Paycheck Protection Program Overview Small businesses impacted by the COVID-19 Pandemic received a lifeline in second quarter 2020 with the passage of the CARES Act and its Paycheck Protection Program (PPP) loans. These loans helped provide funds for maintaining payroll and necessary business expenses, while having the potential to be completely forgiven. In December 2020,Read more
Over the past fifteen years, smart phones have changed how we live our daily lives. Recently, we’ve seen the development and implementation of new ways to process payments at retail stores through our smart devices. In this blog post, we look at mobile payments, and dive into the pros and cons of using your phoneRead more
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
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
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). Learn more here. IRS STATES BUSINESS OWNERS CAN’T DEDUCT EXPENSES PAID WITHRead 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