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Empire State Development recently announced that a number of small businesses and nonprofit organizations are now eligible to receive low-interest loans through the New York Forward Loan Fund (NYFLF) if they received $50,000 or less in Paycheck Protection Program (PPP) assistance.
Eligible small businesses, nonprofit organizations, and small residential landlords can apply for a 60 month, no-fee loan with a fixed interest rate (3% for small businesses and landlords, 2% for nonprofits). The funds may be used for working capital expenses related to reopening, including property taxes, payroll, and costs associated with updates to a physical space in order to comply with social distancing guidelines. The maximum loan amount is $100,000, and the loan is not forgivable.
Eligibility for an NYFLF loan is determined through the following criteria:
- must employ 20 or fewer full-time equivalent (FTE) employees;
- small businesses must have gross revenues of less than $3 million per year
- nonprofit organizations must provide direct services and have an annual operating budget
For
of less than $3 million per year; and - must not have received a U.S. Small Business Administration Paycheck Protection Program of greater than $50,000 or an Economic Injury Disaster Loan (EIDL) for COVID-19 of any amount, except for EIDL advance grant of up to $10,000.
Applications for the NYFLF will be reviewed on a rolling basis, and pre-applications are now open.
For more information, contact your Prager Metis advisor or our crisis management team at CrisisManagement@pragermetis.com
Presenting the 2020 NJBIZ Accounting Power 50
Glenn L. Friedman and Lori A. Roth have been named to the NJBiz 2020 Accounting Power 50 List! Honorees are recognized as being among “the most influential men and women in the profession that keep the state’s businesses on track.” The full list of winners can be found at Read More.
COVID 19 News and Updates – UK|Prager Metis
Background
Kickstart Scheme provides funding to employers who create new 6-month job placements for young people who are currently on Universal Credit and at risk of long-term unemployment
There will also be extra funding to support young people to build their experience and help them move into sustained employment after they have completed their Kickstart Scheme funded job.
What we know
1. Employers will receive funding which will cover for each job placement:
- 100% of the relevant National Minimum Wage for 25 hours a week
- the associated employer National Insurance contributions
- employer minimum automatic enrolment contributions
2. There is also £1,500 per job placement available for setup costs, support and training.
3. Applications must be for a minimum of 30 job placements.If your organisation is creating fewer than 30 job placements, you cannot apply directly, you must find someone toapply on your behalf.If you are applying on behalf of a group of employers, you can get £300 of funding for each job placement to support with the associated administrative costs of bringing together these employers.
4. Any organisation, regardless of size, can apply for funding.
5. The job placements created with Kickstart funding must be new jobs. They must not:
- replace existing or planned vacancies
- cause existing employees or contractors to lose or reduce their employment
6. The roles you are applying for must be:
- a minimum of 25 hours per week, for 6 months
- paid at least the National Minimum Wage for their age group
- should not require people to undertake extensive training before they begin the job placement
7. Each application should include how you will help the participants to develop their skills and experience, including:
- support to look for long-term work, including career advice and setting goals
- support with CV and interview preparations
- supporting the participant with basic skills, such as attendance, timekeeping and teamwork
Once a job placement is created, it can be taken up by a second person once the first successful applicant has completed their 6-month term.
How to claim
Applications can be made online at www.gov.uk butmust be for a minimum of 30 job placements.If you as an employer are unable to offer this many job placements, you can find someone to apply on behalf of a group of employers to reach the minimum number at www.gov.uk.
Useful Links
Kickstart scheme
Check if you can apply for a grant through the Kickstart Scheme
Apply for a grant through the Kickstart Scheme
Find someone to apply for a Kickstart Scheme grant on your behalf
Coronavirus Job Retention Bonus (“CJRB”)
COVID 19 News and Updates – UK | Prager Metis | Sep 24, 2020
Background
The Coronavirus Job Retention scheme (CJRS) is ending on 31 October 2020.
For the final month of CJRS, the government will pay 60% of wages up to a cap of £1,875 for the hours the employee is on furlough. Employers will pay ER NICs and pension contributions and top up employees’ wages to ensure they receive 80% of their wages up to a cap of £2,500, for time they are furloughed.
The Government have announced that under the Coronavirus Job Retention Bonus Scheme “CJRB” employers who have claimed under CJRS are able to claim a one-off bonus for every employee who they have previously claimed for under the CJRS scheme and who remains in their employment to 31 January 2021.
What we know
- Employers will receive a one-off bonus of £1,000 for every employee who they previously claimed for under CJRS, and who remains continuously employed through to 31 January 2021. Eligible employees must earn at least £520 a month on average between the 1 November 2020 and 31 January 2021. Employers will be able to claim the Job Retention Bonus after they have filed PAYE for January and payments will be made to employers from February 2021.
- An employer will be able to claim the CJRB for any employees that were eligible under CJRS and they have claimed a grant for. Where a claim for an employee was incorrectly made, a CJRB will not be payable.
- All employers are eligible for the scheme including recruitment agencies and umbrella companies.
- An employer will not be eligible for the CJRB if the employee is serving a contractual or statutory notice period, that started before 1 February 2021.
- The bonus will be taxable, so the business must include the whole amount as income when calculating their taxable profits for Corporation Tax or Self-Assessment.
How to claim
From February 2021, employers will be able to claim the CJRB through www.gov.uk
Useful Links
Job Retention Bonus
Specializing in Building, Restoring and Protecting Credit
September 15, 2020– New York, NY— Prager Metis, a leading accounting, tax, advisory, and business consulting firm with offices in North America, Europe, and Asia, announced today it has created a new company PM Credit Management LLC. The company, which helps build credit and guard data for high-profile people will be led by Anthony Davenport as President & CEO.
PM Credit Management unlocks opportunity—through meticulously polishing clients’ credit. This service is an effective secret weapon for business managers, wealth advisors, other discreet professionals—and their most high-profile luminaries and other A-list clients. “I am very excited about the unique market positioning and rapid growth of Prager Metis.” Said Anthony Davenport, “Now, through our new partnership with Prager Metis, we can open doors for your clients—and make new opportunities possible.”
Mr. Davenport joins Prager Metis and brings years of experience as a financial literacy and consumer credit expert who has dedicated his life to helping clients solve some of their most difficult challenges. He is the noteworthy author of is the bestselling book, Your Score, and Regal Credit Management has had their expertise featured in Forbes, USA Today, Oprah Magazine, and more.
With end-to-end credit management services, PM Credit Management delivers the kind of credit your clients can do more with—while defending your clients’ online reputations. Their work can swiftly build credit, save clients millions in interest, and fiercely safeguard data away from cyberthieves, criminals, and stalkers.
Glenn Friedman, CEO of Prager Metis, said “We are extremely excited to launch this new company in an effort to continue to provide the necessary and required services and advice to our clients around the world. We also welcome Anthony as CEO of PM Credit Management, who brings years of experience in the credit industry and will be a tremendous asset to our clients in helping them reach their financial goals.”
New affiliate provides full service internal audit and risk management solutions
September 21, 2020– New York, NY— Prager Metis, a leading accounting, tax, advisory, and business consulting firm with offices in North America, Europe, and Asia, announced today it has created a new affiliate company, PM Internal Audit Services LLC. The company will provide full-service internal audit and risk management solutions and is led by Joel Dunn.
PM Internal Audit Services LLC will provide full outsourced and co-sourced internal audit services, as well as SOX & FDICIA implementation and testing and regulatory and third-party issue validation. “I am very excited about the unique market positioning and rapid growth of Prager Metis.” Said Joel Dunn, “I am very proud to be joining a firm with the highest professional standards.”
PM Risk Management Solutions serves a wide array of clients in the banking industry including financial institutions, banks, credit unions, trust companies, foreign agencies, and branches.
Mr. Dunn brings years of experience servicing both domestic and international financial institutions with their internal audit risk management needs. He has wide-ranging audit experience across accounting, operations, lending, treasury, legal, human resources, compliance and security, as well as BSA/AML and OFAC, Sarbanes-Oxley and FDICIA compliance. Mr. Dunn is a Certified Anti-Money Laundering Specialist (CAMS) and a Certified Internal Control Auditor (CICA).
Glenn Friedman, CEO of Prager Metis, said “We are extremely excited to launch this new company in an effort to continue to provide the necessary and required services and advice to our financial services and banking clients. We also welcome Joel as CEO of PM Risk Management, who brings years of experience with financial institutions in the internal risk audit industry and will be a tremendous asset to our clients in helping them reach their financial goals.”
Last week 3.84MM new unemployment claims were filled. The number of claims since the corona-virus pandemic hit are in excess of 30MM total. While many people are in new and unfamiliar territory, there are things that you can do to stand out while unemployment is high.
1-Assess the market to see what companies are positioned for success – While its easy to focus on the negative, one of the most prudent strategies is trying to identify companies that are positioned to succeed when the economy reopens. There are companies that were hiring before the pandemic and have pent up demand on critical hires. There are also companies that will have increased demand on the other side of the recovery. Some examples of industries that may not be as adversely affected are – Pharma, Healthcare, Video technology and Information technology companies, Medical device manufacturing, Medical supplies, etc.
2-Use your network - Now is the time to look back on past connections. Former colleagues, associates, business partners, recruiters, accountants, attorneys. Your strategy can be two-fold, check in on them and their family, and let them know of your situation. You can ask for referrals to any recruitment firms that they feel could add value to your search. Have your resume and an email ready post conversation, so that you can share your document and thank the person that you reached to.
3-Focus on your Personal Brand – LinkedIn has become a predominant tool in the market bridging connectivity between opportunities and candidates. Now is the time to conduct an analysis on your LinkedIn profile. Things to think of - Are you using an image that reflects your professionalism, Do you illustrate your experience adequately, Is the content relevant, Are you reflecting that you are open to opportunities, Are there groups that you can join to collaborate and identify potential opportunities. These are all elements that should be addressed on the front end of a search. Another critical element of your personal brand is your resume. Update your resume- Take the time to evaluate, make any changes you feel could be advantageous and appropriate. Try to keep to a traditional 1-2-page document. Focus on accomplishments and value that you can deliver.
4-Flexibility/Adaptability – Given the scope and magnitude of the external conditions, now is the time to be flexible. When the economy reopens the permanent hiring market may not be as robust initially. It may make sense to evaluate contract/interim and fractional roles. While companies struggle to get solid footing, the way they approach certain functions certainly will change. While it may be clear that permanent employment is your focus, Interim and/or fractional work may make more sense on the front end of the recovery. This requires a change in mind set for many as it relates to their traditional job search methodology. Consider roles that would potentially add to your portfolio of skills and do not underestimate the power of keeping active and staying busy. Keep an open mind when evaluating different types of opportunities and do not immediately discount an opportunity based on where it stands on the time continuum.
5-Stay Positive - – Keep yourself engaged professionally as best you can. Focus on self-development, reading, CPE catch-up and any other activity that keeps you productive. Invest in yourself – work on interview skills. Keep a positive outlook.
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(ACCA - 27/06/2019) Global report reveals half of respondents believe the traditional role of the CFO will no longer exist in the future; finance functions across many organisations are at a key point in their development
Insights on what will shape the future of the finance function are laid out today in a new report from ACCA (the Association of Chartered Certified Accountants) and PwC called Finance: a journey to the future?
The report summarises the responses of over 1,100 members and PwC contacts worldwide plus the views of the attendees of a series of roundtable events on six hypotheses about the future of finance which were developed jointly by the ACCA and PwC. The findings reveal:
1. 77 per cent accepted that trusted data will be open and accessible across the organisation between the present day and the longer-term horizon
2. 65 per cent agree that a change in structures will make the finance function virtual
3. Just 22 per cent agreed that soon new roles, skills and career paths will be needed as traditional finance roles will disappear.
4. 87 per cent believe that accessible, trusted data will drive real time, customer centric decision making in their organsiation
5. 72 per cent agreed that finance teams will spend a lot of their time on generating insights and will spend all their time on forward insights and not rearward review
6. 50 per cent believe the traditional CFO role will no longer exist – to be replaced by roles at the chief operating officer and chief strategy officer
Commenting on the report, Jamie Lyon, director of professional insights at ACCA said: ‘Our results show that finance is changing at a rapid pace, and this is both a challenge and an opportunity. Interestingly, the biggest barrier to this change is leadership mindset – alongside getting to grips with the technology that now pervades our working lives. It’s knowledge of this technology that’s key for the future – leaders need to keep up to speed on trends.’
Brian Furness, global head of finance consulting, PwC added: ‘The need for trusted and accessible data that meets customers’ needs came out top in these six scenarios, and I believe this is good news – alongside the other opportunities ahead, this is a real chance for finance to develop a more proactive, advisory function, where technology has been applied to minimise the operational finance workload and enable finance to focus on helping drive business performance.’
When considering the six hypotheses, there are marked differences between countries’ perceptions. Only 27 per cent of UK and 22 per cent of Republic of Ireland respondents believed the finance team will be more forward looking, compared to 46 per cent in Singapore and China, and 45 per cent in Malaysia.
Asked about new roles, skills and career pathways being needed, 27 per cent of Hong Kong respondents said this was not likely to occur at all, compared to 12 per cent in China, 19 per cent in the UK and 15 per cent in Ireland. The global results at 22 per cent suggest that finance needs to rethink its talent pipeline and invest significantly in people and their development.
Jamie Lyon concluded: ‘Amidst all the change, there is a temptation to stall – but this cannot be an option. The speed of change for finance, the recognition of the need to redefine the culture and to be adaptable and flexible is essential for success. As leaders, we need to enable rather than control projects, and embrace change as a natural course of events.’
Brian Furness ended: ‘This report, and the survey and workshops which underpin it, show the fast pace of change in the finance world and the opportunity this brings for organisations and the people within them. A people centred approach is required to capitalise on this, alongside a clear vision, collaboration and strong leadership.’
(Accountancy Age 13/05/2019)
Today is the start of mental health awareness week in the UK, with the theme this year being body image.
With its high stress levels and a pressure to be 'always on', accountancy is a profession where mental health is increasingly on the agenda.
Upskilling can boost wellbeing
Research by AAT found that 90% of people who work in accountancy have been stressed out by work, with 43% having to take time off as a result of stress. This makes accountancy one of the most stressful industries to work in.
However, upskilling could be one way to reduce stress amongst employees. Research by LinkedIn showed that employees who were offered opportunities to learn at work are 47% less likely to be stressed, 39% more likely to feel productive and successful, and 21% more likely to feel confident and happy.
Hannah Carrington works for KIM Inspire, a non-profit organisation that provides professional mental health support in the community. She called on employers to recognise the added benefits that providing training opportunities could bring to their office.
"If the employee is able to move forward in a positive way, they can be a lot happier in work and feel like they can contribute more," she said.
"For example, their self-esteem may not be great – and for that, training could be massive. Increasing their skills and confidence will enable them to do their current job better, make them feel like they know exactly what they are trying to achieve and why, and feel more valuable in what they do as a result."
Just 2% of accountants unaffected by stress
The accountancy profession is in the midst of a mental health crisis as research by CABA, the wellbeing charity for accountants, has found that just 2% of accountants are unaffected by stress. CABA's research also showed that one in three accountants feel stressed every day and one in three also checked their emails while sick or on holiday.
There were a number of issues which contributed to the high stress levels of accountants which included:
- being overworked (41%)
- office politics (33%)
- feeling undervalued (29%)
- failure to increase pay or rewards (29%)
- having to attend too many meetings (28%)
Kelly Freehan, Service Director of CABA said: "While a certain degree of pressure can help with motivation, if stress levels are excessive, we risk becoming less productive or burning out... it's clear that firms should be actively encouraging their staff to maintain a healthier work-life blend."
Perhaps more worrying for the industry was the findings on the youngest accountants. There was a significant divide between younger and middle-aged accountants compared to their older colleagues, with nearly half of all 18-44-year-olds feeling stressed every day compared to just 15% of those over 55.
Freehan called on business leaders to do more for their younger staff. "It's particularly concerning to see that so many young people within the industry are wrestling with stress, with our research showing that they are the most likely to take work home, stay late in the office and work on days off. Business leaders must provide tangible support that helps staff to form healthy working habits at the start of their careers, if we're to avoid the risk of fewer young people seeking opportunities in accountancy."
The hidden mental health implications of running a small business
Over half of small business owners have experienced burnout from working too hard at their business, according to new research from FreeAgent. The research also showed that 86% admitted to sacrificing their personal care, such as missing meals or cancelling social plans, for the sake of the business, while 38% said they had no professional support network in place.
However, there were signs of encouragement as three quarters still recommended self-employment as a career choice.
Ed Molyneux, CEO of FreeAgent, said the figures showed more support for self-employed people was needed. "The large proportion of business owners without a support network in place, suggests that either there is not enough support available for these self-employed people, or they are unsure about where, or who, to seek help from when they need it."
"While it's certainly positive to see that the majority of small business owners said they would recommend self-employment, it's troubling to see how stark the reality of working for yourself can be when you scratch under the surface. For lots of self-employed people it means working very long hours, with the pressure of maintaining their ventures having a noticeable effect on their mental health," he added.
"Working for yourself should be an uplifting experience that enables you to be the master of your own destiny – not one that is detrimental to your mental health. More needs to be done to ensure that the UK's legion of freelancers and small business owners can protect themselves from any mental health problems that arise from self-employment in the future."