Biden Signs PPP Extension Act Into Law, Moving Application Deadline to May 31

Biden Signs PPP Extension Act Into Law, Moving Application Deadline to May 31

President Biden on March 30 signed into the law the bipartisan Paycheck Protection Program (PPP) Extension Act of 2021 (HR 1799), which moves the application deadline to May 31, 2021. The PPP application window was originally set to expire the next day on March 31.

The bill was overwhelmingly approved in the House by a 415-to-3 vote; the Senate cleared it 92-to-7.

Additionally, the measure provides the U.S. Small Business Administration (SBA) with an extra 30 days to process loans submitted prior to June 1. However, no additional funding was provided for the program, which is expected to lapse in mid-April, according to the SBA.

Information on First and Second Draw PPP Loans can be located here.

The SBA’s March 25 PPP Data Report can be located here.

Launching a Non-Profit Organization: Essential Resources and Steps

Launching a Non-Profit Organization: Essential Resources and Steps

Starting a non-profit organization is a very fulfilling way to earn a living while giving back to your community. Whether you decide to help people, animals, or the environment, your non-profit is sure to have a positive impact on the world around you. But launching and growing a non-profit can be complicated. Soliciting help from financial service organizations like Northeast Financial Strategies is a great place to start! Here are some other tips and resources for organizing a successful launch.

 

Lay the Groundwork

 

Before getting too deep into launching your non-profit, take the time to do market research, structure your business properly, and ensure that running a charity is the right path for you.

 

  • Do some market research to find out if there is a need for your services in your community.
  • Make sure running a non-profit is the right move for you.
  • Structure your business as an LLC to give credibility to your services and limit your personal liability.

 

Keep Everything Legal

 

Non-profit organizations have to navigate a sea of complicated legal regulations. Get everything set up right from the beginning so you can avoid legal issues in the future.

 

 

Secure Adequate Funding

 

Earning funding for your non-profit will be one of your main jobs. As you prepare for the launch of your organization, start soliciting donations to cover your startup costs.

 

 

If you’ve always wanted a career focused on benefiting society rather than earning profits, launching a non-profit could be a great move. The startup process can be tricky, so take it day by day and try not to get overwhelmed. Keep these resources close at hand so you can reach for answers whenever you run into a roadblock.

 

Professional services can make it easier to launch and grow your startup. For help with tax preparation, money management, accounting, or payroll, reach out to Northeast Financial Strategies today.

Jeffrey Schweitzer Awarded 2021 Local Business Person Of The Year by Alignable

Jeffrey Schweitzer Awarded 2021 Local Business Person Of The Year by Alignable

Alignable Announces Jeffrey Schweitzer of NFS – Northeast Financial Strategies Inc. as a 2021 Local Business Person Of The Year alignable.com/l/e9dtz

Schweitzer Emerges As A Winner In National Competition Celebrating Hometown Business Heroes Supporting Peers During COVID Era

BOSTON, MA: February 16, 2021 — The largest online referral network for small businesses, Alignable.com is announcing the results of its month-long North American search for local business leaders who’ve gone above and beyond to help peers during the COVID Crisis. Today, Alignable’s network is honoring Jeffrey N. Schweitzer, EPA, CEP, ATP, RTRP of Northeast Financial Strategies, Inc. as Wrentham’s 2021 Alignable Local Business Person Of The Year!

Alignable amassed an incredible 86,000+ votes and recommendations about hometown business heroes. This is the third year Alignable has hosted this contest and the participation levels for 2021’s competition topped 2020’s by a monumental 800%. During a time where at least two-thirds of small businesses have regularly reported suffering negative effects from COVID issues, it’s clear with this outpouring of support just how much small business owners wanted to recognize the extraordinary efforts of their peers.

A Testament To The Bond Between SMBs

“To see so many business owners celebrate their peers was awesome — 60 votes landed every minute at the height of the contest,” said Eric Groves, Alignable’s Co-Founder and CEO. “This frenetic level of participation is a testament to the strength of the business relationships forged and reinforced over the past year.” Alignable’s 2021 Local Business Person Of The Year Contest ran from January 6 to February 5, 2021.
Alignable invited its 6 million+ members to vote for their favorite peers. In all, 2,962 local business people emerged victorious across North America, after 61,000+ votes were tallied and 25,000+ recommendations were reviewed.

We’re Stronger Together

”The Wrentham community means a great deal to me and, like many of my peers, I have gladly helped my fellow small business owners overcome a number of obstacles during this tough time,” said Schweitzer. “I am
beyond honored to receive this award and very grateful for the heartwarming support from my peers. We’re all stronger together.”

Schweitzer and other 2021 Local Business People Of The Year in communities across the U.S. and Canada have received badges on their Alignable profiles, in recognition of their contributions. In past years, the
awareness generated through this contest has helped drive additional connections, prospects, and new business for many winners.

Networking Surge Kicks Off 2021

“We hope the popularity of this year’s contest will lead to even greater awareness and business success for 2021’s winners,” said Alignable’s Co-Founder and President Venkat Krishnamurthy. “We’ve already heard
from some members that the surge in networking, referrals, and recommendations that occurred during 2021’s contest got them off to a stronger start this year.”

To arrange interviews with Schweitzer and/or an Alignable representative, please contact Alignable’s Head Of PR Chuck Casto at chuck@alignable.com. He also can offer JPEGs and other visuals, recommendations supporting winners, and additional information.

About Northeast Financial Strategies Inc.

Northeast Financial Strategies Inc. is a financial services organization with highly trained professionals working together to provide products and services to individuals & business owners. We are dedicated to problem
solving which is reflected in our diversified portfolio of resources. We offer Financial & Estate Planning, Investments, Insurance, Accounting, Payroll, Income Tax Preparation, & Notary Public Services for Individuals
& Small Businesses. Since opening our office in Wrentham in the Fall of 2010, Northeast Financial Strategies has consistently been voted by readers #1 in the Wicked Local Awards in the categories of Accountant,
Financial Planner and Insurance Agency. We have also brought home Regional Favorite Awards in the Accountant & Financial Planner categories consistently since 2016.

About Alignable

Alignable.com is the largest online referral network for small businesses in the U.S. and Canada. With 6 million+ members across 35,000+ local communities, Alignable is the network where small business owners
drive leads and prospects, generate referrals, land new business, build trusted relationships, and share great advice.

Jeffrey Schweitzer can be contacted at jeff@nfsnet.com or 800-560-4637 extension 14

 

4 Cash-Flow Mistakes That Can Harm Your New Business – And How to Avoid Them

4 Cash-Flow Mistakes That Can Harm Your New Business – And How to Avoid Them

Any business owner knows that managing cash flow is crucial to the success of a business. As long as more cash is flowing in than flowing out, your business can be robust and stable — and continue to grow. While this is obvious in theory, it’s not always easy to achieve in practice, especially for business owners who are unaware of the common problems and pitfalls that can negatively influence cash flow.

Since cash flow failure can spell doom for a business, you need to be aware of these problems and how to steer clear of them to keep your company thriving. Here are some of the top mistakes new business owners make — and how you can avoid them.

Not keeping a cash cushion.

Many of us go through thin times when having a cash reserve is impossible. Starting a business in such circumstances would be risky. Because businesses, especially in their early phases, go through ups and downs, you will need that extra cash padding to make sure you meet all your obligations. Depending on the size and nature of your business, calculate how much cash you need to survive should your operations be put on hold or if income flow ceases for approximately three months’ time. If you plan to start a small business but don’t have a cash reserve, delay your start date until you have built an adequate fund. Then, create a separate savings account for your cash cushion. And, as soon as possible, start adding to it. This account should remain untouched except in the event of an emergency.

Buying non-essentials.

Something about the thrill of launching a new business, like the thrill of buying a house or planning a remodel, can prompt overly exuberant shopping. You have a list of necessary purchases and have budgeted for them, but as you shop, you keep noticing other products or programs that seem enticing. Do not impulse buy, no matter how appealing a product looks! Find out whether you really need it, if it could realistically add value to your business, and whether you can afford it without sacrificing necessities or dipping into your emergency reserve.

Failing to budget – and bank – smarter.

If you don’t know every detail of your projected expenses, you can’t budget for them. Go over every aspect of your business plan and consult a professional to make sure there are no hidden fees or costs you aren’t accounting for. Next, create a budget that is both exhaustive and realistic — one that doesn’t hinge on windfalls, deals, sales, or bargains and doesn’t rely on overly optimistic sales predictions. Most importantly, stick to that budget! You will need to be meticulously organized in order to adhere to your budget, so consider using apps or software programs to help.

Another crucial component is having the best small business bank account available. When choosing a banking institution, your checklist for optimal features should include free instant deposit and an option to sync with your payroll, to help you streamline your processes. Other important perks to look for are high-yield interest, no minimum fees, and cash flow forecasting.

Getting behind on your bookkeeping.

No matter how much you pride yourself on self-reliance, when it comes to managing your books, the risks of falling behind or making errors are significant. You don’t want to get into a bind just because you were multitasking and your records got away from you. Paying employees, attending to payroll as a whole, filing your quarterly estimates, and paying federal taxes all require organization and vigilance, so consider hiring an accounting service like Northeast Financial Strategies to help make a tax plan, do your accounting, or at least, double-check for you as you go.

You should also regularly review your records and store them safely where you can easily access them, whether physically or online.

Even a small period of bad cash flow can be a warning sign, so plan well and watch your finances closely. If you stay vigilant and proactive before a problem arises, chances are, you will easily avert it.

Northeast Financial Strategies (NFS) has an array of resources to help small business owners stay on top of cash flow and other aspects of financial management. Book an appointment today.

Image via Pixabay

This article provided by Amy Collett of bizwell.org