Small business

Senate and House Republicans introduced legislation that would give businesses refundable tax credits against payroll taxes to meet some of the expenses associated with reopening during the novel coronavirus pandemic.

Startup Breakaway Bookkeeping & Advising is building a network of finance professionals to act as virtual CFOs for small-business clients.

The American Institute of CPAs has organized a coalition of 21 business trade groups to push for help for businesses' short-term liquidity needs.

The Trump administration released details of almost 4.9 million loans to businesses – from sole proprietors to restaurant and hotel chains – under the federal government’s largest coronavirus relief program so far, the $669 billion Paycheck Protection Program.

The House gave final last-minute congressional approval Wednesday to extending the popular loan program for small businesses until Aug. 8, hours after the deadline for applications lapsed with more than $130 billion still available.

Private sector employers added 2,369,000 jobs in June, according to payroll giant ADP, in a promising sign of business recovery despite the COVID-19 pandemic. ADP also revised upward its May total from a loss of 2,760,000 jobs to a gain of 3,065,000 jobs.

The Senate has passed an extension of the popular Paycheck Protection Program for small businesses, which was set to close down Tuesday night with more than $130 billion in funding left over.

As small businesses in different parts of the country reopen in the midst of the novel coronavirus pandemic, they are beginning to increase the number of hours worked by their employees, according to payroll giant Paychex, although spikes in the virus are threatening to set back those gains.

The pandemic has created many great opportunities for finance pros to help their clients.