State by State “Reopening” Status

State by State “Reopening” Status

Harvest Business Advisors serves businesses in multiple states. Our brokers have been carefully tracking how the state governors have been dealing with the COVID-19 crisis – and watching how they are approaching “re-opening” their state’s businesses. It’s a delicate balance between public health and the health of the economy, between protecting worker’s safety and providing a safety net for business.

Here is a recap of recent statements by each state in our service area:

Maryland

Other than keeping Marylanders safe and saving lives by defeating COVID-19, there is absolutely nothing more important to me than getting people back to work and getting businesses reopened. I want to get people back on their feet and get our economy back on track. We will do that as quickly as we possibly can in a safe, gradual and effective way.” Said Governor Larry Hogan as he unveiled the state’s Maryland Strong Road to Recovery   plan on April 24, 2020. The Road to Recovery identifies key risk factors milestones which are broad in character and contains components within each stage.

Schools will remain closed for this school year.

Virginia

Gov. Ralph Northam issued a stay-at-home order effective until June 10. A separate executive order that restricted certain businesses and crowds of more than 10 people will expire May 14. Governor Northam recently suggested some restrictions may be lifted, a “soft” re-open but has not yet provided specific details.

On April 24, Governor Northam shared the progress made by Virginia and a blueprint for phases for reopening the state if certain health benchmarks are met and maintained.

Schools will be closed for the remainder of the school year.

Elective surgery and dental procedures in Virginia were allowed to resume on May 1.

Washington D.C.

On April 23,  Washington DC Mayor Muriel Bowser has created a “ReOpen DC” Advisory Group which will include experts from the Johns Hopkins Bloomberg School of Public Health.

“ReOpen DC is about working together as a community to reopen Washington, DC in a way that is safe and sustainable. Together, we will create a plan that is based in science and tailored to the needs of our community.” said Mayor Bowser.

ReOpen DC has defined on three phases of reopening:

  • Emergency Response – Where we are now
  • Stabilization – what ReopenDC will focus on, which involves relaxing restrictions but closely monitoring and quickly responding to negative metrics
  • Long-term Recovery – How we find a new, more resilient normal. Likely started once a vaccine is widely available

 

New Jersey

“Extending this declaration ensures that we can continue using every resource at our disposal to mitigate the spread of COVID-19,”said Governor Murphy.“But I want to ensure that this extension is not interpreted to mean that we are reconsidering our path forward or changing course on the principles I laid out last week in the Road Back plan. We will continue to stand by these principles and protect public health as we responsibly take steps to get the economy moving again.”

Schools will remain closed through this school year.

Governor Murphy introduced New Jersey’s “Road Back Plan” that covered economic recovery and public health needs.

Pennsylvania

The commonwealth of Pennsylvania released their Return to Work Plan, determined by county statistics and milestones and specifies Work and Congregate Setting Restrictions and Social Restrictions in phases.

“We are planning for the days and weeks ahead when we will not only safely return Pennsylvanians to work but return to a different and more resilient Pennsylvania. While we cannot be certain of the future path of this disease, our decisions will be driven first by prioritizing the health and safety of all Pennsylvanians.

To that end, the Commonwealth is partnering with Carnegie Mellon University (CMU) to create a data-driven decision support tool that will enable a balance between maximizing the results of our economy while minimizing public health risks”.  said Governor Wolf.

Note: Pennsylvania and New Jersey are part of a coalition of northeastern states coordinating the reopening of the economy safely in that region.

Harvest Business Advisors encourages all our colleagues to continue to protect their health and the health of their employees. We can help you with your business health – and would welcome a conversation about how you can not only survive now, but prepare your business for the eventual rebound. Feel free to connect with us


Clients choose Harvest Business Advisors for our accurate business valuations and our consistent ability to deliver a high price as part of a smooth exit transaction.
Harvest Business Advisors provides business brokerage, business valuation, and business succession planning services. We have extensive experience in the information technology and professional services, manufacturing, distribution, and contracting fields. We maintain offices in Maryland, New Jersey and Virginia.
Connect with us at info@harvestbusiness.com or 877-838-4966 to discuss selling your business, ordering a business valuation or buying a business.

CDC Releases Draft Guidance for Reopening Businesses, Restaurants, Bars

CDC Releases Draft Guidance for Reopening Businesses, Restaurants, Bars

The CDC has released draft guidelines for the President to review and approve outlining measures to be taken by businesses as they reopen.  Specific sections address businesses with Vulnerable Employees (page 10), Restaurants and Bars (page 12) , Child Care Centers, Schools and Day Camps, and Communities of Faith.

Click here for CDC Interim Guidance for Opening Businesses.

The guidance is very detailed outlining three phases.

Phase 1 suggests strict social distancing, closing common rooms like break rooms, telework, and other restrictions.

Phase 2 suggests moderate social distancing, shifts for common rooms, maintaining telework, etc.

Phase 3 is closer to the norm although limited social distancing is still suggested.

These guidelines are subject to change as there are many concerns about their work-ability.  Namely, can social distancing be maintained and other suggested requirements?  How are health checks performed while still maintaining required confidentiality? We are sure this will all be clarified over the next few weeks.

According to the Washington Post, the bulk of these guidelines are expected to go into effect sometime over the next seven days or so.

 


Clients choose Harvest Business Advisors for our accurate business valuations and our consistent ability to deliver a high price as part of a smooth exit transaction.
Harvest Business Advisors provides business brokerage, business valuation, and business succession planning services. We have extensive experience in the information technology and professional services, manufacturing, distribution, and contracting fields. We maintain offices in Maryland, New Jersey and Virginia. Connect with us at info@harvestbusiness.com or 877-838-4966 to discuss selling your business, ordering a business valuation or buying a business.

Articles and Data Relating to Your Business and Coronavirus

Articles and Data Relating to Your Business and Coronavirus

Harvest Business Advisors have created this collection of current articles that may be of interest to sellers, buyers, business owners and advisors relating to Coronavirus, industry and the economy.

We are always available to discuss how this might impact you, those close to you, and your business.

We hope you find these helpful.


Clients choose Harvest Business Advisors for our accurate business valuations and our consistent ability to deliver a high price as part of a smooth exit transaction.
Harvest Business Advisors provides business brokerage, business valuation, and business succession planning services. We have extensive experience in the information technology and professional services, manufacturing, distribution, and contracting fields. We maintain offices in Maryland, New Jersey and Virginia.
Connect with us at info@harvestbusiness.com or 877-838-4966 to discuss selling your business, ordering a business valuation or buying a business.

More on SBA PPP and Disaster Recovery Loans

More on SBA PPP and Disaster Recovery Loans

Update on Small Business Administration Paycheck Protection Program (PPP) and Other Disaster Recovery Loans

Last Friday, April 24, 2020, President Donald Trump signed the next coronavirus relief bill providing another $310 billion in funding.  The Paycheck Protection Program (PPP) loans feature forgivable 1% interest loans for companies with up to 500 employees.  The loans are forgivable if certain payroll payment conditions are met totaling at least 75% of the money lent.

If you have not applied, Google your bank and call your business contact.  Apply today as funds will run out quickly.

We’d like to share an exceptional webinar featuring Al Titone, SBA District Director sponsored by the New Jersey Business Industry Association  (NJBIA) on the topic for those who want to know more on this topic.

‘A Business Owner’s Guide to Loans’, Al Titone, SBA District Director of New Jersey, joins Robbin Caruso and Edward Rigby (of Prager Metis)  to demystify the SBA Loan process. Titone discusses key features of the loans available to the business community.


Clients choose Harvest Business Advisors for our accurate business valuations and our consistent ability to deliver a high price as part of a smooth exit transaction.
Harvest Business Advisors provides business brokerage, business valuation, and business succession planning services. We have extensive experience in the information technology and professional services, manufacturing, distribution, and contracting fields. We maintain offices in Maryland, New Jersey and Virginia.
Connect with us at info@harvestbusiness.com or 877-838-4966 to discuss selling your business, ordering a business valuation or buying a business.

“Around the Valuation World” – NACVA Webinar – April 20, 2020

“Around the Valuation World” – NACVA Webinar – April 20, 2020

“Around the Valuation World”, a monthly business valuation webinar sponsored by NACVA, (National Association of Certified Valuators and Analysts) features current topics by leading experts in the Valuation World.

The next episode will air on Monday April 20 at 1 p.m. ET and will be recorded.

This month’s session begins with Core Body of Knowledge featuring Janae Castell,  Mike Gregory and James Ewart discussing a recent Value Examiner (Jan/Feb 2020) article, “The New Revenue Accounting Standard: Lack of Comparability Poses Valuation Challenges”.

Following that segment, Chris Hamilton of Arxis Financial provides this month’s “Expert Insights’. Chris will share his perspective on “Transitioning to Full-Time Litigation and Valuation”.

During  Industry Intelligence  Stephen White focuses this month on the the impact of COVID-19. Stephen will summarize the recent Global Town Hall and  review the other NACVA’s events focused on “Staying in Business”.

Kim Tavares will review recent Valuation Verdicts involving key Federal and/or State Case Law Summaries (2-3 cases).

C.Zachary Meyers joins the webinar and will present Tips on Standards.

To close this month’s program, “Being Relevant” is Garrett Wagner’s (of C3 Evolution Group) topic for Growing and Building Your Brand.  Both new and established practices should find his insights particularly timely.

We expect this show to provide essential and actionable information for valuation experts and hope you can join in live or listen to the replay later.

“Around the Valuation World” is a monthly webinar on business valuation topics hosted by the NACVA and edited by Greg Caruso of Harvest Business Advisors.
For more information,  please visit the “Around the Valuation World” website.

CARES Act – Benefits for Small Business Owners: Loans and Payroll Taxes

CARES Act – Benefits for Small Business Owners: Loans and Payroll Taxes

April 5, 2020

We wanted to share some of the reliable resources and information we’ve found most useful as we’ve researched the CARES Act for our clients.

The CARES (Coronavirus Aid, Relief, and Economic Security) Act was passed 3/27/2020. It is a $2.2 stimulus package t- You are likely getting multiple notices about it from multiple sources. Please work with your accountant and/or lender for information that is current and applicable to your particular situation.

For an overview please read this New  York Times article, “FAQ on Stimulus Checks, Unemployment and the Corona Virus Plan

In addition, we recommend The Small Business Owner’s Guide to the CARES Act from the US Senate Committee on Small Business Entrepreneurship

Paycheck Protection Program Loans

The Small Business Administration has detailed information about their Paycheck Protection Program – you can apply for amounts equal to 2½ months of average payroll.

The funds can be used for payroll, benefits, mortgage, rent, and utilities. Interest rates are capped at 4%, and the loans can be partially or fully forgiven if the business maintains certain employment levels.

While the loan program was expected to be live on Friday, April 3, we know that most banks are still putting the program in place. Most should be ready for your application business on Monday April 6. This specific program appears to be a first come, first served until the funds run out; don’t wait! Start today.

Reach out to your existing bank relationship first, many, if not all banks will process existing clients before accepting new applications.

Payroll Taxes

Businesses can generally defer payment of employment taxes in 2020, with half due by the end of 2021 and the other half by the end of 2022. Some companies severely affected by the coronavirus may be eligible for a credit to reduce those taxes. Please consult your financial advisor for details.

SBA Overview of Assistance: Provided by the Small Business Administration, this COVID-19 Relief for Small Businesses guide is comprehensive and current (as of today!) and an excellent resource to help see the big picture of Small Business assistance programs.

Bottom line:

  • Connect with your accountant and your bank.
  • Prepare your financials documentation, especially payroll documents.
  • Don’t delay – act as soon as possible.
  • But be patient – every one is learning and finding their way with this very new legislation.

There are sure to be revisions and new programs. Stay informed and stay healthy.

And we cannot emphasize this enough, if you would like to reach out to any of us to discuss these programs, we are happy to talk with you, share what we know and help you plan.

Greg Caruso (GCaruso@HarvestBusiness.com609-664-7955

Ed Davis (EDavis@HarvestBusiness.com301-325-7687

Richard Stopa (RStopa@HarvestBusiness.com703.307.1187


Clients choose Harvest Business Advisors for our accurate business valuations and our consistent ability to deliver a high price as part of a smooth exit transaction.
Harvest Business Advisors provides business brokerage, business valuation, and business succession planning services. We have extensive experience in the information technology and professional services, manufacturing, distribution, and contracting fields. We maintain offices in Maryland, New Jersey and Virginia.
Connect with us at info@harvestbusiness.com or 877-838-4966 to discuss selling your business, ordering a business valuation or buying a business.

 

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