Guirguis & Gibbs, Inc.

Friday August 7,2020 is an important day that impacts each one of us. This is the last day before the Senate departs for its August recess. Congressional negotiators are working to push through a new stimulus package before time runs out. What we know so far: Republicans & Democrats: Agree on another stimulus check (which boggles me because there are many who didn't even get a 1st stimulus check).... Additional items being discussed/negotiated: (1) Another round of PPP funding for small businesses impacted by the Corona Virus. (2) Push for tax incentives to hire new employees. (3) Pandemic unemployment benefits extension. The amount is still being discussed. (4) Rental assistance. (5) Payroll tax cuts. (6) Work opportunity tax credits. (7) Safe and healthy workplace tax credits. (8) Business meal deduction (temporary increase above the 50% currently allowed). Again, with the Senate recess looming, getting a bill passed sooner rather than later is in everyone's benefit.

In less than 1 year, G&G Inc. has been able to help setup north of 24 businesses, in 6 states, simultaneously meeting state filing & compliance requirements. The demand has not slowed, in spite of the ongoing pandemic. By stepping in and removing LegalZoom & Parasec out of the business setup equation (they outsource their services anyway), we can provide high quality service, at a lower cost and support the tax and compliance needs of each business type. For all you entrepren...eurs out there right now, if you are interested in getting a business started but don't know what the first step is, call us. We help cover your tax and business setup needs without the headache of dealing with larger companies. It also helps that we are damn good at what we do!

Did you know that by not having your tax returns up to date and paying your state franchise fees, you are hurting your chances of participating in any of the business disaster loan programs? If your business entity is suspended with the Secretary of State, legally you cannot receive any money for the SBA Economic Injury Disaster Loan or the Paycheck Protection Program. Not to worry. We can help. If you find yourself in this position, we can help you:... (1) Catch up on any un-filed business tax returns. (2) Apply for revivorship with the Secretary of State. (3) Help guide you to pay off your unpaid franchise tax & annual state filing fees. We have successfully helped clients get back into good standing with the state of California and apply for the business disaster loan programs. Call us if you need help!!! Mark (661) 209-3287

Looking to begin a business but do not know where to start? Before you pick up the phone and call just any company to setup your business, CALL US FIRST!!! Why? (1) We explain the tax consequences that business setup companies cannot.... (2) We discuss the correct type of business entity you should setup (Corporation, Partnership, LLC etc.) (3) We go over how your personal taxes will be impacted. (4) We explain our easy, hands on process of how we setup businesses (hint: we do not outsource anything. We do everything in house!) (5) We properly setup your business entity binder and complete all the appropriate sections (which all business setup companies fail to do). (6) We ensure you remain compliant with both state and federal requirements for having the business for each year after. Taking that first step into entrepreneurship can be overwhelming. Setting up your business should not be. Do it right the first time. Mark (661) 209-3287

Finally got my hands on the legal jargon from the Small Business Admnistration (SBA) regarding the Economic Injury Disaster Loan (EIDL). For those who have been approved and received funds from the SBA, under this loan arrangement, please go through and read the fine print: (1) The proceeds will ONLY be used for working capital to help lessen the burden of COVID-19. DO NOT use this money for any personal purposes.... (2) When requested by the SBA, the borrower will remit detail and supporting document of the loan funds that have been spent (i.e. canceled checks, paid receipts, invoices etc.). In other words, the SBA can audit your business to determine you are using the funds per their guidelines. (3) Payment is on a fixed term but there is no pre-payment penalty and additional principal payments can be made at https://www.pay.gov/public/home