On May 14, 2020, the Mississippi Legislature passed a bill allocating $300 million of coronavirus relief for small businesses. This new legislation provides for: A direct payment program of $2,000 per business and An application-based grant program of up to $25,000 per business. For purposes of both programs, an eligible small business: Must be registered [...]
The SBA, in consultation with the Department of the Treasury, on May 13, 2020, issued additional guidance for the Paycheck Protection Program (PPP) in the form of Frequently Asked Questions. The guidance relates to the Good Faith Certification that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” [...]
The Federal Reserve Board has announced an expansion of the scope of and eligibility for its Main Street Lending Program (MSLP). The MSLP is established under Section 13(3) of the Federal Reserve Act and is in response to the unprecedented economic challenges imposed by the COVID-19 pandemic. It is funded, in part, by a [...]
Even amid significant uncertainty, financial reporting must go on. One of the most pervasive accounting standard changes in recent history, Accounting Standards Codification 606, Revenue from Contracts with Customers (ASC 606), is now in effect for all companies that issue financial statements in accordance with Financial Accounting Standards Board (FASB) rules. That means revenue recognition [...]
On Thursday, April 23, 2020, the federal government passed the fourth round of coronavirus relief packages in the Paycheck Protection Program and Health Care Enhancement Act. This legislation allocates a combined $370 billion of additional funding for the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs to assist businesses affected by the [...]
UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. As applicants receive their Paycheck Protection Program (PPP) loan proceeds, their focus is quickly shifting to the maximization of the estimated PPP forgiveness. Unfortunately, specific guidance [...]
UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. The Small Business Administration (SBA) has released much-anticipated guidance for self-employed individuals and independent contractors (self-employed individuals) that are applying for a Paycheck Protection Program (PPP) loan. [...]
UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP/EIDL program* by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more.Which COVID-19 relief benefit is right for your business, nonprofit, or governmental entity? The answer depends! Do you have over 500 employees, over 100 employees, under [...]
Toward the end of 2018, manufacturers and other private businesses got some much-needed financial reporting relief in the form of Accounting Standards Update (ASU) 2018-17. Intended to reduce the cost and complexity of financial reporting associated with consolidation of variable interest entities (VIEs), the standard currently goes into effect for private companies for fiscal years [...]
CRI Partner Louise Anderson is joining an online webinar panel hosted by St. John's County Economic Development on April 10, 2020. Louise, along with other panelists, will answer your questions and provide practical tips for navigating the financial resources available to small businesses impacted by the Coronavirus crisis.
UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. The recently passed Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, has earmarked nearly $350 billion in a relief program through the Small [...]
CRI Partner Bill Dukes was recently featured on Dave Baker's The Home Fix It Show on Atlanta WSB radio. Bill's 10-minute segment discussed home office deductions related to his listeners working from home during the Coronavirus Pandemic of 2020.
CRI Partner Chris Fogal recently presented on a webinar hosted by St. Lucie EDC about the CARES Act. This webinar entitled What Businesses Need to Know about the Paycheck Protection Program covered the basics of the recently enacted PPP.
We are experiencing some extraordinary times. Our lives are far from routine and our organizations are going through some excruciating pain. As the title suggests though, managing costs is a necessity. Doing something different than you might have done before will be tough, but the hardest part will be to actually make the decisions. We [...]
We all have heard the statement, “everything is getting extensions.” Well, you are right. In most cases, if you are talking taxes and single audits, but not for the continuing disclosure requirements. Since July 2009, the Municipal Securities Rulemaking Board (MSRB) has been designated by the Securities and Exchange Commission (SEC) as the recipient of [...]
With the CARES Act in place, we see more detail on the many impactful strategies currently available to positively counter the unprecedented personal and economic challenges we all now face. Title IV covers a wide range of aid options, including a halt on eviction filings, consumer credit protection clauses, a foreclosure moratorium on Federally-backed mortgage [...]
UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. One of the most notable parts of the CARES Act is the opportunity for loan forgiveness through the Paycheck Protection Program (PPP). What is it? How [...]
Summary of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"): On March 25, 2020, the United States Senate passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The Cares Act will move to the United States House of Representatives this week, and the president is expected to sign it after it’s [...]
As you look at the economic landscape of the United States today, it is much different than it was just a short time ago. Markets are unstable. Businesses are closing or radically changing their service delivery methods. School facilities have closed. Employees and customers are coping with orders to shelter-in-place or maintain appropriate social distancing. [...]
Clients and Friends, I hope this message finds you and your loved ones safe and healthy. As we continue to navigate this period of uncertainty in our country, both personally and professionally, we understand that being able to rely on long-trusted advisors can help ease your mind and position you in a proactive stance for [...]