We are aware your email inbox is being inundated with COVID-19 updates at an
overwhelming speed. Because of this, we are adapting our communication plan. During
this time, emails we send will provide you with 'must-know' updates.
For informative links and additional resources that are good-to-know, please visit our
To ensure that you are continually notified of updates to the information posted on our
AEM COVID-19 Resource Center, please follow us on social media or be sure to save our
resource center as a bookmark that you can return to regularly.
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Coronavirus Aid, Relief and Economic Security (CARES) Act
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The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on Friday, March 27, 2020, by President Trump.
Attached you’ll find a summary of the CARES Act and how it could impact your business.
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Financing During COVID-19: Business Guidance and Loan Resources
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Many businesses are facing unique and challenging decisions to retain their employees, manage cash flow and continue their operations as they do their part to keep their employees, customers, and communities safe and healthy. Across the country, unique situations call for unique solutions for business financing. Potential financing solutions that may be applicable to your business are highlighted below.
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CARES Act: Payroll Protection Program
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Included in the recently passed CARES Act is the Payroll Protection Program (PPP). The purpose of the PPP is to keep American workers paid and employed by providing businesses with forgivable loans to offset immediate and direct costs related to closures and staffing reductions due to the COVID-19 pandemic. The PPP is administered by the U.S. Small Business Administration (SBA).
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Which CARES Act Loan Program is Best for Your Business?
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The CARES Act made many new programs and tax credits available. It can be complicated making business decisions with all of the options available. We have prepared two documents that will help you to weigh the options and make the best decision for your business. As always, if you have any questions regarding this information or would like to discuss your options in detail, please
reach out
to us!
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EIDL vs. PPP
Our team has created this comprehensive comparison of the Economic Injury Disaster Loan (EIDL) program and the Payroll Protection Program (PPP) including details regarding qualification requirements, maximum loan thresholds, and more.
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CARES Act Decision Flowchart
Gain insight into which loan program may be best for your business as we walk you through the decision making process with this helpful flowchart.
Please note: you'll first need to ensure that you qualify for the loan programs before making a final decision.
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Federal and State Filing Updates
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We are constantly monitoring changes with Federal and State tax relief from COVID-19. See a summary of the updates including:
- IRS FAQs for Filing and Payment Deadlines and Automatic Extension
- Minnesota Department of Revenue (MNDOR) FAQs for Filing and Payment Deadlines and Automatic Extension
- Other State Filing and Payment Deadline Updates
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Families First Coronavirus Response Act (FFCRA)
Effective April 1, 2020
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The Families First Coronavirus Response Act (FFCRA) was signed into law on March 18, 2020, and includes new requirements for public and private employers with less than 500 employees to provide paid sick leave, family leave, or medical leave to their employees for coronavirus-related reasons.
Join our AEM Workforce Solutions team as they disucss the FFCRA requirements and employer implications that may impact your organization.
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For employers with 500 or fewer employees, April 1, 2020, was the deadline to post, either physically or electronically, the "Employee Rights Paid Sick Leave and Expanded Family and Medical Leave under the Families First Coronavirus Response Act" poster for your employees.
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The US Department of Labor continues to update FAQs that include answers and guidance for many commonly asked questions related to implementation and interpretation of this legislation.
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Additional Resources for Clients
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Ensure Your Data is Secure
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During these challenging times, keeping your data secure is more important than ever. We at AEM do all that we can to ensure that our client's data - and our own - is secure. And there are some things that you can also be doing to avoid a breach in your data. Our Training and Technology Manager, Keith Wrage, has put together a video to discuss this important topic and what you could be doing right now to ensure the safety of your data.
Click the link below to be taken to the AEM COVID-19 Resource Center - the video can be found at the bottom of the main page.
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Abdo, Eick & Meyers
www.aemcpas.com
Edina | 5201 Eden Ave. Ste. 250, Edina, MN 55436 | P: 952.385.9090
Mankato | 100 Warren Street Ste. 600, Mankato, MN 56001 | P: 507.625.2727
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Abdo, Eick & Meyers, LLP
We are a progressive certified public accounting firm that utilizes our people and processes to assist our
clients in solving their challenges. Established in 1963 in Mankato, MN, the firm has established itself as
a mid-sized leader in the Mankato and Twin Cities accounting arena. Abdo, Eick & Meyers is ranked as
number 10 on the Minneapolis/St. Paul Business Journal's "Top 25 Accounting Firms" in Minnesota.
Copyright 2020. All Rights Reserved.
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