An Update on Silicon Valley Bank: Steps you can take to protect your business in this environment
As you may know, on Friday, March 10, 2023, Silicon Valley Bank (SVB) was shut down and placed into receivership.
We strongly advise all Blue Fox clients, subscribers, and friends to ensure that the balance held at your bank(s) is at or below the FDIC-insured limits. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
Steps to Protect Your Business!
[ The following guidance is provided by our trusted advisor and PEO Company, JustWorks ]
Even if you do not bank with SVB, here are some things for you to think about. Some of these may be seen as general best practices, but they also reflect what we’ve learned as we’ve helped impacted customers navigate the current SVB situation.
The Best Way to Track Income & Expenses for Tax Form 1040
Sole proprietors: get out your shoebox of 2022 receipts and let’s get organized. Our team at Blue Fox created this handy Schedule C Worksheet for your profit or loss record-keeping pleasure. If you’re wondering how to fill out the Schedule C Form 1040, this easy-to-use tool will get your financial ducks in a row. We highly recommend using it before you attempt the official IRS form. You may also download the 2023 Schedule C Worksheet and record your 2023 income and expenses as the year progresses.
UPDATE - 11/4/22:
According to an article by CNBC, Supreme Court again declines to block Biden’s student loan relief plan, "Justice Amy Coney Barrett denied an emergency application brought by the Pacific Legal Foundation to block federal student loan forgiveness... For now, student loan forgiveness remains on hold from a separate challenge brought by six GOP-led states after an appeals court judge in the 8th Circuit granted a stay...Close to 26 million Americans have already applied for student loan forgiveness."
UPDATE - 10/21/22:
According to this article by CNN, "A federal appeals court put a temporary, administrative hold on President Joe Biden’s student loan forgiveness program, barring the administration from canceling loans covered under the policy, while the court considers a challenge to it." The U.S Department of Education's application portal says that they will be reviewing applications during this pause so that they are ready to begin processing debt relief once the court cases are resolved.
On Monday, October 17th the U.S. Department of Education (DOE) opened the application for the Biden-Harris Administration Student Debt Relief Plan. The application will be open through December 31, 2023. According to the DOE, "The Student Debt Releif Plan is It’s a program that provides eligible borrowers with full or partial discharge of loans up to $20,000 to Federal Pell Grant recipients and up to $10,000 to non-Pell Grant recipients.
How to Apply for Federal Student Loan Debt Relief
Who is Eligible for Student Loan Debt Relief
Here are the facts according to the U.S. Department of Education:
Beware of Student Loan Debt Relief SCAMS!
Our team at Blue Fox is subscribed to receive updates about the Biden-Harris Student Loan Relief Plan and we will continue to share information as we get the facts.
Please read this message from the U.S Department of Education:
"Here's a list of Do's and Don'ts to protect yourself against scams as you prepare to apply for debt relief.
Though the Blue Fox Den is virtual, Florida is our home state. Southwest Florida (SWFL) in particular holds a special place in our hearts - it’s where we got our start, served our first clients, and hired our first team members. The devastation we see from Hurricane Ian's destructive path is hard to process. The effects are unbelievably tragic, and it will be a long road back to anything remotely normal in Southwest Florida.
We stand with our team and our community to do whatever we can to help.
If you are looking for ways to aid recovery efforts, please see the list below that includes organizations that are making a direct impact in SWFL (the boots on the ground). If you have time, talent, or treasure to contribute, please do!
We’ve also included some resources to help those affected stay connected and updated
How to Support, Give, and Connect
Statewide & General Relief
Southwest Florida (Boots On the Ground)
Volunteer Florida is the state’s lead agency for volunteerism and national service. This organization has compiled a variety of opportunities through its Volunteer Connect platform. Click here to find ways to volunteer and assist those in need from the devastation of Hurricane Ian.
Hurricane Ian Direct Impact Assistance
If you were directly affected by Hurricane Ian, this section is for you.
Thousands of FEMA and federal personnel are working alongside Florida National Guard and other state response and emergency managers to support recovery from Ian. Here is more information on how FEMA continues to respond to Hurricane Ian.
Apply for Disaster Assistance
If you have been affected by Hurricane Ian in Florida, apply for assistance at www.disasterassistance.gov or call 800-621-3362.
Call the FL SAIL - State Assistance Information Line - for up-to-date information on state assistance at 800-342-3557.
Small Business Administration Disaster Support for Businesses in Affected Areas | disasterloanassistance.sba.gov
Disaster Distress Hotline
Mental health resources are available. Survivors experiencing emotional distress can call or text the Disaster Distress Helpline at 800-985-5990. The national hotline provides free 24/7, crisis counseling for people who are experiencing emotional distress related to any natural or human-caused disaster. Deaf and hard of hearing ASL callers can use a videophone or ASL Now.
State and federal officials have made it easier for storm victims to apply for unemployment aid. Work search reporting, waiting week and registration requirements for Reemployment Assistance claims have been temporarily waived in the counties declared disasters.
Updates & Information
Stay up-to-date on announcements by accessing government and public safety organizations at the county and state levels (this list may not be exhaustive):
Brevard | brevardfl.gov
Charlotte | charlottecountyfl.gov
Collier | colliercountyfl.gov
Duval | coj.net
Flagler | flaglercounty.gov
Hillsborough | hillsboroughcounty.org
Lake | lakecountyfl.gov
Lee | leegov.com
Manatee | manatee.hosted.civiclive.com
Monroe | monroecounty-fl.gov
Nassau | nassaucountyfl.com
Orange | orangecountyfl.net
Osceola | osceola.org
Pasco | pascocountyfl.net
Pinellas | pinellascounty.org
Polk | polk-county.net
Sarasota | scgov.net
St. Johns | co.st-johns.fl.us
Seminole | seminolecountyfl.gov
Sumter | sumtercountyfl.gov
Volusia | volusia.org
Official Florida State Website | myflorida.com
Florida Division of Emergency Management | floridadisaster.org
State of Florida Power Outages | floridadisaster.maps.arcgis.com
Support Blue Fox Clients in Florida
We're big fans of the ripple effect.
Otherwise known as the:
It's the idea that one single act will cause continuous, cascading results.
Most people think of the ripple effect on a flat surface. They picture rings spreading outward from a rock dropping into water. But think about what’s happening under the water too. The stone passes by wildlife and plant life and lands on the bottom, displacing sand.
This Earth Day, imagine what we could achieve if every human on earth completed one act of goodness today. We would influence real positive change on our planet.
So, we challenge you to take action in whichever way feels best!
Pick up a stone, drop it into the water, and watch the ripples of care spread outward, upward, sideways, diagonal, and deep into humanity.
As you may know, conservation organizations hold a special place in our hearts. We highly recommend our clients if you’re looking for an organization to support this Earth Day.
- CREW Land & Water Trust
- Together Bay Area
- WattTime (their Founder’s recent Ted Talk will blow your mind)
Our team often says that we’re just humans serving humans. Today, let’s kick it up a notch and make it humans serving humanity.
Happy Earth Day 2022!
Here’s to you and the greater good!
Welcome to the Blue Fox Blog! A fairly entertaining source of info and news related to our company, nonprofits, social sector trends, and, of course, accounting. Enjoy!
How "Small" Payroll Mistakes Cause Multi-Year S#!t Storms for Nonprofits
Behind the Scenes, New Client Onboarding Call
When to Hire a Tax Professional - 10 Factors to Consider
40+ Ideas to Light a Fundraising Fire Under Your Nonprofit Board Members
Why Outsource Your Nonprofit Accounting to Blue Fox? Ask One of Our Newest Clients
Client CASE STUDY: One of The Most Financially Sustainable Nonprofit Orgs We Know
The Magical Nonprofit Financial Ratio Matrix
10 Reasons to Outsource Your Nonprofit Accounting
How to Make Your Nonprofit Recession-Proof
How to Engage Your Board of Directors in Financial Conversations
QB Tip of the Month: How to Use Classes for Painless Grant Writing
When to Hire an Accountant for Your Social Impact Org
Are You Paying Too Much for Payroll?
Blue Fox Earns Better Business Bureau Accreditation
Blue Fox Launches Protected By Logo
Blue Fox - The Origin Story
Blue Fox Foundation
For Social Enterprises