If history is any indication, surety companies will likely begin to turn a more critical eye toward their contractor clients during the COVID-19 crisis. They’ll begin to fear widespread failures and start tapping the brakes on bonding credit without working capital. A surety bond is a necessary fact of life for most contractors. In the [...]
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 [...]
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.” [...]
Click here for the most up-to-date information as of June 18, 2020. 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 [...]
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 [...]
In a matter of weeks, the U.S. has gone from a booming economy with record low unemployment to a virtual standstill. Many construction contractors are still awaiting potential impacts, while others are struggling to stay alive. Cash flow for contractors is always a key factor in any successful business, and in times of crisis, it [...]
The construction industry faces unprecedented challenges amid the COVID-19 pandemic, and there is no time like the present to rise to the challenge. In everyday work, managing change is instilled in our routines, such as changes in schedules, budgets, and weather. In light of the COVID-19 virus, change has taken on a new shape for [...]
The Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted on March 27, 2020, provides a number of tax changes that offer relief during the Coronavirus crisis. Three significant changes include: 1. Rollback of restrictions on using tax losses to recover taxes paid in profitable years, 2. Cash payments to individuals and families, and 3. [...]
As COVID-19 continues to rearrange the structure of our workplaces and daily routines, the construction industry has been absorbing the shock of this global event in a unique fashion. At the time of this writing, the businesses for most construction contractors are considered “essential” under the various state law codes covering disaster responses. While the [...]
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 [...]
On April 24, 2020, the President signed a bill providing for expansion of the funding for various relief programs in the total amount of $484 billion. The legislation includes additional dollars for the heavily utilized Paycheck Protection Program, specific funding for hospitals and health care providers to cover coronavirus expenses and lost revenues, and adds [...]
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 [...]
With the influx of new accounting standards over the past couple of years, the burdens added to smaller accounting departments seem to be continuously mounting. Add in the COVID-19 pandemic, and now accounting departments and business owners are burdened with how to keep businesses afloat when collections take longer to come in, vendors requesting payment [...]
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. [...]
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 [...]
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 [...]
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 [...]
The effects of the COVID-19 virus are only beginning to be felt within our communities and across the nation. Both business leaders and employees are looking for answers to difficult questions as we work to control both the spread of the virus and the economic effects after its curtailment, resulting in significant insurance policyholder considerations [...]
On March 18, phase two of the Coronavirus Economic Response package was signed into law. The Families First Coronavirus Response Act (HR 6201) extends paid sick leave to employees all over the country affected by the pandemic (“COVID-19”). The paid leave is paid for by the federal government and funneled to the employees through the [...]
