COVID-19 Advisory Services

Helping Ohio, Indiana, and Kentucky Businesses Overcome Challenges

The COVID-19 emergency is creating unprecedented challenges for many businesses, and navigating the impact of comprehensive legislative changes and regulatory relief measures often requires a different level of support.

In addition to the same tax, audit, assurance, accounting, and consulting services our clients rely on, we’ve developed a summary of services to help you overcome these challenges. Get peace of mind with Barnes Dennig’s PPP Loan Forgiveness Analysis & Report.

Additionally, we’re curating the most relevant and up-to-date news and advice for business owners on our COVID-19 Blog.

Paycheck Protection Program

The Paycheck Protection Program (PPP) is a modification of the SBA’s 7(a) loan program, in which banks make loans to businesses that are guaranteed by the SBA to small businesses​. Below is a high-level overview of the program:

  • Loan forgiveness depends on the following factors:
    • The borrower maintains payroll, or restores by June 30, 2020, previous full-time equivalents and salary levels for reductions made between February 15, 2020, and April 26, 2020. Wages may not be reduced by more than 25% for employees earning less than $100,000, and;
    • 75% of the proceeds are used for payroll costs. There will be a loan balance (unforgiven) if the loan proceeds are used for anything other than payroll costs, mortgage interest incurred prior to February 15, 2020, rent, and utilities payments incurred over the 8 weeks after the loan origination date. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs, and;
    • Documentation that the business was adversely affected due to COVID-19 will be required with the loan forgiveness application.
  • PPPL interest rate is 1.0%.
  • The unforgiven loan amount repayment term = 2 years.
  • Eligible applicants are those with 500 or fewer employees – affiliation rules apply.
  • PPPL payment deferment relief for six months after loan origination – Interest will continue to accrue during deferral period.
  • Watch one of our on-demand webinars covering this program for business owners or for not-for-profits.

Economic Injury Disaster Loan Program

Below is a high-level overview of the Economic Injury Disaster Loan (EIDL) Program. Businesses under 500 employees are eligible:

  • Credit history and ability to repay subject to being analyzed
  • Economic injury must be due to Coronavirus (COVID-19)
  • EIDLs are directly from SBA Disaster Assistance
  • There is no application fee
  • EIDLs maximum is $2 million
  • Interest rates = 3.75% for small businesses / 2.75% nonprofits
  • Rates are fixed throughout the loan term
  • Terms can be up to 30 years with no penalty for prepayment
  • May be used for working capital (i.e., to pay fixed debts, payroll, accounts payable), not lost sales or profits or for expansion, may not be used to service existing SBA loan debt.
  • Most loans will require collateral (e.g. real estate / SBA can waive this)
  • Apply at SBA’s website:

Tax & Compliance

The flurry of changes from Washington and respective state capitals has resulted in a lot of confusion not only about filing deadlines, but new tax opportunities. Our seasoned experts will analyze your current and past tax filings against these changes to identify where immediate savings and other opportunities exist.

Cash Flow Management

Many businesses have been challenged by an unexpected cash flow shortage. Our team can work with you to identify ways to manage cash flow including a review of government-sponsored funding options, analysis of vendor/supplier agreements and identification of additional financing opportunities.

Business Continuity

Developing a comprehensive plan for managing through the emergency is essential to disarming panic and stress. Our professionals will work with you through the peaks and valleys to develop a path forward.


The abrupt shift for certain companies from a traditional office to remote workforce environment can create additional and significant risks. Our cybersecurity team can help to identify weaknesses, new risks, and implement a remediation plan to keep valuable digital assets secure.

Additional Resources

Download a more detailed CARES Act Summary here for an in-depth list of provisions and tax credits.

Barnes Dennig understands many businesses are facing stressful times and are required to make difficult decisions. Our team is here to serve as a resource, guide and sounding board to identifying opportunities, options and strategies to minimize the COVID-19 impact. If you need assistance with an issue outlined above or have another concern, Barnes Dennig is here to help.

Visit Barnes Dennig’s COVID-19 Blog for a comprehensive list of news and updates. Please contact our COVID-19 Advisory Team or any of our leadership team at Barnes Dennig to discuss.

Barnes Dennig COVID-19 Advisory Team Leaders:

Given the size and complexity and scale of the government’s response to the pandemic, including the FFCRA, and the CARES Act, and the fact that the legislation was passed quickly, more guidance is needed and being published almost daily. The information on this page and in the pre-recorded webinars is subject to change. Please watch your email or visit our blog for more updates from us.