CONSTRUCTION

Federal Government Approves Additional Funding for PPP and EIDL Relief

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 [...]

2020-06-09T08:33:17-05:00April 24th, 2020|CONSTRUCTION, COVID-19|

EIDL Program To Get New Life

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 [...]

2020-06-09T08:33:23-05:00April 23rd, 2020|CONSTRUCTION, COVID-19, SMALL BUSINESS, Uncategorized|

Maximizing PPP Forgiveness

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 [...]

2020-06-09T08:52:11-05:00April 23rd, 2020|CONSTRUCTION, COVID-19, SMALL BUSINESS|

Will COVID-19 Cause a Lease Accounting Implementation Delay for Private Companies?

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 [...]

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. [...]

PPP Guidance for Self-Employed Individuals

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. [...]

2020-04-24T13:39:22-05:00April 15th, 2020|CONSTRUCTION, COVID-19, HEALTHCARE, SMALL BUSINESS|

Q & A: Paycheck Protection Program for Small Businesses

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 [...]

Main Street Lending: Introduction to the Paycheck Protection Program (PPP)

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 [...]

Insurance Policyholder Considerations for COVID-19

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 [...]

Coronavirus Economic Response Package – Phase Two

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 [...]

Contractors and COVID-19

In response to the growing concern over the COVID-19 pandemic, the construction industry has taken an unexpected hit. This unprecedented occurrence can feel daunting, especially when it comes to planning for potential circumstances are not under your direct control. Rather than panic, the best approach is often achieved by taking the time to consider different [...]

2020-03-23T07:57:02-05:00March 20th, 2020|BUSINESS TAX, CONSTRUCTION, COVID-19|

Construction Accounting: Four C’s of Surety

The most successful contractors always seek to maximize bonding capacity through an ever-improving surety relationship. Given the inevitable market tightening, securing and enhancing surety bond credit is one of the single most important actions for a construction company. As a CPA firm serving thousands of construction companies, we've learned that contractors—especially in the face of [...]

2020-02-19T10:40:15-06:00December 2nd, 2019|CONSTRUCTION|

Why Entity Choice Matters for Contractors

For established contractors, entity selection is a long-gone concern. Business owners focus instead on operational strategy and tax optimization within the confines of their chosen entity type. But in light of the ever-changing tax environment, it may be worth your while to take another look at your entity selection. Is your choice of entity serving [...]

2020-02-13T19:55:50-06:00November 19th, 2019|CONSTRUCTION|

Three Tax Reform Changes that Benefit the Construction Industry

Despite tariff uncertainties, a tight labor market, and the rising costs of employee benefits, the construction industry has been flourishing in recent years and is expected to continue its economic growth into the next decade. The industry got an added boost from the Tax Cuts and Jobs Act (TCJA), passed at the end of 2017. [...]

2020-02-17T12:29:41-06:00November 18th, 2019|CONSTRUCTION|