As Commercial Team Leader at Terrace Finance, I receive a lot of questions around Section 179 of the tax code this time of year. If you own a business that needs to buy equipment, then you really should know what Section 179 is and how you can use it to your advantage. I’ve compiled some…
What is section 179 of the tax code? If you own a business that needs to buy equipment, then you really should know what Section 179 of the tax code is and how you can use it to your advantage. Section 179 is a very straightforward tax incentive for small to medium-sized businesses created by…
In turbulent times like these, even strong, stable businesses can experience credit challenges that make it harder for them to get the equipment they need. As lenders tighten their belts, restrict lending to some types of businesses, and reduce the range of acceptable credit ratings, reasonable lending options can be difficult to find. In the…
On Friday, March 27, the CARES Act was signed into law providing $349 billion in small business stimulus funding by way of the Paycheck Protection Program (PPP) with a goal of preventing business failures and job loss resulting from the COVID-19 crisis. The CARES Act also expanded the Economic Injury Disaster Loan (EIDL) program. The…
It was just 2 weeks ago that the Coronavirus began to make news in the US. Now the enormity of the health crisis facing our country and the effect it is having on our economy has become apparent. This was impossible to predict and difficult to plan for. Small businesses, the backbone of our communities,…