the information it supplies will be of great significance as you make critical buying decisions.

Detailed Templates

It’s easy enough to create your individual records. To get started, click the gear icon in the upper right corner of QuickBooks Online and select Products and Services under Lists. A table will open that will eventually contain a comprehensive list of what you sell. Click New in the upper right corner, and the Product/Service information pane slides out. You’ll see your four options here:

• Inventory: Products you buy and/or sell
• Non-inventory: Products you buy and/or sell that don’t require tracking
• Services: Services you sell
• Bundle: Products and/or services that you sell together

We’ll focus on the first option. Click Inventory. Enter the product’s Name and SKU (if there is one) and click the pencil icon to upload a photo if you’d like. If this item is going to be a sub-product or service of another, you’d click the box in front of that option and select the “parent” product or service from the drop-down list.

How many do you currently have of that item? Enter the number in the field to the right of Initial quantity on hand, and then enter the As of date in the next box. When your stock level hits a certain number, you’ll want to reorder more. Enter that number in the box to the right of Reorder point.

Your item needs to be assigned to an Inventory asset account for tracking and reporting purposes. This field should default to Inventory Asset. If it doesn’t, or if you want a more thorough explanation of this element of accounting, contact us.

Enter a description of the item in the Sales information box; this will appear on sales forms. What will your customers be charged for it? This is the Sales price/rate. The Income account should automatically display Sales of Product Income, and you should click in the box in front of Is taxable if that’s the case.

If you buy the item to resell, enter a description in the Purchasing information box, and provide your Cost, the price you pay when you buy the item from another source. The Expense account should default to Cost of Goods Sold.

When you’re done, save the record.

Viewing Your Records

Once you create a record for an item or service, it will appear in this table.

You don’t have to create records for absolutely every product or service you sell before you start using them. When you create an invoice, for example, and you open the drop-down list under Product/Service, the option at the top of the list will be + Add new. Select that, and the Product/Service information pane opens. You can create a record on the fly.

To get to the list of the product and service records you’ve created, click the gear icon in the upper right and select Products and Services, like we did early on here. You’ll see a screen similar to the one pictured above. You’ll also notice that you can link to several action screens from each entry.

If you maintain careful item records, you’ll be able to create a number of reports that can advise you on the state of your inventory. Click on Reports in the toolbar, and then All Reports | Manage Products and Inventory. These reports are fairly self-explanatory, but by customizing them, you can get even more focused insight. We can help you with this. We’d also be happy to go over any other aspect of inventory-tracking and management that’s confusing. Just let us know when you want to get started.

The post Creating Items In QuickBooks Online appeared first on Brenda J. McGivern, PC.

Payroll is probably the most complex element of small business accounting. Not only are you directly responsible to your employees, but you also have to make sure you’re handling everything related to benefits and payroll taxes correctly.

Whether you’re switching from a manual system to QuickBooks Online, or you’ve just hired your first employee, you’ll soon discover that the site can make your payroll-related tasks much more organized and accurate – speeding up the process tremendously.

But before you start getting ready for your first payroll run, you have a lot of setup work to be done. Be sure to leave yourself time before those first paychecks are expected.

Our Purpose Here

We’ll provide some step-by-step instruction, but initially, we just want you to see what information you’ll need to have available and how QuickBooks Online handles it. This is not meant to be a payroll setup tutorial.

Building a Backbone

There’s no particular order set in stone for your payroll preparation tasks, although you will need to provide some background information about your company and its policies before you can start creating employee records.

QuickBooks Online doesn’t walk you through the steps required. It does though display a page with links to all of the data you’ll have to enter. Click the gear icon in the upper right, and then click Payroll Settings. You’ll see this screen:

QuickBooks Online’s Payroll Settings screen displays links to the pages where you’ll manage your setup tasks.

You would have entered information about your Contact Information and Work Locations (under the Business Information heading) when you first signed on to QuickBooks Online. At the same time, you would have been exposed to the Chart of Accounts, which already has accounts designated for payroll. You can see them by clicking Preferences | Accounting, but please do not customize these. If modifications are needed, we’ll do them for you.

Payroll Policies

How often will you pay your employees? Go up to the Payroll heading in the upper left and click on Pay Schedules. Click Create and open the drop-down list next to Pay Period to select the frequency desired. Then enter the date for the first payroll you’ll run in QuickBooks Online and the end date for the period that it covers. Click the box below if you want this to be the default setting for all employees. Then click OK to return to the previous page.

Open the Vacation and Sick Leave Policies window. If you don’t yet have accrual rules for these paid days off, let us help you here. It’s complicated. When you’re done, click the back arrow to return to the Pay Policies window and select Deductions/Contributions. Are you offering benefits like health insurance? You’ll need to have your paperwork and information handy before you start completing this section.

Before you can pay employees, you’ll need to have entered information about the benefits you offer so you can withhold dollars for them.

Click the plus sign (+) in front of Add a New Deduction/Contribution and complete the fields here, then click OK. You’ll assign these deductions to employees on their individual records in QuickBooks Online. If there are any Employee Garnishments needed (like child support), click the down arrow next to Add Garnishment for and select the worker from the list. You’ll provide details for these in the window that opens. This information was most likely provided to you by the agency requesting it. When you’re done, click OK.

Taxes and More

If you’re new to payroll and have never dealt with payroll taxes before, you’re going to need our help getting this complicated element set up correctly. Even if you have, we’d recommend that you let us work with you. QuickBooks Online does a good job of providing guidance here, but failure to submit payroll taxes (or pay them incorrectly) can lead to penalties and fines – or worse.

There are other setup tasks you’ll need to complete, like:

• Connecting your payroll bank account to QuickBooks Online.
• Creating employee records.
• Setting payroll production preferences.

Setup is by far the most challenging part of processing payroll in QuickBooks Online. Once that’s done, you’ll just be entering hours and making modifications. Please do connect with us if you’re planning to take this on, and we’ll make sure you get a good start.

The post Getting Ready for Payroll in QuickBooks Online appeared first on Brenda J. McGivern, PC.

QuickBooks Online was designed to be used by a variety of business types; that’s one reason why it’s such a popular small business accounting website. It was built to be versatile. That is, whether you sell hard drives or you service HVAC systems, you can customize it to “fit’ your company.

This is why your first order of business when you start using QuickBooks Online should be to click on the small gear icon in the upper right corner. The window that opens displays links to all of the site’s options – a collection of choices that’s called “Preferences” in desktop QuickBooks.

When you click on the small gear icon in the upper right corner of QuickBooks Online, this window containing the site’s many options will open.

Global Settings

The first screen you should visit is Account and Settings. This page is divided into five sections, accessible by clicking on one of the tabs below:

Company – Your company’s name and contact information appears here, as well as identifying details like the tax form you file, as well as your industry.

Sales – You can do a lot of customizing here that will affect your company’s selling activities. For example, you can specify preferred invoice terms and delivery method, and indicate whether to turn on features like:

• Shipping
• Custom fields and transaction numbers
• Discounts
• Quantity and price/rate
• Inventory quantity on hand

You can also access the site’s tools for customizing the design and layout of your sales forms (invoices, receipts, etc.).

Expenses – You’ll toggle expense-related tools on and off here. You can choose to, for example, track expenses and items by customer and make them billable. Will you be using purchase orders? What will your default bill payment terms be?

Payments – Here, you’ll be able to set up a merchant account so you can accept credit cards and bank transfers from customers through QuickBooks Online. If you already have a merchant account, you can connect it here.

Advanced – There’s a good reason why this section is named “Advanced.” You may not be familiar with some of the concepts here, like “closing books” and specifying default accounts for items like Markup. We can go over these things with you and help you make decisions.

Other entries in this list are easier to complete, though you may still want some guidance. Will you support multiple currencies? Automatically apply credits and invoice unbilled activity? Make individually-tracked time activities billable to customers?

Other Preferences

There are many other areas in this window that you’ll want to explore before you start processing a lot of transactions in QuickBooks Online. If more than one person will have access to the site (we’ll assume you’re the Administrator), you must click on Manage Users. Here, you can set limits of what other employees can access. Click New on the screen that opens to launch this mini-interview, and follow its instructions:

You can restrict users to specific areas of QuickBooks Online.

Other preferences you should look at include:

• Chart of Accounts – only to familiarize yourself with the accounts that make up the backbone of your accounting data. You’ll use these in transactions. Please do not make any changes here without talking to us.
• All Lists – to see what’s available here, like Classes, Recurring Transactions, and Payment Methods.
• Products and Services – to start building records for the items and services you sell. If you carry inventory and have never worked with a website that helps you manage it, please let us go over these concepts with you.
• Budgeting – if you plan to create a budget. QuickBooks Online contains a tool that will accommodate this critical task.
• Audit Log – if multiple people will be using QuickBooks Online. It tracks all activity by date and user.

QuickBooks Online is easy to use, but there’s a lot to learn upfront about customizing it to meet your company’s accounting needs. It’s natural to feel a bit overwhelmed at first. Let us help you get through those early days of use.  Connect with us, so we can walk you through the basics.

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Recording Employee Hours

There are two ways to enter hours for your employees who provide services to customers and are paid by the hour. The first is to create a work ticket for a single activity. Click Enter Time on the home page, and then Time/Enter Single Activity to open this window:

Single-activity work tickets for employee hours are especially useful if you need to set a timer.

First, check the date to make sure it displays the day when the work was actually done, not recorded. Click the arrow in the field next to Name and select the employee’s name from the drop-down list that opens, then do the same in the Customer:Job field below. The Service Item field needs to display the name of the service performed by the employee.

If you want to time a period of activity, use the Start, Stop, and Pause buttons under Duration. You can also replace the 0:00 that appears by default with the number of hours and minutes that were worked.

In the middle column, you’ll select the correct Payroll Item from the drop-down list. You can add a new employee if necessary without completing his or her entire record, but be sure to go back and complete it before your next payroll.

Hidden behind the drop-down menu is a field titled WC Code, which stands for Workers’ Compensation Code. It will only appear if you’re using QuickBooks Enhanced Payroll and have that feature turned on.

Tip: If these two fields do not appear, you’ve selected an employee who isn’t timesheet-based.

In the upper right hand corner, you’ll see a field labeled Billable. Be sure you click in the box to create a checkmark if you’ll be invoicing a customer for the work done.

Save the activity record when you’ve completed it.

Using Timesheets

You can enter employees’ hours directly on a timesheet instead of creating a single activity record.

QuickBooks offers a second option for entering employee hours: timesheets. You’ll notice that there’s a Timesheet icon in the toolbar of the Time/Enter Single Activity window. If you click on it with a completed record open, a new window opens containing a graphical representation of a paper timesheet.

If you enter employee hours in a single activity record, they will appear on a timesheet, and vice versa. There are two advantages to entering hours directly on the timesheet, though. The first is that it’s faster. And secondly, you can click the Copy Last Sheet icon if you’re just going to duplicate an employee’s previous pay period’s hours. If you want to go there straight from the home page, click Enter Time | Use Weekly Timesheet.

Billing Customers for Time

QuickBooks makes it very easy to transfer billable hours worked by employees to the corresponding customers’ invoices. After you’ve entered blocks of time spent on services, open an invoice form and select the customer. This window will open:

Once you’ve entered billable hours worked by an employee, simply open an invoice form and select that customer to open this window.

By default, Select the outstanding billable time and costs to add to this invoice? is checked. When you click OK, a new window opens displaying a grid that contains all of that customer’s billable time. You can Select All or click in front of each entry you want to include. You’ll notice here that there are also tabs on the grid for Expenses, Mileage, and Items that can be billed back to the customer.

If you choose not to carry billable hours over to the invoice at the present time, you can always add them by clicking Add Time/Costs in the invoice’s toolbar.

Questions? We’re always available to help ensure that you’re billing customers for all costs they incur – and to talk about any other element of accounting that affects your cash flow.

The post Tracking Time in QuickBooks, Part 2 appeared first on Brenda J. McGivern, PC.

If you’ve been in business long enough to remember tracking your customers manually, you probably remember what a nightmare it was. Maybe you had a card file and paper folders – and lots of sticky notes and calendar notations.

Unless you had an unusually effective organization system, it was probably difficult to find historical transactions when customers called with questions, for example, and you may have experienced cash flow problems because it was hard to keep up with invoices and statements and payments.

If you’re already using QuickBooks Online, you know those days are over. But have you explored all the customer relationship management tools available to you on the site?

Thorough Records

The core of any good customer-tracking system is a comprehensive set of individual profiles. QuickBooks Online offers thorough, flexible record templates for just that purpose. Click Sales in the main toolbar, then the Customers tab at the top of the screen. To create a new customer record, click New Customer off to the right to open the Customer Information window.

Note: If you have your customer database in an existing Excel or .CSV file, you should be able to import it. QuickBooks Online provides instructions for this.

You can create a profile for each customer in the Customer Information window.

 You’ll need to enter a lot of the information yourself here, mostly contact details. A down arrow next to a field indicates that there’s a drop-down list of options available.

The lower left quadrant of the screen contains a series of tabbed information windows. Click on each to enter what you can about each customer’s:

• Address – both billing and shipping
• Notes – any that you’d like to enter
• Tax info – exemption details and default tax code (if taxable)
• Payment and billing – preferred payment and delivery method, payment terms, and opening balance
• Attachments – any files pertaining to this customer that you want to include

When you’re done, click Save. Your new record will appear in your list of customers. You’ll be able to toggle back and forth between the details you just entered and a list of their transactions.

Working with Customers

You can always add new customers as you go along, but it’s a good idea to enter records for all of them before you start creating transactions. It will save time down the road, and their accessibility will help with other accounting tasks.

When you click on Sales | Customers now, you’ll see something like this:

Your Customers page contains a list of customers with links to related activities. It also provides a color-coded row of bars that represent the status of invoices and estimates.

The Customers page consists of many elements. The main section displays a table of your customers. Click on one to open the page containing the Transaction List and Customer Details.

On this screen, though, you’ll only see columns for Customer/Company, Phone, Open Balance, and Action by default; click the gear icon in the upper right if you want to include more columns here. When you click on the down arrow next to a field in the Action column, a drop-down list will display the options available for that customer, like Receive payment, Send reminder, and Create Statement.

A series of colored bars runs across the top of the screen. Each represents the current status of a specific transaction type: Estimates, Unbilled Activity, Overdue, Open Invoices, and Paid Last 30 Days. Click on any of these to open a list of pertinent transactions.

You can do all of these activities elsewhere in QuickBooks Online, but it’s convenient to be able to work directly from the Customers screen, too. The fewer clicks, the better.

Call on Us

Did you make a resolution to start using QuickBooks Online this year? The site was built for use by business managers, not accountants, but it can still be a little daunting at first. We’re always available to take your questions and help you with setup and/or daily implementation. Connect with us if you need assistance.

The post Using QuickBooks Online’s Customer Records appeared first on Brenda J. McGivern, PC.

When you sell a product to a customer, you know it. It goes away, and your inventory count in QuickBooks is reduced by one. This tracking helps you know what’s selling and what’s not, and it signals when a reorder is due.

If your business provides services to customers, though, you’re selling your employees’ time and skills. There’s no inventory count; you can sell as many hours as you have workers to fill them. Tracking time accurately and comprehensively, though, is as important as knowing how many hard drives or tote bags you’ve sold.

QuickBooks contains tools to help you record the hours employees spend doing work for customers, so you can bill them for services rendered. You can also use these same features to enter employee time for payroll purposes. The software offers two options here: single-activity records and timesheets.

Building the Foundation

We’ve discussed QuickBooks’ Preferences many times before. The software was designed to support small businesses with a wide variety of structures and needs, so it needs to be flexible. For that reason, we always recommend that you check in with your “Preference” options before you explore new features.

To get there, open the Edit menu and select Preferences. In the left vertical pane, click on Time & Expenses, then on the Company Preferences tab at the top. Here is a look at the top part of the window that opens:

The Company Preferences window for Time & Expenses displays multiple options.

To make sure that QuickBooks’ time-tracking features are turned on before you start, click the button next to Yes under Do you track time? Specify the First Day of Work Week by opening that drop-down list. If you know that all your time entries will be billable, click in the box in front of that statement.

There are other options in that window; we’ll talk about them in a future post.

Creating Service Items

Before you can start tracking billable time, you have to create a record for each service offered – just like you would for a physical product. Click the Items & Services icon on the home page or open the Lists menu and select Item List. The window that opens will eventually display a table containing all the items and services you’ve created.

To define a service item, click Item in the lower left corner, then New, to open a window like this:

You can create numerous types of items in QuickBooks; Service is one of them.

Click the down arrow in the field under Type to see your options here. There are many, ranging from Service to Inventory Part to Sales Tax Group. Select Service. In the field under Item Name/Number, enter a word or phrase and/or number that describes the service, and that won’t get confused with another.

If you had already created an item like “New Construction Services” and you wanted “Carpet Installation” to appear as a subitem of it, you’d click in the box in front of Subitem of to create a checkmark, then open the drop-down list below it and select “New Construction Services.”

Ignore the Unit of Measure section. If this designation is important to your business, talk to us about upgrading your version of QuickBooks. Connect with us, too, if the service you’re defining is used in assemblies or is performed by a subcontractor or partner, as these are more advanced situations.

Enter a brief Description in that box and your hourly charge—to the customer—in the field to the right of Rate. Click the down arrow in the field next to Tax Code to select the item’s taxable status.

It’s very important that you get the next field right. QuickBooks wants to know which account in your company’s Chart of Accounts should be assigned to this item. In this case, it would be “Construction Income.” If you’re not yet familiar with the concept of assigning accounts, let’s set up a session to deal with this and other basic knowledge you should have.

When you’re done, click OK.

In a future post, we’ll talk about entering time items in records and timesheets.

The post Tracking Time in QuickBooks, Part 1 appeared first on Brenda J. McGivern, PC.

Its ability to download financial transactions is one of the five best things about QuickBooks Online. Without it, you’d spend a lot of time on tedious data entry, verifying which checks and deposits had cleared and entering new ones.

Instead, you can easily connect to your bank and bring in all your activity from the previous hours or day. QuickBooks Online stores this neatly in a register and provides tools for you to further describe and classify each transaction.

Setting Up the Connection

Haven’t connected your financial institution to QuickBooks Online yet? It’s easy. Click the Banking link in the toolbar, then Add Account in the upper right. The Find your bank window opens. Start entering the name of your bank, credit card company, or service like PayPal in the blank field. A list of potential matches will drop down; you simply select the one you want. A window like this will open:

All you need to do to start downloading transactions into QuickBooks Online is select your financial institution and enter the User ID and Password you use to connect directly to the site.

You will have to go through some security procedures, and then QuickBooks Online will download 90 days of transactions (you can shorten this if you’d like). You’ll also be asked which QBO account should receive the transactions. After a few minutes, the register for that account will appear, displaying the transactions you just downloaded.

Warning: The mechanics of connecting to your bank and downloading your first batch of transactions may sound easy, but if everything is not absolutely clear to you as you’re going through the process, please contact us sooner rather than later.

Working with Transactions

Once you’ve downloaded a set of transactions, you’ll want to look at them. Again, click the Banking link in the navigation toolbar. Your accounts will appear in small boxes at the top of the page, along with two balances: the one that came from the financial institution and the one in QuickBooks Online. Select the one you want by clicking on it, and its register will open.

Tip: QuickBooks Online generally updates your accounts once daily. If you want to launch a manual update at any time, click on Update in the upper right corner.

Let’s look at one downloaded transaction to see what you can do with it. Make sure the For Review column is highlighted above the register. Select a transaction by clicking on it. A window like this will open below it:

QuickBooks Online does more than simply download financial transactions: It lets you define them in greater detail.

There are several options here, including:

• Add to register. If you’re satisfied with the information as is, just click the Add button to the right (not pictured here).
• If you want to split the amount/category (Supplies, Tools, etc.)/class of a transaction, click Split (also off to the right and not pictured). A window will open to let you specify that.
• Assign categories. QuickBooks Online may automatically make assignments to obvious categories, which you can change if incorrect. You can also click the down arrow to the right of that field and select your own from the list.
• Bill an expense to a customer. Did you purchase something that needs to be billed to a customer? Click in the box under Billable and select the correct one from the drop-down list that opens.
• Find matches. This can get complicated, and we recommend you let us work with you on it. Let’s say you entered an invoice in QuickBooks Online, and an income item for that exact amount gets downloaded from your bank. QBO will assume that those two “match,” and display them in the In QuickBooks You can click Undo if this is incorrect. But you can also click Find match in the transaction window, and QBO will open a list of possibilities.

As you can see from browsing the lists of downloaded transactions, there’s a lot to learn here. We’d be happy to get together and walk you through your first explorations of these powerful features.

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