SBA offers total forgiveness for loans of $50,000 or less

SBA offers total forgiveness for loans of $50,000 or less, helping PPP small-business borrowers

 

If you borrowed $50,000 or less, your loan’s forgiven — period. But will you owe taxes?

Business owners who borrowed $50,000 or less through the Small Business Administration’s emergency loan program learned last week that their debts are forgiven entirely — provided they file the right paperwork.

But accountants are urging costumers to hold off applying for forgiveness to see if the government further sweetens the pot.

The Small Business Administration and U.S. Treasury issued the new guidance for small-business borrowers with loans of $50,000 or less under the Paycheck Protection Program, or PPP.

The PPP loans were included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which Congress passed earlier this year to provide emergency assistance for individuals, families, and businesses affected by the coronavirus pandemic.

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Blog: In appreciation of industry’s great sales reps

This pandemic has made us appreciate many folks that are often ignored in normal days. Of course, there are the healthcare workers who are exposed to the pandemic dangers, the emergency workers, the volunteers and then there are the people stocking the shelves at necessary retailers, the folks making deliveries to our homes and, of course, the people who stock liquor stores.
In the furniture and mattress industries, we are thankful for those many workers who have returned to work and are helping us get our merchandise so needed by our customers.
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Check Out IHFRA's Webinar with Adam Glazer Pt.1


The team at IHFRA wants to thank the scores of members who signed up and attended part one of our two-part Webinar series presented with Adam Glazer and the members of his law firm of Schoenberg Finkel Beederman Bell and Glazer, LLC , our legal counsel. We hope you enjoyed it as much as we did! Adam was joined by two of his associates, Andrew Bell and Matt Tyrell, who shared a wealth of knowledge and answered a host of questions regarding health and safety issues for traveling reps, applying for PPP loan forgiveness, changing tax laws and many other things.

In case you missed it, or simply just want to watch it again, you can access the video online from your computer, smart phone or tablet here:

  http://https://www.youtube.com/watch?v=Vv8EICxWP-Q

We had several attendees submit questions in advance of the webinar and we’ve got the answers to your questions here:

Webinar Questions for Adam with Disclaimer

Curious about what people are saying about the webinar? Here are a few quotes from attendees:

  • “Lots of great information on many current and concerning topis. Looking forward to the November Webinar” ~ Tommy Coughlin
  • “Informative, educational and right on point. Time well spent.” ~ Ray Isser, IHFRA past president
  • “I received pertinent information from 3 talented lawyers that would have cost me a lot of money had I consulted with them on my own.  The subjects they covered were geared to my business as a 1099 and a small business owner.  My membership dues to IHFRA have more than paid for themselves this year.  I am looking forward to the next set of topics they will be presenting in November.” ~ Wendy Buzzard, President of Creative Visions Midwest
  • “I thought the webinar was great.  Lots of great information that was time sensitive, especially the information regarding the pandemic.  I’ve been in the industry over 40 years and still learned lots from this webinar.  I can’t wait till the second webinar in November.”   Tommy Leflein, past president, IHFRA.


70% of High Point Market Exhibitors Confirm Open Status for Fall Market 2020

HIGH POINT, N.C., October 5, 2020With just a little over a week to go until the opening of the Fall 2020 High Point Market, exhibitors are weighing in the status of their showrooms. To date, 70% of active exhibitor profiles have confirmed their doors will be open for the event.
Attendees wanting to see which showrooms have confirmed open can visit the Exhibitor section of the High Point Market website, www.highpointmarket.org/exhibitor, and look for the golden “Confirmed Open” verbiage on an exhibitor’s profile. They can also check the “Confirmed Open for Fall 2020 Market” filter to hide any profiles who haven’t confirmed they’ll be open.
During Market, the High Point Market app will list only exhibitors who have confirmed they will be open.
“We’ve found the great majority of our major lines will be present this Market, and we are excited to see what they have for us,” shared Cheryl Kees Clendenon, owner and lead designer of In Detail Interiors. “This may even stimulate us to try new lines. We always make sure to open one new line each Market, but this time we might explore even more new options.”
“Due to the recent increase in consumer demand for home furnishings, we are not surprised by this strong showing of open showrooms. We expect buyers in attendance will be ready to do business when they get here, and we’re pleased there will be plenty of open showrooms to welcome them,” said Tom Conley, president and CEO of the High Point Market Authority. “The industry shared with us early on in this planning cycle they greatly needed this in-person buying opportunity. We have worked tirelessly to create a plan that would allow such to happen within the current health and safety guidelines outlined by health officials.”
“High Point Market is huge for us a retailer and full-service design firm. Before April, I had been to 19 consecutive Markets. With clients, retail customers, a team of 7, and designers I consult with counting on us to come back from High Point with the latest and greatest, we’re definitely coming!,” added Clendenon. “With lots of masks and hand sanitizer, of course.”
Even though a few exhibitors have yet to log into their profiles and indicate their Fall Market status, only 128 permanent exhibitors have shared they will not be open this October.
Fall Market is set to kick off on Tuesday, October 13. The extended, 9-day show will operate with a multitude of safety measures in place to align with the current health guidelines from the CDC and the State of North Carolina. It will culminate on Wednesday, October 21.
About the High Point Market Authority
The High Point Market Authority is the official sponsor and organizer of the High Point Market in High Point, N.C. Featuring an extensive selection of exhibitors spanning every category, style, and price point, and attracting tens of thousands of visitors from more than 100 countries twice each year, the High Point Market is the driving force of the home furnishings industry. Find the High Point Market online at www.highpointmarket.org, and follow on social media using the hashtag #hpmkt.