August 2020 Newsletter

Beyond the Numbers

August 2020

Gusto now offers a QSEHRA Option for Employers

Many of our clients are starting to look at QSEHRAs as an affordable way to contribute to their team’s medical costs through health reimbursements.  Gusto is now offering this option to employers.

Here is how it works:

Set your budget – Choose your monthly tax-free contribution per employee, to help cover insurance costs

Employees find their own health insurance – Your staff can search for an eligible plan through their state’s health exchange or use HealthSherpa to find one in their Gusto accounts.

Employees get reimbursed – Employees submit monthly proof of health insurance payment and Gusto approves eligible requests then sends reimbursements as part of the employee’s paychecks
Not sure how to set this up? Gusto has a great resource on this regardless of who your payroll provider is!

OTB Assets: Beaufort Fairmont

Beaufort Fairmont has worked with us almost two years, and we were finally able to catch up with owner, Paul Merrill, to discuss what makes Beaufort Fairmont unique.
We asked Paul why he created Beaufort Fairmont. He said, “From my software development career, I knew that one of the keys to developing good software is assessing quality quickly and frequently. Software Test Automation does that and software development teams need good test automation.” So, initially they helped companies with Software Test Automation and DevOps through consulting, staffing and training… click here to read more.

Website: Beaufort Fairmont
Blog: Beaufort Fairmont

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QB  Now has Next-Day Deposits!

Quickbooks now deposits bank transfer (ACH) payments straight into your account by the next business day with no extra fees! This can really help with cash flow for your business!

On the Books Recommendations

Books, Podcasts, and More!

August Podcast: ‘Founder Shares’ calls all Entrepreneurs, those who have a business idea, or if you are just fascinated by the stories of how startups are born and grown. Definitely give them a listen, with every story comes lessons to be learned and mistakes to be avoided!

August Book: Entrepreneurs come in all shapes and sizes! Read the inspiring memoir of 15 year-old Mikaila Ulmer owner and creator of Me & the Bees Lemonade.

As TIME Magazine’s Top 30 Most Influential Teens, she now holds meetings with Fortune 500 CEO’s and has secured a deal on Shark Tank.  This part memoir/part business-guide provides helpful tips and guidance for venture seekers both young and old! Get her book here.

EIDL Loans Revisited – Are you in Compliance?

Since the Covid 19 Pandemic began, many businesses have sought funding to stay afloat through PPP and EIDL loans. While the majority of discussions have centered around PPP forgiveness, not enough attention was paid to the loan program requirements for the EIDL loans. Many borrowers may already be in default without realizing it.

Businesses are unable to pay dividends, even if these come from earnings having nothing to do with EIDL loan proceeds. Further, EIDL proceeds may not be used for:

  1. Payment of any dividends or bonuses;
  2. Disbursements to owners, partners, officers, directors, or stockholders, except when directly related to performance of services for the benefit of the applicant;
  3. Repayment of stockholder/principal loans, except when the funds were injected on an interim basis as a result of the disaster and non-repayment would cause undue hardship to the stockholder/principal
  4. Expansion of facilities or acquisition of fixed assets;
  5. Repair or replacement of physical damages;
  6. Refinancing long term debt;
  7. Paying down (including regular installment payments) or paying off loans provided, or owned by another Federal agency (including SBA) or a Small Business Investment Company licensed under the Small Business Investment Act. Federal Deposit Insurance Corporation (FDIC) is not considered a Federal agency for this purpose;
  8. Payment of any part of a direct Federal debt, (including SBA loans) except IRS obligations.
  9. Pay any penalty resulting from noncompliance with a law, regulation or order of a Federal, state, regional, or local agency;
  10. Contractor malfeasance; and
  11. Relocation.

If you are concerned about your EIDL loan status, seek counsel from an attorney.
Click here to read the full article from Forbes.

Upcoming Virtual Events:

Dallas Startup Week– August 30th – September 3rd – Powered by Capital One, a 5-Day FREE virtual event that will be featuring 10,000 North Texas entrepreneurs, startups, founders, corporate and social innovators, academia, and community change-makers! With over 100 sessions across 16 tracks, this is something you don’t want to miss!

Startup Summit – Making Q3 & Q4 a Great Success in 2020 – September 3rd @ 1:00-4:00pm – Join an all-star cast via Zoom featuring CEO’s of Cisco, Walk West, and more to discuss how to thrive in the next two quarters despite the pandemic!

SBTDC Taking the Leap Program – September 8th @ 6:00-8:00pm – A four week long free series educating those who want to start a business! Identifying potential markets, writing a business plan, running the finances of a business, and marketing too.

How to Write a Business Plan – September 14th @ 6:30-8:30pm – Join this free webinar where you can learn how to turn your ideas into a solid plan for financing and long-term success.  This seminar will teach you all the components that go into writing a business plan.

NC TECH Summit for Women in Tech – September 24th & 25th – One-Day virtual summit featuring candid conversations with female tech leaders about gender bias, unique journeys, shifting of the paradigm, and insight.

Techstravaganza 2020 – September 24th @ 8:00am-5:00pm – IT enables digital transformation that drives new revenue opportunities, employee productivity, customer experience, and cost efficiencies. Join this all-day virtual tech event designed to help you learn when 93% say IT is business-critical.

Women in Business: Certification Options for Woman-Owned Businesses – September 28th @ 6:30-7:30pm – A webinar that will provide the most up to date knowledge in regards to business certifications available to  women-owned businesses.

Do you know someone who could use our services?

Our best form of advertising is word of mouth and referrals from current clients. We are looking to add a few start-ups to our client list in 2020, so if you know anyone that we could help, please send them our way. If you don’t, you can still help by leaving us a review on Google. Just click the button below!

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