blog | Bowman & Company, LLP | Construction

New PPP Loan Forgiveness Applications Released

Posted by NJCPA on Jul 8, 2020 12:40:26 PM
New PPP Loan Forgiveness Applications Released

On June 17th, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020.  

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, #COVID-19News

Prepare for a Post-COVID-19 Business Sea Change

Posted by Bowman & Company LLP on Jun 12, 2020 9:45:00 AM
Prepare for a Post-COVID-19 Business Sea Change

The United States-Mexico-Canada Agreement (USMCA) will take effect on July 1, 2020. President Trump has hailed the new North American trade treaty as a "colossal victory" for Americans. Whether the impact is worthy of superlatives will vary by industry sector and geography. Here's what U.S. business owners should know.

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Topics: Government Entities, For-Profit Entities, Construction, #COVID-19News

How to Plan for a PPP Audit

Posted by Bowman & Company LLP on Jun 8, 2020 10:15:00 AM
How to Plan for a PPP Audit

The Small Business Administrator Jovita Carranza and U.S. Treasury Secretary Steven Mnuchin recently announced that recipients of Paycheck Protection Program (PPP) loans of $2 million or more should expect an audit if they apply for loan forgiveness. Here are some tips to position your small business or not-for-profit organization to receive the maximum allowable forgiveness, as well as to prepare for the subsequent government audit.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, #COVID-19News

Reminder: Three New Tax Credits Are Available to Many Businesses Hit by COVID-19

Posted by NJCPA on Jun 5, 2020 12:01:55 PM
Reminder: Three New Tax Credits Are Available to Many Businesses Hit by COVID-19

The IRS today reminds employers affected by COVID-19 about three important new credits available to them.

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Topics: Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Healthcare, #COVID-19News

Understanding the Paycheck Protection Program

Posted by Bowman & Company LLP on Apr 16, 2020 10:18:39 AM
Understanding the Paycheck Protection Program

The COVID-19 pandemic has introduced a wide variety of constraints and complications for businesses across the nation and the globe. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to help entities recuperate losses and weather through uncertain markets.

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Topics: Speaking Engagements, Not-for-Profits, For-Profit Entities, Construction, Professional Services, Healthcare, #COVID-19News

Applications for NJEDA Small Business Emergency Assistance Loan Program to Open April 13

Posted by NJCPA on Apr 8, 2020 10:00:00 AM
Applications for NJEDA Small Business Emergency Assistance Loan Program to Open April 13

The New Jersey Economic Development Authority (NJEDA) will launch the application for its Small Business Emergency Assistance Loan Program on Monday, April 13, at 9 a.m. A link to the program application will be posted on the State’s COVID-19 Business Information Hub. To provide business owners the opportunity to prepare to apply for the loan, a PDF version of the application will be available on Monday, April 6. The loan program is part of a package of initiatives announced last week to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services, #COVID-19News

Breaking Down the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act")

Posted by Bowman & Company LLP on Mar 30, 2020 3:18:30 PM
Breaking Down the Coronavirus Aid, Relief, and Economic Security Act (

The coronavirus (COVID-19) pandemic has already had widespread effects on the U.S. economy. Demand for many goods and services has stalled, unemployment claims have reached record highs, and many academic institutions and businesses are operating online — if at all. Life has changed dramatically across the country.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, #BowmanGivesBack, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services, #COVID-19News

Designating a Trust as an IRA Beneficiary

Posted by Bowman & Company LLP on Mar 19, 2020 11:00:00 AM
Designating a Trust as an IRA Beneficiary

Since an individual retirement account (IRA) can often represent a large percentage of an individual’s assets, an essential question that many clients face is who to name as the beneficiary of their IRA accounts. There are a number of reasons why a client may wish to consider naming a trust as the beneficiary, rather than an out­right distribution to an individual. This ensures that the assets in the account remain available and the account’s investment earnings continue to accumulate tax free while they are in the account. Nonetheless, careful attention must be taken to ensure that these assets receive the appropriate tax treatment and are protected from creditors, including future ex-spouses.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Construction, Professional Services, Healthcare, Federal Services

Should You Pay Down Your Home Mortgage Early?

Posted by Bowman & Company LLP on Mar 12, 2020 11:00:00 AM
Should You Pay Down Your Home Mortgage Early?

If you routinely have extra cash on hand after paying off your monthly bills, you might want to consider paying down your home mortgage balance faster than is required under your loan agreement. This can be a powerful way to invest surplus cash. But it's not right for everyone.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Construction, Professional Services, Healthcare, Federal Services

Understanding and Preventing Employee Theft

Posted by Bowman & Company LLP on Feb 27, 2020 11:00:00 AM
Understanding and Preventing Employee Theft

Employee theft in the workplace is a serious problem for employers: 75 percent of employees have stolen from their employer at least once, and businesses lose 5 percent of their annual revenue to employee fraud, theft and abuse. Employee theft is a crime that is costing U.S. businesses $50 billion annually, but even more shocking is that employers think they are immune from such a crime.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Construction, Professional Services, Healthcare, Federal Services, SOC Suite