closeup of bottles being manufactured

Tax Accountant in Cambridge, Ohio | Perry & Associates, CPAs

closeup of bottles being manufactured

Find the Right Tax Accountant in Cambridge, Ohio

Perry CPAs is proud to serve businesses large and small throughout the Ohio River Valley. In this article, we want to highlight opportunities for businesses to partner with a professional tax accountant in Cambridge, OH. We understand that each city is unique with its own industries, challenges, and complexities. From 1806 until now, Cambridge, Ohio has adapted and grown alongside the wider Ohio economy. 

There are important tax considerations for any-sized business operating in the Cambridge area. A Cambridge tax professional from Perry CPAs will be able to give in-depth insight into each of these issues.

Large Manufacturing

Ohio is home to a deep and storied manufacturing base. Cambridge is no exception. Located at the intersection of I-70 and I-77, the city is one day’s drive from half of the nation’s consumers and manufacturers. Cambridge is home to over 49 manufacturing facilities that make paints, electronics, glass products, plastics, machine mine tools, ceramics, wood products, electric motors, tools, and metal alloys.

When it comes to state and regional taxes, the Ohio sales tax rate is currently 5.75%. The Guernsey County sales tax rate is 1.5%. The Cambridge sales tax rate is 0%.

Use Tax

As a manufacturer, you likely use equipment and services that were not sold or produced in Ohio. These items come from other states, which means you don’t pay taxes the same way you would if these items were sold in Ohio itself. For example, your office computers likely qualify for use tax since they were sold by a company outside of Ohio. Storage containers for fuel or solvents also qualify. You can read this guide from the Ohio government for more information on what equipment qualifies for use tax. A professional tax accountant in Cambridge, OH can help you determine what machinery falls under the use tax category.

Tax Exemptions

Because Ohio has traditionally been a hub for manufacturing enterprises, the state government provides many tax exemptions for manufacturing equipment. Most of these exemptions apply to sales tax. You’ll likely be exempt from sales tax if you purchase manufacturing machinery, warehouse machinery, or equipment related to research and development. Tax exemptions are determined by The Ohio Tax Credit Authority. 

Small “Mom and Pop” Businesses

Not all businesses in Cambridge, Ohio are based on manufacturing. As a small town, Cambridge relies on its local businesses for its charm and attraction. Running a small town business can be very challenging. You’re competing with big box stores on price. You’re likely figuring out how to engage worldwide customers on the internet. But knowing what tax benefits you qualify for can give your business a competitive edge.

Qualifying for the Healthcare Tax Credit

The IRS allows small businesses to write off up to 50% of employee healthcare premiums paid by employers. To qualify, your business must:

  • Have fewer than 25 full-time equivalent employees
  • Pay average wages of less than $50,000 a year per full-time equivalent (indexed annually for inflation beginning in 2014)

According to recent census data, the average worker in Cambridge, Ohio makes about $20,000 a year, which means many businesses would qualify for the healthcare tax credit.

Hiring Freelancers and Contractors

More and more skilled professionals are moving their services online due to COVID-19 and broader economic trends. This means that even a small business in Cambridge, Ohio can have a world-class designer build a new website or create promotional videos. However, contractors are not taxed the same as traditional employees. Depending on how much you pay your contractors, you might need to fill out and send 1099 forms. 

Contact one of our tax accountants for a full explanation on how hiring a contractor and freelancer will affect your 2020 tax return. 

Deducting Transportation Costs

Depending on your business, you may need to travel quite often to major cities in Ohio and surrounding states. Thankfully, you’re close to both I-70 and I-77. If you do a lot of driving for work, you can write off your miles as an expense. 

Quickbooks reminds business owners, “You also have to choose between two methods: actual expense method or standard mileage method. The standard mileage rate for 2019 is 58 cents per mile. This figure is meant to reflect each of the following expenses: gasoline, lease payments, insurance, maintenance and repairs, vehicle registration, and depreciation. On the other hand, the actual cost method entails deducting each business-related car expense by itself. This includes gasoline, insurance, maintenance, depreciation and lease payments.”

Partnering with a Tax Accountant in Cambridge, OH

Whether you run a large manufacturing facility or a small corner store, you’ll want to hire a Cambridge, OH tax professional to advise your business. Perry CPAs has the professional and regional expertise to set your business up for financial success. Contact one of our representatives today and learn how our team can support you.

parkersburg wv business bookkeeping closeup of balance sheet

Save Money with Business Bookkeeping in Parkersburg WV | Perry And Associates CPAs

parkersburg wv business bookkeeping closeup of balance sheet

Business Bookkeeping in Parkersburg WV Saves More than Money


If you are a small business owner, odds are that you are a “do-it-yourself” kind of person. After all, you started your own business for a reason, right? However, some of the biggest mistakes small business owners make could have all been avoided had they just asked for a little help. 


We know many entrepreneurs cringe at the thought of asking someone else to “take care of their baby”. However, asking for help with your business bookkeeping in Parkersburg, WV could be one of the best steps that you take to ensure that it continues to grow and scale properly. This doesn’t mean that you have to put out for a full-time bookkeeping position; in fact, as long as your business has fewer than 30 employees and does not make more than $1 million in yearly revenue, you most likely only need to hire part-time help. But many businesses over those thresholds also find value in outsourcing their business bookkeeping. Quality professional bookkeeping services will save you money, time and stress. Let’s take a closer look:


How Professional Business Bookkeeping Will Save You Money


  • Ensuring that you pay your bills on time

While seemingly small as they come, interest and late fees are unnecessary expenses that can be easily avoided with some time management organization. Some vendors even offer discounts and refundable amounts for paying bills early or on time, and a bookkeeper can effortlessly help you stay on top of this.


  • Saving on hiring, training, and additional payroll costs

Unless you have over 30 employees and/or annual revenues over $1 million, it is highly unlikely that you need a full-time staff position to keep track of your books. Plus, the hiring search, interview, and training process is no cheap adventure in itself. Save time and money by contracting a professional bookkeeper to manage your finances who is already well trained and up for the task.


  • Offering insight on how to increase small profit margins

A good bookkeeper will be able to save/earn you money by analysing your operating expenses versus your revenues and offering up suggestions on how to leverage the amounts you are spending to run your business with greater returns.


  • Helping you make a more solid pitch to investors

Investors like numbers. Especially ones that are about to take on the considerable risk of investing in a small business. Having a bookkeeper can help you create professional financial statements that highlight the positive aspects of your business and where you need investment in order to improve success. 


  • Help find all possible tax deductions

When your year-end bookkeeping style looks a lot like how you used to cram for exams back in school, you will often miss many opportunities to save money come tax time. A professional bookkeeper in Parkersburg, WV will be keeping track of these things all year long, and will help you owe less and get a greater refund. 


How Professional Business Bookkeeping Will Save You Time


  • Freeing you up to focus on things like customer and employee relations and sales

As a business owner, your main goal for how to spend the day should not be with your nose in the books and your hands on the calculator. You should be able to spend the majority of your time networking with potential clients/customers, forming solid relationships throughout the community, taking the time to understand and provide for your employees and oh yeah…sales. Outsourcing the tasks of bookkeeping can really free up your calendar.


  • Saving time on the hiring process of a full-time bookkeeper

We mentioned above that outsourcing could save you the money involved in a full-time position job search, but it also will save you a ton of time! Advertising for a position, searching for potential employees, reading applications, interviewing contenders, and training whomever you choose takes a considerable amount of hours most likely best spent otherwise.


  • No arduous midnight research 

We know you’ve been there…googling accounting rules, watching YouTube videos of how to work bookkeeping software, and looking up professional financial report templates online…all for a bundle of mistakes that could totally throw off your reports and warrant a lengthy audit. Again, it is okay to ask for help! Leave it to a professional bookkeeper to save you all the hours of research and headaches.


  • No more scrounging through the receipt shoebox

Most business owners that try to take on bookkeeping by themselves save everything for the year’s end. The problem is, that when you are sorting through all your receipts and you are up against the new year, it is going to be near impossible to remember what every purchase was for, much less how you paid for them and which account they belong in. Save time and let a professionally outsourced bookkeeper keep consistent track of these things for you all year long so that tax filing comes and goes like a breeze.


How Professional Business Bookkeeping Will Save You Stress


Imagine you woke up tomorrow, and someone had flawlessly reconciled your books, cleaned up your accounts receivable and accounts payable, reviewed and updated your assets, and taken care of all your 1099s. Did you just feel a weight lifted off your shoulders?


That is exactly what an outsourced bookkeeping service in Parkersburg, WV could do for you and those stressful tasks. If you are up at night unable to quiet your brain about all of the financial tasks you have put off on the to-do list and are beginning to feel that looming procrastinator’s guilt, it is time to do yourself a service and hire a bookkeeper.


Anxiety over incorrectly categorized expenses, overlooked tax deductions, missed deadlines, remembering what every transaction was for, bank reconciliation, controlling your cash flow, sticking to a budget, small errors turning into big mistakes and more, GONE. Poof. Somebody else’s problem. Now isn’t that priceless?

Need Help with Business Bookkeeping near Parkersburg WV?


Perry & Associates CPAs have multiple offices all throughout the Mid-Ohio Valley. Contact our Parkersburg office to get started:

Office: (304) 422-2203


Tax Accountants Parkersburg, WV & PPP | Perry & Associates

How Can Tax Accountants in Parkersburg WV Help You Navigate the PPP Forgiveness?


In March 2020, the US government passed the CARES Act in order to provide financial assistance to businesses struggling with the effects of COVID-19. A large portion of these emergency funds went to the Paycheck Protection Program (PPP), which helps businesses keep employees on payroll during shutdowns. Perry & Associates broke down the CARES ACT in an earlier news article, and you can read that here.


It’s important to know that the PPP is not like the federal stimulus checks that were sent to individual taxpayers. The stimulus checks can be used for any purpose. PPP funds, however, have specific requirements for how they are used.


Tax Accountants in Parkersburg, WV – Necessary or Not?


Many of the most recent inquiries that have come to tax accountants in Parkersburg WV have been in relation to the PPP forgiveness. While some businesses are more than ready to have a local CPA firm handle the intricacies of the forgiveness process, some small businesses may still be hesitant as to whether or not an accountant is necessary for this process.


Our answer: Yes!


Of course we would say that…right? We’re accountants. While that is quite true and we do find an odd amount of enjoyment from things that most of the population abhors, we believe an accountant is necessary beyond just what it means to us.


Because although a tax accountant isn’t required for the PPP, a lot can go wrong when dealing with complicated government legislation.


Parkersburg, WV Accountants Help with PPP Forgiveness


If you’ve received the PPP loan, here are five reasons why you should look for a tax accountant in Parkersburg, WV to help you navigate all PPP-related accounting.



  • Make Filing Season a Breeze


Tax season is complicated no matter what, but filing your 2020 taxes will be even trickier if you took government assistance. In order to receive payment forgiveness, you must show that you used funds for payroll-related expenses. A tax accountant will keep your records in order now until filing day.



  • Receive Maximum PPP Forgiveness


A tax accountant will make sure you claim every eligible expense this year. You’re busy running your business, and it can be hard to stay up to date on the details of new legislation. For example, did you know that the government passed the Paycheck Protection Flexibility Act that changes the initial terms of the PPP loan? A tax accountant will keep your finances in order and get you the most forgiveness possible despite any changes to the law.



  • Keep Track of Multiple Programs


The PPP is not the only assistance program for small businesses struggling during COVID-19. You can take advantage of state and local initiatives, too. Governor Justice recently announced a grant program for West Virginia small businesses. Small businesses can receive up to $5,000 to cover COVID-19-related expenses. Read our recent email for more details on the program. You will need a tax accountant to make sure you stay in compliance with each of these separate programs.



  • Avoid Penalties


If you spend PPP funds on items that aren’t eligible for forgiveness, your PPP funds will convert into a traditional loan with a maximum interest rate of 4% and a 10-year repayment window. This applies to honest mistakes as much as it applies to intentional fraud. A tax accountant can protect you from making honest mistakes. When in doubt, trust the experts.


Perry & Associates serve small businesses with tax accountant services in Parkersburg, WV. We put your mind at ease so that you can focus on leading your business through these unprecedented times. Learn more about the accounting service that’s right for you.


Contact us today. 


CPA Firms Near Me on COVID Tax Breaks | Perry & Associates

cpa firms near me help employee retainment during covid as employees wear masks and see demonstrationWhat Do CPA Firms Near Me Know About COVID Tax Breaks?


The federal government has just released even more information regarding financial flexibility plans for businesses. This time they’ve released information on new COVID-19 tax credits. If you’re looking for “CPA firms near me” that can give advice on COVID-19 tax breaks, you’ve come to the right place. Perry & Associates has a team of professionals that are daily staying current on COVID related news and updates. Here’s a quick description of the tax credits currently available.


Employee Retention Credit

In an effort to avoid mass layoffs and economic uncertainty, the federal government is offering tax breaks to businesses who retain employees during the shutdown. According to the IRS, “The refundable tax credit is 50% of up to $10,000 in wages” for employees kept on payroll. This applies to any business that has been financially impacted by the COVID-19 pandemic.


Your business has been financially impacted by the COVID-19 pandemic if:

  • Your business operations were restricted to some degree by a government order
  • Your 2020 quarterly gross receipts are below 50% of a comparable quarter from 2019


If you are a small business that has taken a small business loan, you will not be eligible for this Employee Retention Credit. State and local governments are also excluded from participating.


Because this tax credit requires careful accounting and reporting each quarter, we recommend you do your due diligence. Do a search for “cpa firms near me” and find a firm that will handle your accounting and reporting with high attention to detail.


Paid Sick Leave Credit


The Paid Sick Leave Credit and Family Leave Credit is aimed at promoting self-quarantine and sick leave during the COVID-19 crisis. The federal government wants to encourage business owners and managers to support workers who choose to stay home due to fever and other symptoms. This will keep the rate of viral transmission low.


The IRS says that, “Employees are entitled to paid sick leave for up to 10 days (up to 80 hours) at the employee’s regular rate of pay up to $511 per day and $5,110 in total.”


In addition, your business can receive tax credits for COVID-19 caregivers. Sick leave applies to employees who take off time to care for:


  • someone else with Coronavirus
  • a child whose school, place of care, or childcare provider has become unavailable.


Qualifying employees can receive paid sick leave for up to two weeks (up to 80 hours) at 2/3 the employee’s regular rate of pay or up to $200 per day and $2,000 in total.

Family Leave Credit

Under the unique conditions of COVID-19, employees are additionally entitled to paid family and medical leave equal to:


  • 2/3 of the employee’s regular pay
  • up to $200 per day and $10,000 in total.


Employers can apply up to 10 weeks of qualifying leave towards the family leave credit.

Receiving the Paid Sick Leave and Family Leave Credits

Employers don’t have to wait for a deposit or reimbursement on their annual taxes to take advantage of these credits. You can receive your credit by deducting the taxable amounts from your quarterly tax payments. This applies to the period of April 1, 2020, through December 31, 2020.


Help from CPA Firms Near You

Perry & Associates CPAs are ready to help. Contact us if you are unsure about what wages and sick leave items to claim as tax credits. Most importantly, work with us to make sure you’re receiving the largest tax credit available.


Perry & Associates CPAs has 5 offices throughout Southeast Ohio and nearby West Virginia. Search for one of our CPA firms near you.


What the Paycheck Protection Flexibility Act Means For You | Perry And Associates CPAs

What Is the Paycheck Protection Flexibility Act ?

And How it’s Changed the Paycheck Protection Program 


When the Paycheck Protection Program (PPP) was signed into law under the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27th, 2020, the terms allowed small businesses and nonprofit organizations with 500 or less employees to have access to federally guaranteed loans that could be used to support payroll, rent, utilities, and a few other specified costs over an eight week time period from the beginning of the loan. The terms also required that 75% of the amount loaned must have been used on employee payroll in order for the loan to qualify as “forgivable” at the end of the 8 week period.


As of June 5th, 2020, these terms have been amended and signed into law as the Paycheck Protection Flexibility Act (PPFA). This developed as a rising need to accommodate the businesses that have struggled to spend the required amount of funds (75%) on payroll in just 8 weeks when many of those same businesses were or are still closed due to government mandates. The new PPFA changes now allow for expenditure of loan funds over a 24-week period, ending on December 31st, 2020 at the latest. The changes as addressed in the Paycheck Protection Flexibility Act and their effects on your business are explained below.


The period of coverage has been extended.

Now, instead of just 8 weeks of coverage for payroll, rent, utilities, etc., the loan is eligible for 24 weeks of coverage from the loan start date. This does NOT, however, automatically apply to already-existing PPP loans; borrowers must discuss necessary amendments of the terms of their loan with their lenders individually. Paycheck Protection loans must still be applied for by June 30th, 2020. This has not changed. The latest date that your 24-week period can end on is December, 31st 2020. Failure to apply for loan forgiveness within 10 months of the covered period will result in payments being due.


The percentage of the loan that must be spent on payroll has decreased.

The previous PPP guidelines said that 75% of the loan amount was to be spent on payroll in order for the loan to qualify for complete forgiveness. This amount has now decreased to 60%; however if this 60% is not reached, the entire amount of the loan will be deemed unforgivable. Under the previous loan terms, the borrower is required to reduce the amount forgivable if the 75% payroll threshold is not met, but forgiveness was not altogether eliminated. These are important factors to consider when deciding if you wish to keep the existing terms of your loan if you already applied, or if you wish to discuss amendments with your borrower under the new PPFA terms.


If you do not qualify for forgiveness, the repayment period has been extended.

Even though any loan forgiveness is off of the table if 60% of your loan amount is not applied towards payroll under the new PPFA terms, the period allowed for loan repayment has now been extended from two years to five years, and the interest rate still remains 1%. There are also new exceptions that allow borrowers to achieve loan forgiveness even if their full workforce is not restored within the allotted time. The previous PPP terms already allowed borrowers to exclude employees who turned down re-hire offers at the same hours and wages that they had pre-pandemic. Now the PPFA revisions also allow for adjustments if borrowers were unable to find qualified employees, or if businesses were unable to restore their operations to previous levels due to COVID-19 operating restrictions.


Payroll taxes can now be deferred even if you received a PPP loan.

Borrowers are now allowed to defer FICA  payroll taxes for two years, even if they received a PPP loan. This will make half of the amount of payroll taxes due in 2021 and the other half due in 2022.


*Please remember that none of these amendments automatically apply to pre-existing PPP loans taken before June 5th, 2020. Revision of loan terms must be discussed with lenders.



Need help determining the next steps financially for your business?


At Perry & Associates, it’s our business to support your business. That includes the various changes and challenges that have arisen with this pandemic. We are staying abreast of the constant stream of updates and alterations to business finance, lending and tax laws as they pertain to the COVID-19 crisis. We’re here for questions, support and practical assistance. Call us at (740) 373-0056 to be directed to any of the five regional offices we have throughout the Mid-Ohio Valley.


businesswoman looking at figures for main street lending program

Qualifying For The Main Street Lending Program | Perry And Associates CPAs

businesswoman looking at figures for main street lending programMain Street Lending Program: An Unprecedented Move


The Coronavirus pandemic has forced some of the most unprecedented government actions that we’ve seen in decades. One of them being the Main Street Lending Program. Why so unique? Because this is the first time since the Great Depression that the Federal Reserve is lending to organizations outside of the banking industry. And it’s big news.


Of course, this type of news produces various conflicting opinions and interpretations of the program. Here we’ve attempted to simplify the information and provide answers to many of the questions we are receiving.


What is the Main Street Lending Program?


Bottom line, the Main Street Lending Program is a vehicle through which the Federal Reserve Bank of the United States will purchase a percentage of eligible loans that are given to small or medium businesses that have been negatively impacted financially by the coronavirus pandemic.


The Federal Reserve has allocated $600 Billion Dollars towards this initiative, and the U.S. Treasury has set aside $75 billion to offset potential losses due to the high-risk nature of this lending program.


Banks will be the actual lenders to the borrowing businesses, but the Federal Reserves will buy up to 95% of the cost of the loan to minimize risk to the banks themselves.

The loans terms will be for up to four years, below market rates, and payments can be deferrable for up to one year. The current minimum loan size is $500,000 and the current maximum loan size is $200 million.


In some cases, borrowers will be able to use the loan to refinance existing debt.

However, Main Street loans are not forgivable. Under section 4003(d)(3) of the CARES Act, the amount of a Main Street loan cannot be reduced through loan forgiveness.

The Federal Reserve will stop purchasing loan participations on September 30, 2020 unless it is decided that the program will be extended.


Who can Apply for a Loan through the Main Street Lending Program?


Eligible businesses must have either 15,000 employees or less or have had 2019 revenues of $5 billion or less. They also must have been established prior to March 13th, 2020.


Eligible businesses must be U.S. businesses created or organized in the United States (or under the law of the United States) with the majority of all operations and employees located within the U.S.


Borrowers must not have participated in the Primary Market Corporate Credit Facility (PMCCF), and they must not have received any prior support under section 4003(b)(1)-(3) of the CARES Act.


Non-profit organizations are not currently eligible at this time.


The goal of this program was to extend relief to medium-sized businesses who were in good financial standing before the COVID-19 pandemic, and have suffered due to local government stay-at-home and closure orders. More specifically, the targeted businesses seem to be those that fell between the PPP loans for small businesses and the large businesses that are able to sell bonds to the Federal Reserve corporate lending facilities.


To minimize risk and to increase effectiveness of the loan, the Federal Reserve wants to avoid lending to businesses that were in poor standing and at severe financial risk before the pandemic, and they also want to avoid lending to businesses that have maintained good financial standing despite the pandemic.


What are the Three Different Types of Loans through the Main Street Lending Program?


There are currently three different loan options under the Federal Reserve Main Street Program. Each of the three options adhere to the same exact eligibility rules and terms stated above. Other features, such as how the loan deals with the borrower’s already outstanding debt, differ between options.


Type 1: the MSNLF (Main Street New Loan Facility)


In this option, eligible lenders extend new loans to eligible borrowers ranging in size from $500,000 to $25 million. The maximum size of this loan cannot exceed four times the Eligible Borrower’s adjusted 2019 earnings before interest, taxes, depreciation, and amortization when added to the borrower’s pre-crisis outstanding and undrawn available debt.


Type 2: the MSPLF (Main Street Priority Loan Facility)


In this option, eligible lenders extend new loans to eligible borrowers ranging in size from $500,000 to $25 million. The maximum size of this loan cannot exceed six times the Eligible Borrower’s adjusted 2019 earnings before interest, taxes, depreciation, and amortization when added to the borrower’s pre-crisis outstanding and undrawn available debt.


At the time of origination and at all times thereafter, the loan must take priority above all other loans or debt instruments that the borrower has, other than mortgage debt. Eligible borrowers may, at the time of origination of the loan, refinance existing debt owed to a lender that is not the lender for the Main Street Loan.


Type 3: the MSELF (Main Street Expanded Loan Facility)


With this option, lenders can increase an eligible borrower’s existing term loan. It is still a four-year term loan, but can range in size from $10 million to $200 million. The maximum size of the loan cannot exceed 35% of the borrowers existing outstanding and undrawn available debt, secured or unsecured. Conversely, when the loan size is added to the borrower’s existing outstanding and undrawn available debt, it must be less than six times the Eligible Borrower’s adjusted 2019 EBITDA. At the time of upsizing and at all times thereafter, the upsized tranche must take priority above all the borrower’s other loans or debt other than mortgage debt.


Still have questions? We highly encourage you to seek clarification through the Federal Reserve’s FAQ page on the monetary policy of the Main Street Program.


Need Help with Determining the Next Steps Financially for your Business?


Perry & Associates CPAs has multiple offices throughout the Mid-Ohio and Ohio Valleys and we are ready to help you navigate this complex lending program.


Contact us for service you can trust!


Marietta, OH

(740) 373-0056


Cambridge, OH

(740) 435-3417


St. Clairsville, OH

(740) 695-1569


Vienna, WV

(304) 422-2203


Wheeling, WV

(304) 232-1358


Form 990 Filing Extension for NFPs

Not-For-Profit Form 990 Filing Extended to July 15


Not-for-Profits normally must file Form 990 on or before May 15; however the filing extensions granted to individuals and taxpayers were also granted to NFPs when the IRS issued Notice 2020-23. Form 990 now has an extended filing deadline of July 15, 2020. 


The following returns that qualify under this extension include:

  • Form 990, Return of Organization Exempt From Income Tax
  • Form 990-T, Exempt Organization Business Income Tax Return
  • Form 990-PF, Return of Private Foundation
  • Form 4720, Return of Certain Excise Taxes under Chapters 41 and 42 of the Internal Revenue Code


For more information about filing six-month filing extensions for Form 990 and related questions, please contact our CPAs. 


As always, the IRS keeps information updated frequently on their site. Visit the IRS’s Filing and Payment Deadline Questions and Answers for updated information. 


The AICPA also keeps on top of general education and updates concerning the new tax changes. 


For an overview of the disaster relief options available to you at this time, read through our FAQs About COVID-19 SBA Disaster Loans.

Forensic Unit Assists in Largest Fraud Case of Washington Co.

Perry’s Forensic Unit Helps Uncover Investing Fraud

1 million dollars is no small deal. Especially when it’s been stripped from you illegally. Unfortunately, for James Vuksic of Marietta, he’s had to be the one to bear the brunt of the largest fraud case Washington County has ever seen. Perpetrator Kendall Richards approached him with an elaborate funding opportunity that was projected to make him a sizable return on his investment. The plan seemed legitimate and profitable at first glance; however, months into it and over a million dollars later, nothing had materialized.

Paper and money trails were difficult to track, though, as the plan was to originate in Canada with the purchase of vehicles at Canadian auto auctions. An entire team of investigators worked tirelessly to determine and prove the fraud. Perry & Associates forensic unit teamed up with the Sheriff’s Detective Bureau, Interpol, the W.V. State Police, the Royal Canadian Mounted Police, U.S. Customs and the U.S. Treasury Department Financial Crimes Enforcement Network.

Read the full story from Marietta Times

Frequently Asked Questions about COVID-19 SBA Disaster Loans

What You Need to Know about Disaster Relief for Covid-19


On April 1, Perry & Associates reported that the president officially signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. We responded quickly and created a special COVID response group. Our expert accountants are ready to answer your accounting questions regarding the financial relief package.


Since creating the COVID response group, we have received hundreds of questions about the CARES Act. We are working around the clock to provide accurate and thorough answers.

However, we understand many of you need to access funds quickly. That’s why we’ve curated six, frequently asked SBA Disaster Loan questions so that you can make the right choices for your business as soon as possible.


SBA Disaster Loans – FAQs


Am I eligible for a coronavirus SBA disaster loan?

You may apply for CARES Act funds if your business has fewer than 500 workers. This includes corporations, non-profits, sole proprietorships, contractors, and freelancers. There is assistance for larger businesses, but those programs fall outside the scope of this article.


Are all SBA disaster loans the same?

No. There are a few distinct programs to the CARES Act. The two most popular programs are the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL).


  • The EIDL. These loans are made directly through the SBA, not local banks. After applying online, you may receive up to a $10,000 advance that will not have to be repaid whether or not you qualify for an additional loan. Additional loans can be maxed at $2 million and loans up to $200,000 don’t require personal collateral. Finally, an EIDL loan can’t go toward other loans or debt obligations. Apply here.


  • The PPP. These are 100% federally backed loans used to cover payroll-related expenses through June 30th. These loans will be forgiven if businesses retain employees at compensation levels similar to pre-crisis levels. Loans are made through banks and third-party lenders. For more information, see our PPP section below.


When will I receive my relief funds?

For EIDL advances up to $10,000, you could see that deposit within three days of your application. For loans beyond the initial $10,000, most sites claim turnaround time is 2-3 weeks. However, many businesses have seen delays longer than that. Expect to wait a week or two longer than promised before funds are approved and delivered. This applies to PPP loans, too. This situation is ongoing and may resolve at any time.


Paycheck Protection Program Questions


What information do I need to apply for a PPP loan?

These SBA disaster loans are provided through local lenders and backed by the federal government. Contact your bank or SBA representative to submit an application. You will need to include documentation stating the total number of employees on payroll along with their 2019 salaries and compensation levels. Also, submit verification for mortgages and utility payments.


Once I receive my PPP SBA disaster loan, are there restrictions on how I use it?

Yes. As you might expect, the PPP requires borrowers to use funds toward payroll-related costs. Eligible costs include: 

  • Payroll administrative fees 
  • Health-care benefits
  • Employee salaries, commissions, or similar compensation
  • Rent and/or mortgage payments
  • Utilities
  • Interest on debts taken on before the crisis

There are also salary eligibility restrictions. For example, loans will not be forgiven if they go toward any compensation over $100,000 per employee or compensated employees live outside the USA.


What happens if my loans aren’t forgiven?

If PPP funds don’t meet eligibility requirements, they might not be forgiven. Loans can only be forgiven if they are used to cover payroll expenses within the eight-week disaster window following the start of the loan. Businesses must also retain employees at salary levels comparable to compensation before the crisis.

If your business does not meet forgiveness criteria, then the funds will remain a traditional loan with a maximum interest rate of 4% and a 10-year repayment window. Loan fees or prepayment penalties will not be applied.

Thank you for reading through our SBA disaster loan FAQ. We hope you’re able to access the funds your business needs.

However, being approved for an SBA disaster loan is just the first step. You will need to track your expenses so that you can prove loan forgiveness eligibility. Together, we will make it through this unprecedented crisis.


Talk to one of our accounting experts, and let us set you up for success.

Call us at (740) 373-0056 or contact us online.

CARES Act and Paycheck Protection Program

The CARES Act with Paycheck Protection Program

The Relief Package Was Approved

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed by President Trump on Friday, March 27, 2020. There are multiple components to the relief funds that may benefit your business. A core element is the Paycheck Protection Program. In short, these are SBA loans that may be forgivable to eligible businesses and 501(C)(3) organizations that use the loans for the program’s specific guidelines. For guidance on any COVID benefit programs, please call us.

Our COVID Response Group

If you need our help, please call. We want to make sure you are maximizing all benefits, making the right choices and accounting for any funds or benefits you receive. Our group can help you with:

  • SBA Loan Application Processing
  • Comprehensive Tax Relief Evaluation Covering All Components of the CARES Act
  • Cash Flow Projections and Tracking

A Few Items to Share

  • There are multiple programs. If you select one, you may not be eligible for another.
  • The Paycheck loans will need to be processed through your financial institution. As of today, most financial institutions are working as fast as they can to get set-up to process loan requests.
  • The loan can pay for up to 8 weeks of qualified payroll. For more information on the exceptions involved, contact Perry & Associates.
  • The loan can also be used for utilities, mortgage interest, rent payments, healthcare benefits, interest on existing debt.

Let Us Help

Please contact us with questions or to discuss your specific situation. We will help you through these difficult financial decisions.

(740) 373-0056