[Attorneys of All Disciplines] Under The Caption - "Must Be Shared" - Download our PowerPoint Presentation discussing the various Coronavirus Financial Assistance Programs. Many of you are also eligible. Call us if you need further assistance.
[퐀퐭퐭퐨퐫퐧퐞퐲퐬 퐨퐟 퐀퐥퐥 퐃퐢퐬퐜퐢퐩퐥퐢퐧퐞퐬] 퐔퐧퐝퐞퐫 퐓퐡퐞 퐂퐚퐩퐭퐢퐨퐧 - "퐌퐮퐬퐭 퐁퐞 퐒퐡퐚퐫퐞퐝"- Download our PowerPoint Presentation discussing the various Coronavirus Financial Assistance Programs. Many of you are eligible. Call us if you need further assistance.
Call Girls in Gomti Nagar - 7388211116 - With room Service
Coronavirus Financial Assistance Programs
1. 1
MARK S. GOTTLIEB, CPA, PC
1430 BROADWAY, SUITE 902, NEW YORK, NEW YORK 10018
TEL: 646-661-3800 / Email: msgcpa@msgcpa.com
WEB: www.msgcpa.com
CORONAVIRUS FINANCIAL ASSISTANCE PROGRAMS
PREPARED BY
MARK S. GOTTLIEB
CPA/ABV/CFF, ASA, CVA, CBA, MST
2. 2
ACCOUNTANTS, CONSULTANTS AND BUSINESS VALUATORS
March 29, 2020
Our PowerPoint Presentation Of The Available Coronavirus Financial Assistance Programs
To Our Friends, Colleagues, & Clients:
As the coronavirus continues to affect local communities and global economies, we want you to know that maintaining business continuity is a priority for us. We’re working to minimize disruptions
and impacts to you so that we can still offer the same level of superior service and support you have come to expect from our team. Our firm remains open and available to help you. In fact, because
of the change in circumstances, we are working remotely and responding to clients seven days per week and into the evening hours.
COVID-19 has probably caused some concerns about your financial well-being. However, there are relief measures available that may benefit you. Please find attached a PowerPoint presentation
containing a condensed summary of the financial assistance programs currently being offered. This summary is based upon the information available today and may change as events evolve.
If you need advice on ways to navigate the current business challenges, we’re here for you. We recently reached our 30th anniversary in assisting attorneys and their clients in business valuation,
forensic accounting, and litigation support services. If you have any questions or concerns, please don’t hesitate to contact us.
During this unpredictable and challenging time, it’s more important than ever that we stay connected. We’re in this together. May you and your family stay safe.
Information contained herein is intended for informational purposes only, it does not constitute legal or accounting advice and should not be relied upon without consulting with a qualified
professional. This information is not a substitute for professional judgment. The issues before you may be materially different and will most likely depend upon your specific facts and circumstances.
MARK S. GOTTLIEB, CPA, PC
1430 BROADWAY, SUITE 902, NEW YORK, NEW YORK 10018
TEL: 646-661-3800 / EMAIL: MSGCPA@MSGCPA.COM
WEB: WWW.MSGCPA.COM
3. 3
CORONAVIRUS FINANCIAL ASSISTANCE PROGRAMS
Program Summaries
SBA
CARES ACT
NYC PROGRAMS
STIMULUS
PAYMENTS
Coronavirus Economic Stimulus Bill
The President signed a $2 trillion coronavirus
economic stimulus bill that provides
assistance to taxpayers and businesses.
Tax Filings & Stimulus Payment Checks
Tax returns due April 15 will not have to be filed
until July 15 this year.
Small Business Administration
Coronavirus Economic Injury
Disaster Loan
Low-interest federal disaster loans for working
capital.
NYC Small Business Services
NYC has initiated a series of programs to
provide relief for small businesses across the
city that are experiencing a reduction in
revenue due to COVID-19.
4. 4
SBA CORONAVIRUS ECONOMIC INJURY DISASTER LOAN
For more information click here.
USE OF FUNDS
Working capital, paying fixed debts, payroll,
accounts payable, other bills that could have been
paid had the disaster not occurred.
WHO QUALIFIES ?
Businesses experiencing a business loss due to
COVID-19.
PROGRAM DETAILS
• Loans up to $2 million.
• Max unsecured loan amount is $25,000.
• Interest rates: 3.75% for small business.
• Term – up to 30 years.
5. 5
SBA LOANS – WHAT’S NEEDED & TERMS
Click here to apply
CREDIT REQUIRMENTS
• Acceptable credit history.
• Proven ability to repay the loan.
• Collateral for loans over $25,000.
• Completed SBA loan application (SBA form 5 or Form 5c).
• IRS Form 4506-T for applicant business & each principal
owning 20% or more, each general partner or managing
member, and for any owner who has more than a 50%
ownership in an affiliate business.
• Copies of the most recent Federal Income Tax return of a
business and its owners.
• Monthly Sales Figure (SBA form 1368).
• Schedule of Liabilities (SBA form 2202).
• Personal Financial Statement (SBA form 413D) - each
principal owning 20% or more of the applicant business,
each general partner or managing member.
BASIC FORMS NEEDED
6. 6
CORONAVIRUS ECONOMIC STIMULUS BILL
Summary of key provisions. Download a copy here.
PAYROLL TAXES
Employers can delay the payment of their
portion of 2020 payroll taxes until 2021
and 2022.
DIRECT PAYMENTS
Americans who pay taxes will receive a
one-time direct deposit of up to $1,200,
and married couples will receive $2,400,
plus an additional $500 per child. The
payments will be available for incomes
up to $75,000 for individuals and
$150,000 for married couples.
(Additional information provided
herein.)
UNEMPLOYMENT
The program provides $250 billion for an
extended unemployment insurance
program, expands eligibility and offers
workers an additional $600 per week for
four months, on top of what state
programs pay. It also extends UI benefits
through December 31 for eligible
workers. The deal applies to the self-
employed, independent contractors and
gig economy workers.
INTEREST EXPENSES
The interest expense limitations are
increased to 50% from 30% for tax years
beginning in 2019 or 2020. Taxpayers
can also elect to calculate the interest
limitation for 2020 using their 2019
adjusted taxable income as the relevant
base, which often will be significantly
higher.
7. 7
Pension & retirement provisions
RMD’S SUSPENDED
Required Minimum Distributions
from IRAs and 401(k) plans (at
age 72) are suspended.
401(K) LOANS
The loan limit is increased from
$50,000 to $100,000.
USE OF RETIREMENT FUNDS
The bill waives the 10% early
withdrawal penalty for distributions up
to $100,000 used for coronavirus-
related purposes, retroactive to
January 1.
Withdrawals are still taxed, but taxes
are spread over three years, or the
taxpayer has the three-year period to
roll it back over.
CORONAVIRUS ECONOMIC STIMULUS BILL
8. 8
Small & large business provisions
LARGE CORPORATIONS
$500 billion will be allotted to provide loans, loan
guarantees, and other investments, which will be
overseen by a Treasury Department inspector
general. These loans will not exceed five years
and cannot be forgiven. Airlines will receive $50
billion (of the $500 billion) for passenger air
carriers and $8 billion for cargo air carriers.
CORONAVIRUS ECONOMIC STIMULUS BILL
$350 billion will be dedicated to preventing
layoffs and business closures while workers have
to stay home during the outbreak. Companies
with 500 employees or less that maintain their
payroll during coronavirus can receive up to 8
weeks of cash-flow assistance. If employers
maintain payroll, the portion of the loans used for
covered payroll costs, interest on mortgage
obligations, rent, and utilities will be forgiven. See
Paycheck Protection Loan Program attached.
SMALL BUSINESS RELIEF
9. 9
PAYCHECK PROTECTION LOAN PROGRAM
Part of the Coronavirus Economic Stimulus Bill
LOANS MAY BE 100% FORGIVABLE
The loans are non-recourse and do not require any
guarantees or collateral. In fact, they may be up to
100% forgivable.
1
INTEREST RATE FOR THOSE INELIGIBLE FOR FORGIVNESS
Loans not subject to forgiveness must be re-paid to
the lender after a minimum 6-month deferral period
at an interest rate which may not exceed 4%.
2
IRS AND SBA GUIDANCE
The Treasury Department and the SBA will provide
additional guidance. Almost all businesses should
consider whether they are eligible for the loan
program.
3
The Paycheck Protection Loan Program is designed to provide relief to businesses with under 500 employees
by providing 100% federally-backed loans equal to 2.5 times a borrower’s average monthly payroll costs
(subject to eligibility and limitations). The program is intended to assist businesses in retaining employees by
providing funds to pay operational costs, such as payroll, rent, mortgage interest, health benefits, insurance
premiums, and utilities.
10. 10
CORONAVIRUS ECONOMIC STIMULUS BILL
Miscellaneous tax provisions
EXCESS LOSS LIMITATIONS
The excess loss limitation (ELL) rules for pass-
through entities are suspended.
CHARITY
There is a new provision that provides an above-
the-line deduction for charitable contributions
and changes the limits on charitable
contributions.
NET OPERATING LOSSES
The Tax Cuts and Jobs Act’s (TCJA) net operating
loss rules are modified. The 80% rule is lifted, and
losses can now be carried back five years.
11. 11
CORONAVIRUS ECONOMIC STIMULUS BILL
Other provisions
STATE & LOCAL AGRICULTURE
CORONAVIRUS
TESTING
State, local and tribal governments will
receive $150 billion. $30 billion is for states
and educational institutions, $45 billion is
for disaster relief, and $25 billion is for
transit programs.
The deal would increase the
amount the Agriculture
Department can spend on its
bailout program from $30
billion to $50 billion.
All testing and potential
vaccines for COVID-19 will be
covered at no cost to patients.
12. 12
NEW YORK CITY – FINANCIAL ASSISTANCE FOR BUSINESSES
Click here to apply.
NYC EMPLOYEE RETENTION GRANT PROGRAM
NYC is offering small businesses (including non-profits) a grant
to cover 40% of payroll costs for two months to help retain
employees.
Eligibility:
• Located within the 5 boroughs of NYC.
• Demonstrate that COVID-19 outbreak caused at least a 25%
decrease in revenue.
• Employ 1-4 employees.
• In operation for at least 6 months.
• Have no outstanding tax liens or legal judgements.
Revenue Loss:
To calculate the revenue impact of COVID-19, NYC will compare
average revenue for two months in 2020 (after the COVID-19
impact) to both:
• Average revenue for the same two month period in 2019 and
• Average monthly revenue based on total 2019 revenue.
Supporting Documents:
• Financial documents for two months in 2020 demonstrating
revenue decrease due to COVID-19.
• Financial documents showing your revenue for the same two
months in 2019.
• Financial documents showing your revenue for all of 2019.
• Financial documents include point-of-sales reports, bank
statements, quarterly sales tax filings, 2019 tax returns, or
CPA-certified profit & loss statements.
• Most recent two months of payroll records.
13. 13
NEW YORK CITY – FINANCIAL ASSISTANCE FOR BUSINESSES
Click here to apply
NYC SMALL BUSINESS CONTINUITY LOAN FUND
Businesses with fewer than 100 employees who have seen sales
decrease 25% or more will be eligible to apply for zero interest
loans of up to $75,000 to help ensure business continuity.
Businesses must:
• Located within the five boroughs of New York City.
• Demonstrate that the COVID-19 outbreak caused at least a 25%
decrease in revenue.
• Employ 99 employees or less in total across all locations.
• Demonstrate ability to repay the loan.
• Have no outstanding tax liens or legal judgements.
14. 14
TAX FILING & TAXPAYER STIMULUS PAYMENTS
Internal Revenue Service Resource Center, click here.
TAXPAYER STIMULUS PAYMENTS
Currently, the IRS does not have any information available
regarding the issue of stimulus checks. See next slide.
APRIL 15TH TAX DUE DATE
PENALTIES & INTEREST
No interest, penalty, or addition to tax for failure to file a federal
income tax return or to pay federal income taxes will accrue
between April 15, 2020, and July 15, 2020, for any return or
payment postponed by the notice.
The postponement applies to any individual, trust, estate,
partnership, association, company or corporation with a federal
income tax return or income tax payment due on April 15.
Extensions are automatic.
15. 15
TAXPAYER STIMULUS PAYMENTS
Additional information.
Under the stimulus, individuals will
receive up to $1,200 and couples will
receive up to $2,400 -- plus $500 per
child.
Payments start phasing out for
individuals with adjusted gross
incomes of more than $75,000.
The amount is reduced by $5 for
every additional $100 of adjusted
gross income. Those making more
than $99,000 are not eligible. The
income thresholds are doubled for
couples.
HOW MUCH WILL YOU
GET?
INITIAL PHASE OUT LEVELS MAXIMUM THRESHOLDS
16. 16
UNEMPLOYMENT INSURANCE
For more information click here.
The CARES Act provides enhanced Unemployment
Insurance (UI) benefits and Pandemic Unemployment
Assistance (PUA) for New Yorkers.
Who may be eligible:
• Already approved for UI.
• Eligible for regular UI.
• No traditionally eligible for UI.
• Exhausted UI benefits.
What you may qualify to receive:
• 26 weeks of UI benefits.
• An additional $600/week until 7/31/2020
(Beginning 4/5/2020).
• An additional 13 weeks of UI benefits if you are still
unemployed after 26 weeks.
ENHANCED UNEMPLOYMENT INSURANCE
17. 17
CORONAVIRUS FINANCIAL RESOURCE CENTER
SUMMARY OF MATERIAL PRESENTED
UNEMPLOYMENT &
STIMULUS PAYMENTS
NYC PROGRAMS
ECONOMIC STIMULUS BILL
SMALL BUSINESS ADMINISTRATION
UNEMPLOYMENT & STIMULUS
PAYMENTS
https://www.irs.gov/coronavirus
https://labor.ny.gov/ui/cares-act.shtm
SMALL BUSINESS ADMINISTRATION
https://www.sba.gov/page/coronavirus-covid-19-
small-business-guidance-loan-resources
ECONOMIC STIMULUS BILL
https://www.documentcloud.org/documents/6819
239-FINAL-FINAL-CARES-ACT.html
NYC PROGRAMS
https://www1.nyc.gov/nycbusiness/article/nyc-
small-business-continuity-loan-program
https://www.uschamber.com/sites/default/files/02
3595_comm_corona_virus_smallbiz_loan_final_revis
ed.pdf
18. 18
BACKGROUND
With over 30 years of experience, Mark S. Gottlieb is an accomplished forensic accounting and business valuation specialist with expertise in record
reconstruction and litigation support. Mr. Gottlieb is recognized for the meticulous preparation and comprehensive research he brings to all of his
professional engagements. Since forming MSG, Mr. Gottlieb leads a team of highly qualified professionals in conducting forensic accounting examinations,
independent business and professional practice valuations, and a continuum of financial and economic analyses. He is frequently appointed by the court
to provide these services and expert testimony. Mr. Gottlieb has also lectured extensively to many government agencies and professional organizations
on accounting, tax, economic development and valuation/appraisal issues. Previously, Mr. Gottlieb was employed by the international accounting and
consulting firms of PriceWaterhouseCoopers (formerly Coopers & Lybrand) and Ernst & Young (formerly Ernst & Whinney).
EDUCATION
Bachelor of Business Administration in Accounting – Adelphi University (May 1983)
Master of Science in Taxation – Long Island University (May 1993)
PROFESSIONAL MEMBERSHIPS
State of New York Grievance Committee (2015 to Present)
Brandeis Association Scholarship Fund – Treasurer (2015 to Present)
Chelsea Reform Democratic Club – Treasurer (2018 to Present)
New York State Society of Certified Public Accountants – Business Valuation Committee Member (2013 to Present)
New York State Society of Certified Public Accountants – Litigation Support Committee Member (2013 to Present)
Institute of Business Appraisals – Education Board (2011 to 2012)
New York State Society of Certified Public Accountants – Mediation and Arbitration - Committee Member (2002)
FACULTY POSITIONS
Fordham University School of Law, Adjunct Professor (Fall 2017 to Present)
New York Law School, Adjunct Professor (Fall 2003 to Fall 2006)
European School of Economics, Adjunct Professor (Fall 2006)
Pace University, Adjunct Professor (Summer 1997)
PROFESSIONAL ORGANIZATIONS
American Institute of Certified Public Accountants
New York State Society of Certified Public Accountants
National Association of Certified Valuation Analysts
Institute of Business Appraisers
American Society of Appraisers
Association of Certified Fraud Examiners
Mr. Gottlieb’s current CV is available upon request.
Email:msgcpa@msgcpa.com
Areas of Expertise
• Business Valuation
• Forensic Accounting
• Litigation Support
• Expert Witness
Licenses, Accreditations and Certifications
• Certified Public Accountant (CPA) in New
York and Connecticut
• Accredited Senior Appraiser (ASA)
• Accredited in Business Valuation (ABV)
• Certified in Financial Forensics (CFF)
• Certified Valuation Analyst (CVA)
• Certified Business Appraiser (CBA)
MARK S. GOTTLIEB, CPA/ABV,CFF, ASA, CVA, CBA