DISASTER RECOVERY

CARES Act and Provider Relief Fund Single Audit

In less than four months, the United States government has distributed (or is in the process of distributing) over $600 billion of funding to state and local governmental entities, and healthcare providers of almost all types. This funding was authorized in various spending bills between March and May of 2020, with the most substantial portion [...]

2020-07-27T17:20:30-05:00July 27th, 2020|COVID-19, DISASTER RECOVERY, GOVERNMENTS, HEALTHCARE|

Drafting a Business Continuity Plan (BCP)

Disasters happen. From hurricanes and earthquakes to floods and wildfires, recent years have shown us that every business must be prepared for a potential disaster or crisis. Since disaster is sometimes unavoidable, a business owner’s best bet is preparation. Having a well-thought-out business continuity plan (BCP) in place can help you weather whatever storms may [...]

Latest Update – Economic Injury Disaster Loan (EIDL) Accepting Online Applications Effective June 16th

The Small Business Administration (SBA) EIDL loan program is back in business. Due primarily to the volume of loan activity, the SBA online EIDL application portal was largely shut down on April 15. From April 15 through June 14, the only accepted new applications were those submitted by agricultural businesses not eligible for the EIDL [...]

Senate Passes the Paycheck Protection Program Flexibility Act

On May 28, 2020, the House of Representatives passed the Paycheck Protection Program Flexibility Act and it was subsequently approved by the Senate on June 3, 2020. The bill is now awaiting approval from President Trump. If enacted, the PPP Flexibility Act will: Increase the “covered period” defining when a small business must spend their [...]

2020-06-09T08:50:25-05:00June 4th, 2020|CONSTRUCTION, COVID-19, DISASTER RECOVERY|

Advantages of Working with a CPA When Seeking COVID-19 Relief

As the repercussions of COVID-19 continue to materialize, many businesses are exploring relief programs and options for keeping their doors open and financials stable. Whether you are just starting the application process, or you have already been approved for financial assistance, there are many ways a CPA can help you and your business get back [...]

2020-05-21T17:58:15-05:00May 21st, 2020|COVID-19, DISASTER PREPARATION, DISASTER RECOVERY|

Latest Revisions To The Economic Injury Disaster Loan And Advance

As with so many things in life these days, change within the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program seems to be inevitable. The EIDL application portal, on the Small Business Administration's website, was overwhelmed with applications for loans and emergency advances within the first couple of weeks of operation. This resulted in [...]

The Waiting Game: Is Your Economic Injury Disaster Loan On Its Way?

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the EIDL program by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more: https://www.cricpa.com/additional-funding-ppp-eidl-relief/ Please note that if you have already submitted your application, that the SBA is continuing to process those applications on a first-come, first-served basis. [...]

Calculating Your Business Interruption Loss

As businesses continue to deal with the effects of COVID-19, it is imperative to focus on the steps you can take to protect and help your business withstand the coronavirus storm. For a closer look at the filing process for business interruption claims, be sure to check out our previous articles regarding Business Interruption Loss [...]

2020-04-13T17:19:32-05:00April 13th, 2020|BUSINESS CONSULTING, COVID-19, DISASTER RECOVERY|

CARES Act – Paycheck Protection Program and SBA Economic Injury Disaster Loan (EIDL) – Loan Forgiveness and Advances

As of April 16, 2020, the Small Business Administration (SBA) noted on its website that it is currently no longer able to accept new applications for the Economic Injury Disaster Loan (EIDL) assistance program (including EIDL advances) based on available appropriations funding. Please note that if you have already submitted your application, that the SBA [...]

2020-04-16T14:01:05-05:00March 30th, 2020|COVID-19, DISASTER RECOVERY, SMALL BUSINESS|

Maintaining Financial Controls in a Disrupted Remote Work Environment

The recent outbreak of the COVID-19 virus has created a scenario that has required most local governments to instruct many of their employees to work remotely. This is unchartered territory in an environment that is evolving daily, and most established policies, procedures, and controls were not designed to operate in this scenario. With many members [...]

2020-03-30T14:09:23-05:00March 30th, 2020|COVID-19, DISASTER RECOVERY, GOVERNMENTS|

Stabilizing Your Business: Improvise, Adapt, Overcome.

With constant changes brought on by the pandemic of COVID-19, your business may be presented with cash flow challenges and opportunities you may have never faced before. To respond to these changes, look no further than a motto with which you are familiar: Improvise, Adapt, Overcome. The slogan used by the United States Marine Corps [...]

2020-03-25T13:58:55-05:00March 24th, 2020|Business, COVID-19, DISASTER RECOVERY|

Government Entities: Plan, Protect, Adapt, Overcome.

As you look at your government entity today, it is likely much different than it was just a short time ago. The COVID-19 pandemic brought challenges and opportunities we have never faced before. How should you respond to the pending financial and operational challenges? Look no further than: Plan, Protect, Adapt, Overcome. These words outline [...]

2020-03-25T11:14:13-05:00March 24th, 2020|COVID-19, DISASTER RECOVERY, GOVERNMENTS|

Connecting the Dots: Business Interruption Planning As It Relates to COVID-19

A hot topic within the hospitality industry right now is whether insurance policies will cover the drop in revenue (and subsequently, lost profits) arising out of both the pandemic and civil actions taken by federal, state, and local officials. Typically, this issue would arise months down the road when businesses would begin to file interruption [...]

Natural Disasters Can Affect Your Financial Statement, Too

Natural disasters can have financial implications for business owners over months, years, and even decades. Companies are expected to follow regulatory guidelines in all circumstances, including — and especially — in the aftermath of a natural disaster. Although the expectations are plainly written into the guidance, many companies are unfamiliar with the key points. Four [...]

Need Relief After a Disaster? No Quick Fixes, But You Have Options

Natural disasters are costly to just about every taxpayer, but individuals are often hit the hardest. Many are faced with the costs of repairing or replacing personal assets, and some even lose their jobs. When infrastructure fails, businesses close and temporarily (or permanently) lay off their workers, and individuals struggle to make ends meet. While [...]

2019-07-19T10:59:25-05:00July 16th, 2019|DISASTER RECOVERY, INDIVIDUAL PLANNING|

Understanding Terms Found in Common Business Interruption Policies

Hurricanes and other disasters – floods, earthquakes, tornadoes, and even cyber attacks or pandemics – can cause devastation to businesses and disrupt their operations. Business owners who have had to close shop due to an unexpected disaster should review their commercial insurance policies to determine if they have a business interruption rider. While reviewing an [...]

2020-07-09T10:09:31-05:00October 9th, 2017|BUSINESS CONSULTING, DISASTER RECOVERY|

Why Donating to Disaster Relief Can Have Optimal Tax Benefits

If you were fortunate enough to have not been impacted by hurricanes, tornadoes, wildfires, or other natural disasters this year, then why not consider making a charitable donation to the victims? There are several “smart” ways to make a contribution that will help provide disaster relief and also get you tax deductions and other rewards for your [...]

2018-11-12T15:44:02-06:00October 3rd, 2017|DISASTER RECOVERY, INDIVIDUAL TAX|

Business Interruption Claims Can Help Businesses “Resume Flight” Following Unexpected Disaster Delays

If you’re traveling somewhere by airplane, perhaps one of the worst things that can happen to you at the airport is missing your scheduled flight. Your two big questions are probably: When can I get on the next flight and resume my journey? and, How much money is missing that flight and getting on a [...]

2018-11-12T15:44:04-06:00October 1st, 2017|BUSINESS CONSULTING, DISASTER RECOVERY, OCTOBER 2017|

Disaster Recovery: Protect Your Assets With the Right Insurance

When a disaster of any kind damages a home or a business, the owners’ first reaction may be to reach for something that makes them feel protected. We have compiled a number of insurance policy options that individuals, businesses, or both can purchase to protect themselves from property damages, business interruptions, or other losses due [...]

2018-11-12T15:44:05-06:00September 29th, 2017|DISASTER PREPARATION, DISASTER RECOVERY, INDIVIDUAL PLANNING|