Updates to The Federal Reserve’s Main Street Lending Program

On Monday, June 15, the Main Street Lending Facility, administered by the Federal Reserve of Boston, officially opened up its lender portal to begin signing up participating lenders. Although the loan intake portal for lenders to submit loan participation requests to the Fed isn’t yet operational, Federal Reserve officials are advising potential borrowers to [...]

2020-06-18T14:49:06-04:00June 18th, 2020|COVID-19|

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 [...]

IRS Provides Guidance on Employer Leave-Based Donation Programs to Aid COVID-19 Victims

The IRS has provided guidance for employers who have adopted or are considering adopting leave-based donation programs to provide relief to victims of the COVID-19 pandemic. Under leave-based donation programs, employees can elect to forgo vacation, sick, or personal leave in exchange for cash payments that the employer makes to charitable organizations. In Notice 2020-46, [...]

2020-06-15T09:56:05-04:00June 12th, 2020|BUSINESS TAX, COVID-19|

Contractors Should Juice Up Working Capital in Volatile Times

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 [...]

2020-06-11T12:52:15-04:00June 11th, 2020|CONSTRUCTION, COVID-19|

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 [...]

2020-06-09T08:50:25-04:00June 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 [...]

2020-05-21T17:58:15-04:00May 21st, 2020|COVID-19, DISASTER PREPARATION, DISASTER RECOVERY|

New Coronavirus Relief for Mississippi Small Businesses

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 [...]

2020-05-20T13:22:24-04:00May 20th, 2020|COVID-19|

COVID-19 Impacts: Mid-Year Changes to Health Coverage and Dependent Care FSAs

On May 12, 2020, the IRS issued a notice permitting employers to allow the increased flexibility to make mid-year changes to their employer-sponsored health coverage, flexible spending accounts (FSAs), and dependent care assistance programs. Due to the impacts of the novel coronavirus, workers' needs and access to health care and childcare have vastly changed, thus [...]

SBA Provides Guidance and Extends Deadline for the Good Faith Certification

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.” [...]

2020-06-09T08:51:00-04:00May 14th, 2020|CONSTRUCTION, COVID-19|

Relief Funds for State and Local Governments

For weeks, the nation has been trying to adapt to new changes caused by the COVID-19 virus. While organizations across the board have felt the impact of these changes, state and local governments have felt the hit equally as hard. Governments have been trying to maintain healthcare and other essential services by modifying working practices [...]

2020-05-29T18:27:03-04:00May 13th, 2020|COVID-19, GOVERNMENTS|

Maximizing Recovery and Minimizing Disruption – COVID-19 Funding Administration and Related Challenges

The effects of the COVID-19 pandemic will be felt for months, if not years. As state and local governments look towards the future, the landscape is filled with uncertainty. Governmental entities are now looking to teams of experts to gather and communicate guidance and best practices as the “new normal” environment come into shape. Overall, [...]

2020-05-13T13:37:47-04:00May 12th, 2020|COVID-19, GOVERNMENTS|

CARES Act Impact for Tribal Governments

The COVID-19 crisis has had a considerable impact on governments across the country in a short space of time. In some areas, tribal governments are among the hardest-hit by the health crisis and are struggling to maintain personnel and consistency in day-to-day financial operations. On top of this, the rapid speed of developments makes it [...]

2020-05-18T11:48:48-04:00May 11th, 2020|COVID-19, GOVERNMENTS|

Challenges of Administering Relief Fund Programs

Many states have started to reduce restrictions that have been put in place to combat the COVID-19 outbreak. In addition to managing this next phase of the pandemic, states and local governments are also trying to administer new relief fund programs created by the crisis. This process already lends itself to be somewhat tricky in [...]

2020-05-13T13:37:42-04:00May 11th, 2020|COVID-19, GOVERNMENTS|

Main Street Lending Program

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 [...]

2020-06-18T14:45:29-04:00May 11th, 2020|CONSTRUCTION, COVID-19|

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 [...]

IRS Issues CARES Act NOL Relief Guidance

Thanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, business owners who experienced net operating losses (NOLs) in recent years have new flexibility to apply those losses to offset taxable income. The IRS issued a series of revenue procedures and other guidance to help taxpayers take advantage of the relaxed NOL rules. Background [...]

2020-05-08T11:36:25-04:00May 8th, 2020|BUSINESS TAX, COVID-19|

Hazardous Duty Pay – Avoiding Unnecessary Troubles

Historically, hazardous duty pay has been associated with dangerous military actions, usually in a foreign country, in times of war or peril. Certainly, we’re living in unprecedented times where history seems to be re-written daily, and the enemy now moves swiftly, not only abroad, but here at home in America.  As in any time of [...]

CARES Act Funding and the SEFA for Governmental and Not-for-Profit Entities

As governmental and not-for-profit entities begin to receive and spend funds provided under the CARES Act, many unanswered questions related to the administration and treatment of the myriad funding sources remain. Auditors and auditees are looking ahead to determine the effect of these programs on upcoming audits. While there is very little conclusive information available [...]

2020-05-11T15:49:44-04:00May 5th, 2020|COVID-19, GOVERNMENTS, NOT-FOR-PROFITS|

IRS Denies Tax Deductions for Paycheck Protection Expenses

The IRS released a notice on April 30, 2020, stating that tax deductions for wages, mortgage interest, and rent paid with forgivable Paycheck Protection Program (PPP) loans are not permitted, viewing it as a “double-dipping” of tax benefits provided. Specifically, the notice clarified that no deduction is authorized under the Internal Revenue Code for an [...]

2020-05-04T18:13:29-04:00May 4th, 2020|BUSINESS TAX, COVID-19|

IRS Offers Guidance on Retail Glitch Fix

The IRS has released guidance (Revenue Procedure 2020-25) that will help affected taxpayers determine how best to utilize the depreciation relief offered for qualified improvement property (QIP) in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The recent legislation corrected a drafting error in 2017’s Tax Cuts and Jobs Act (TCJA) that made certain [...]

2020-05-04T16:20:10-04:00May 4th, 2020|BUSINESS TAX, COVID-19|