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Rex is a Principal of HBK CPAs & Consultants and directs the firm’s Dealership Solutions Group . He has worked extensively in the dealership industry since 1984 as a department manager, a general manager and an owner, as well as providing tax, accounting and operational consulting services exclusively to dealers as an independent CPA. This experience includes working closely with hundreds of dealers from coast-to-coast since 1987 on creative tax planning and financial statements issues. He provides clients with a wide range of transaction work services and consults for them in specialty areas such as operations, government regulatory compliance, valuations and M&A feasibility studies. Rex is active in many professional associations. He is the current Chairman of the BDO Dealership Industry Group, contributes articles and commentary to dealership industry publications, is frequently called upon to speak to industry associations and conferences, provides expert testimony, and is regularly quoted by industry and the general media.
Rex Collins, CPA, CVAPrincipal
Dealership Solutions [email protected]
317-504-7900
Amy Reynallt (330) 758-8613 [email protected]
Amy M. Reynallt, MBA, COVID-19 Business Management Advocate & SBA Loan Specialist
Amy is a manager of HBK'sManufacturing Industry Group located in the Youngstown, Ohio office. She joined the firm in 2019, after spending thirteen years in the manufacturing industry. Amy has experience navigating strategic and financial matters associated with manufacturing companies. She works closely with these companies to help them plan, execute, and meet their short- and long-term goals.
Amy Reynallt, MBAManager, Manufacturing Solutions
Coronavirus CrisisWebinar Series
Join HBK Dealership Solutions GroupNext week for another installment of our Third Thursday
July 16th
11:00 – 12:00 EDT
Registration link belowhttps://attendee.gotowebinar.com/register/982960504838035727
U.S. May Be Headed for a ‘Full Blown” COVID-19 Outbreak
Many States Are Ordering More Coronavirus Related Restrictions
OSHA Releases Guidance On Reopening Workplaces
Be Ready…If The Senate And House Do Come Together
To Approve A Second Stimulus Check, These Funds May Increase Dealership Sales
More Than Two-Thirds Of People Collecting Unemployment Earn More Than They Did At
Their Jobs
Michigan Strategic Fund Will Provide $100m in Grants To Small Businesses Struggling During Coronavirus
Pandemic
U.S. Economy Is Strong Enough To Withstand A Second Virus Wave According To Citi
Private Bank
Overall dealers had a very profitable May (some all-time records) and June, if the dealer
had adequate inventory looks like it was equally as strong.
Even Boat and RV dealers saw the inventory fly off the lots…this is very unusual during a
recession.
You Only Have A Few Days Left To Make 2019 Contributions To Your IRA
Hill, Barth & King, LLC (“HBK”) is a multidisciplinary financial services firm, offering the collective intelligence of hundreds of professionals committed to delivering exceptional client service across a wide range of tax, accounting, audit, business advisory, valuation, financial planning, wealth management and support services.
Copyright © 2020 Hill, Barth & King, LLC. All rights reserved.
This Presentation contains general information only, and HBK is not providing through this presentation accounting, tax, business, financial, investment, legal or other professional services or advice. This presentation is not a substitute for professional services or advice, and it must not be used as a basis for any decision or action that may affect you or your business. Please consult a qualified business advisor before making any decision or taking any action that may affect your business. HBK shall not be responsible for any loss sustained by any person who relies on this presentation.
Nothing is certain but change…Things are changing on a frequent basis please contact us or check our website.https://hbkcpa.com/covid
As a more than 20% owner of dealership I must personally guarantee the PPP
loan.
True False
Poll 1
A borrower will be eligible for loan forgiveness up to the original principal
amount of the PPP loan based on eligible payroll costs and eligible nonpayroll
costs paid or incurred during the applicable covered period.
True False
Poll 2
Eligible payroll costs include:• Vacation• Family Leave• Medical or Sick Leave
True False
Poll 3
Note: pay covered by the FFCRA is not included.
Eligible payroll costs include:• Retention bonuses paid by the
dealership
True False
Poll 4
Eligible non-payroll costs would not include:• Lease payments made related to the parts
washer
True False
Poll 5
Floor plan interest is an eligible expense.
True False
Poll 6
In calculating payroll costs dealers with weekly or bi-weekly pay periods can elect to
use an alternative payroll period.
True False
Poll 7
For the full amount of the loan to be eligible for forgiveness 75% of the proceeds must be
used for payroll costs.
True False
Poll 8
Note: while spending 75% of the proceeds will allow you to be eligible for the full amount of forgiveness (assuming no reductions), the current standard says that at least 60% of the proceeds must be used for payroll costs.
The dealerships loan forgiveness will potentially be reduced if employees' wages
were reduced by more than 25%.
True False
Poll 9
For hourly employees, the total dollar amount of the reduction will be calculated based on the average number of hours the employee
worked per week during the period of Jan. 1, 2020 through March 31, 2020.
True False
Poll 10
In determining whether the dealership was back to full employment under the FTE tests the dealer must calculate the number of FTE
as of June 30, 2020.
True False
Poll 11
An employee who has retired during the covered period meets one of the FTE
reduction exceptions.
True False
Poll 12
The date that the dealer applies for forgiveness will determine the rules under
which forgiveness is calculated.
True False
Poll 13
The bank has 60 days from receipt of the application to determine the loan forgiveness
amount.
True False
Poll 14
No further guidance or modification to the PPP loans is expected in the future.
True False!
Poll 15
Coronavirus CrisisWebinar Series
Join HBK Dealership Solutions GroupNext week for another installment of our Third Thursday
July 16th 11:00 – 12:00 EDT
Registration link below.https://attendee.gotowebinar.com/register/982960504838035727
Hill, Barth & King, LLC (“HBK”) is a multidisciplinary financial services firm, offering the collective intelligence of hundreds of professionals committed to delivering exceptional client service across a wide range of tax, accounting, audit, business advisory, valuation, financial planning, wealth management and support services.
Copyright © 2020 Hill, Barth & King, LLC. All rights reserved.
This Presentation contains general information only, and HBK is not providing through this presentation accounting, tax, business, financial, investment, legal or other professional services or advice. This presentation is not a substitute for professional services or advice, and it must not be used as a basis for any decision or action that may affect you or your business. Please consult a qualified business advisor before making any decision or taking any action that may affect your business. HBK shall not be responsible for any loss sustained by any person who relies on this presentation.
Let us answer YOUR dealer specific questions
Rex A. Collins, CPA, CVA317-504-7900
HBK Dealership Solutions Group 317-886-1624