In late December 2020, a new COVID-19 relief bill designed to support struggling businesses and citizens was signed into law. Featuring a wide range of support, it included funds for the Small Business Association (SBA) and their various assistance programs, stimulus checks, additional unemployment benefits, and more. In this blog post, we will briefly coverRead more
The IRS issues guidance on the ability to deduct eligible PPP expenses On January 6, 2021, the IRS provided new guidance on the topic of deductible expenses related to the SBA’s Paycheck Protection Program (PPP). The new guidance (Rev. Rul. 2021-2) will allow borrowers to deduct eligible expenses paid for with PPP funds, even ifRead more
With a COVID-19 vaccine on the way, scammers are taking advantage of the public’s desire to get vaccinated quickly.
The COVID-19 Pandemic has left many eager to receive the new vaccines that are starting to be rolled out. Unfortunately, criminals have quickly found new ways to defraud unsuspecting individuals through offers for fake vaccines. Don’t be fooled by scammers. Scammers will often play off victims’ fears or desires to gain personal information or solicitRead more
The COVID-19 Pandemic has impacted many businesses, however some are experiencing times of rapid growth.
Since the beginning of the COVID-19 Pandemic, a variety of stay-at-home orders, shutdowns, and restrictions have negatively impacted many businesses. Restaurants, gyms, and airlines are just a few examples of industries that have struggled. However, with a major change to our daily routines, some companies have profited and seen growth compared to previous years. Below,Read more
Update: January 7, 2021 – The Treasury Department and the IRS issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a under the Paycheck Protection Program (PPP). IRS STATES BUSINESS OWNERS CAN’T DEDUCT EXPENSES PAID WITH PPP LOAN OnRead more
Keeping your personal information safe is critical to protecting yourself from identity theft, and if you’re planning to do any traveling this holiday season, we have a few simple tips that can help keep your data secure. Lock your phone and laptop. Whether you’re traveling by plane, train, or automobile, you’ll probably be taking yourRead more
Everything we do at Bank of Sothern California is driven by our desire to be the strongest community partner possible. From our banking services offered to local small businesses and individuals, to our dedication to supporting charitable organizations, we strive to be a positive contributor in the neighborhoods where we operate. This year especially, weRead more
Our smart phones are undeniably useful tools that have allowed us to work more efficiently, stay in better contact with loved ones, and make our everyday lives easier. Below, we cover four simple tips for keeping your phone secured and your personal data safe in the event your phone is lost or stolen. Lock yourRead more
COVID-19 related robocall scams have been targeting individuals and businesses. Learn what you can do to keep your information safe.
Robocall scams are continuing to rise, playing off of the public’s fear of the coronavirus. Falling for one of these scams could put you at risk for identity theft or leave your financial information in danger of being stolen. By following a few easy guidelines, you can spare yourself or your company, a huge headache.Read more
Drafting a business plan is an important first step in making the dream of owning your own business a reality.
If you have dreams of opening and operating your own business, a great first step is writing out a business plan. This valuable document helps you by putting the details of your idea on paper and organizing the logistical and financial aspects of what it will take to launch your company. The Basics of theRead more