GJM & Co.

Cash is King – Covid-19 times!!! Just out of nowhere, the Covid-19 contagion has taken the world by storm.   This new virus, first detected in China around December 2019 end has by this April infected people across 210 countries globally by now with over 2.5 Million cases reported and taking lives of as many as 117 thousand people.   As a result, impact on communities, ecosystems and supply chains have been far reaching.   Particularly, the supply chains across raw materials to finished products and services will have economic financial ramifications on a large scale which are still being ascertained and could be unprecedented. One of the crucial implications that businesses will ultimately face as a result of all supply chain disruptions are their Cash Flows and this shouldn’t be undermined by anyone. In this article, we shall try to suggest strategies that organizations could use to mitigate losses in business during this turbulent scenario. To start, a ...

US Covid-19 Relief measures for Small businesses & individuals In this article, we have tried to provide insight into to some of the Covid-19 relief measures that the US government has offered to its citizens and small businesses.   It is important for you to have a timely understanding of the benefits on offer in order to claim any of these. 1.      Paycheck protection program (PPP) SBA loan: Employee Payroll is considered a significant expense and a dire need for most businesses in the current scenario to stay afloat.   The US congress as activated the PPP loan program for all types of businesses such as C-corps, S-corps, LLC, Sole proprietorships or Independent contractors (all having fewer than 500 employees)   A business entity shall be eligible for 2.5 times its Monthly cost of payroll, health insurance and retirement benefits.   This is however restricted to US$ 100,000/- per employee.   The SBA does not seek any co...

Covid-19 – Clarification on Relief Measures Since the Finance Minister’s announcement of tax and compliance relief measures for India amidst the Covid-19 outbreak on March 24, 2020, we have received numerous queries on some of the implications of the announcement.   Some of the implications were unclear for the week thereafter, since we only had the press release until March 30, 2020.    But the apprehensions and queries have been laid to rest by the promulgation of THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020 on March 31, 2020 as announced by the Government.   So without detailing the ordinance once again, we shall only address the clarifications over the implications of certain tax and compliance relief measures in this article: 1.      The deadline for filing of Income tax return for ALL assessees for FY 2018-19, has been extended up to June 30, 2020. 2.      The deadline for F...