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Posts published in November 2020

State Minimum Wage Increases 2021


While the Federal minimum wage remains at $7.25 per hour, many states and cities/locals have set increases effective January 1st, 2021 with a few announcing a change during 2021.  With the addition of Florida, there are now 8 states on their way, or at $15.00 per hour.  A list of each state/local, along with the new hourly rate is listed below; All rates are effective January 1st, 2021 unless otherwise noted. Alaska: $10.34 Arizona: $12.15 ($9.15 for tipped employees-$3 less than minimum wage) Arkansas: $11.00 (tipped minimum wage will remain at $2.63) California: $14.00 for businesses with 26 or more…

PPP Loans in Excess of $2 Million – Audit Process Begins


On the Paycheck Protection Program (PPP) loan application, many certifications were made by the borrower. An important one to highlight is “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” It is a somewhat simple statement that the SBA further indicated that borrowers are acting in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business. For example, it is unlikely that a public company with substantial market…