SIMA Login Center
SIMA
Copyright 2018 SIMA Financial Group.
All Rights Reserved.

U.S. Small Business Administration (SBA) offering disaster assistance in response to COVID-19 

The Coronavirus Preparedness and Response Supplemental Appropriations Act (the Act) that passed on March 6, 2020 allows small businesses that have suffered substantial economic injury as a result of COVID-19 to apply for low-interest federal disaster loans through SBA. Small businesses and nonprofits can apply for working capital loans of up to $2 million.  The following are key details of the Act as it pertains to the low interest rate loans.  You can also learn more by visiting the COVID-19 disaster assistance page on SBA’s website.  State governors must first request access to the Economic Injury Disaster Loan program. Once the declaration is made, information on the application process for disaster loan assistance will...

Continue reading

UPDATE: Tax Day MOVED from April 15 – July 15; Includes filing ad payments.

Today, Friday, March 20, Secretary of the Treasury Steve Mnuchin tweeted: “We are moving Tax Day from April 15 to July 15,” Mnuchin said. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” "Corporations can get an extension on up to $10 million, and individuals can defer up to $1 million of tax liability," and Mnuchin said Tuesday at a news conference. This includes 1st quarter 2020 federal estimated tax payments normally due 4/15/2020.  These payments can be deferred to 7/15/2020 without an estimated tax payment penalty, SIMA continues to monitor decisions by the...

Continue reading

Coronavirus Bill Requiring Paid Employee Leave Signed Into Law, Tax Credits for Employers

On March 18, 2020, President Trump signed the Families First Coronavirus Response Act (the Act) into law. The Act requires employers to provide paid leave for some employees related to the coronavirus (COVID-19) pandemic, among other measures and also provides for a series of tax credits to employers and self-employed individuals to help cover lost income due to the COVID-19 crisis. The Act takes effect no later than 15 days after it is signed by the president. Emergency Paid Sick Leave The Act requires two weeks of paid sick leave for government workers and employees of companies with fewer than 500 employees....

Continue reading

Coronavirus Update – Part III

In investing, there are years when nothing happens and there are years when decades happen. 2020 will be one of the latter. At today’s close, the S&P 500 is down 29% from the February 19 highs. This is the sixteenth “bear market” in the modern era—defined as a decline of 20% or more from a previous market high, on a closing basis. What makes this instance particularly challenging is the unprecedented speed; it took just 16 days to go from an all-time high to a decline greater than 20%, the fastest bear market in history. To effectively deal with bear markets, it’s...

Continue reading

Navigating Unemployment Claims Due to Office Closures Related to the Coronavirus

Per the Virginia Employment Commission: "If you are a worker who has been totally or partially separated from your job due to Coronavirus, please note that no claim for unemployment insurance may be filed or processed until an actual lay off from employment has occurred, or until there has been an actual reduction in hours. When filing your claim for unemployment benefits, please be sure to check the reason for separation as Lack of Work/Lay off.  If you will be filing because of a reduction in hours, you will not receive benefits unless your gross earnings are less than your weekly...

Continue reading

Please be advised: SIMA Response to COVID-19

In response to COVID-19 we will be transitioning our team to a remote working policy for the foreseeable future. At this time a limited staff will remain at our office to provide essential operations. Our service to you as well as the health and safety of our team is our primary concern throughout this time. Our team has the technology and resources required to effectively work remotely and will continue to provide you the service you need. Our Accounting team plans to remain at the office until further guidance is provided by the Internal Revenue Service (IRS) on the possible extension...

Continue reading

What is 401(k) Benchmarking and Why Should You Do It?

Simply stated, benchmarking is the process of reviewing and evaluating your company retirement plan. It involves taking a look at what you are offering your employees today and deciding if it’s appropriate or needs some updating. There are four main areas to focus on when assessing your retirement plan:                 1. Plan Design               2. Service Providers               3. Funds               4. Fees  Each aspect of your plan requires a slightly different set of questions and documented responses. To go into...

Continue reading

HHS Increases Civil Penalties for HIPAA Violations

The Department of Health and Human Services (HHS) recently published a final rule increasing the civil monetary penalties for violations of laws enforced by HHS, including the HIPAA privacy and security rules. HHS is required to adjust these penalties for inflation each year to improve their effectiveness and maintain their deterrent effect. The new penalty amounts are effective for penalties assessed on or after Jan. 17, 2020. 2020 HIPAA Civil Penalties HHS may assess civil penalties when it discovers a HIPAA violation. The penalty amount depends on the facts involved. For violations where the covered entity does not know about the violation (and...

Continue reading