COVID-19

Clarity – Handling Deductions Associated with PPP Loans

The Paycheck Protection Program (PPP) is a key component of the CARES Act passed in late March 2020. The PPP program provided loans to businesses struggling in the wake of the economic impact of COVID-19. PPP loan proceeds used by businesses to pay employee compensation and other eligible expenses are eligible to be forgiven. In [...]

2020-11-19T16:14:28-06:00November 19th, 2020|BUSINESS SUPPORT, BUSINESS TAX, COVID-19, SMALL BUSINESS|

PPP Guidance: Change of Ownership

The Small Business Administration (SBA) has recently issued guidance related to changes in ownership of an entity with a Paycheck Protection Program (PPP) loan. This new guidance will provide additional information and clarity regarding the PPP. Change in Ownership A change in ownership is considered to have occurred when at least 20% of the ownership [...]

2020-10-12T12:09:20-05:00October 12th, 2020|COVID-19|

Latest Guidance Answers Common Questions on Federal Loan Programs

The U.S. Small Business Administration (SBA) and the U.S. Department of the Treasury recently addressed a handful of frequently asked questions (FAQs) concerning the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) Program. These programs have been lifelines for many businesses whose operations have been affected by the coronavirus pandemic, and only [...]

2020-09-08T18:16:09-05:00September 8th, 2020|BUSINESS TAX, COVID-19|

Maximizing Revenue Is a Realistic Goal, Even During a Pandemic

When managing our business operations in times of economic instability, we tend to focus on the expense side of the equation. We ask ourselves: Where can we cut costs? Is this a necessary purchase? Can we negotiate a lower fee? The revenue side can easily get overlooked. But just like our cash outflows, we can [...]

Federal Awards Best Practices

Download this Resource Have you or your organization received support under the CARES Act Provider Relief Fund? Did you know that receiving those funds may trigger an audit requirement—even for commercial (i.e, for-profit) organizations? Preparing for an audit of federal award funds can seem daunting, even if you have been subject to them [...]

2020-08-21T13:47:49-05:00August 19th, 2020|COVID-19, HEALTHCARE|

PRF Requirements Summary

Our initial piece, Provider Relief Fund Recipient Q&A, introduced the notion that recipients of funds awarded and disbursed by the U.S. Department of Health and Human Services (HHS) under the CARES Act Provider Relief Fund (PRF) could – much to their surprise – be subject to an audit related to those awards. This requirement is [...]

2020-08-19T18:23:44-05:00August 19th, 2020|COVID-19, HEALTHCARE|

Provider Relief Fund Recipient Q&A

1. Have you or your organization received support under the CARES Act Provider Relief Fund (PRF)? The U.S. Department of Health and Human Services (HHS) was authorized under the CARES Act to distribute $175 billion to hospitals and healthcare providers on the front lines of the coronavirus response.  Of this amount, approximately $130 billion has [...]

2020-08-14T13:22:52-05:00August 14th, 2020|COVID-19, HEALTHCARE|

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) hundreds of billions of dollars in 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 [...]

2020-10-01T13:36:50-05:00July 27th, 2020|COVID-19, DISASTER RECOVERY, GOVERNMENTS, HEALTHCARE|

Financial Institution Regulatory Examinations and COVID-19

The Federal Financial Institution Examination Council (FFIEC) has issued guidance for examiners to consider the effects of COVID-19 in safety and soundness examinations. The interagency guidance seeks to acknowledge the "unique, evolving and potentially long-term nature" of the issues arising from COVID-19 and the impact on financial institutions. However, the guidance also notes, "examiners will [...]

2020-07-07T12:20:04-05:00July 7th, 2020|COVID-19, FINANCIAL INSTITUTIONS|

Paycheck Protection Program (PPP) Approved for Five Week Extension

On Tuesday, June 30, just hours before the application window for the Paycheck Protection Program (PPP) was scheduled to close, the U.S. Senate unanimously passed a five-week extension. The House of Representatives followed suit, and the act was signed into law by the President on July 4, 2020. The intention behind this extension is to [...]

2020-07-06T09:00:57-05:00July 6th, 2020|COVID-19|

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 [...]

2020-06-18T14:49:06-05:00June 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, [...]

2020-06-15T09:56:05-05:00June 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 [...]

2020-06-11T12:52:15-05:00June 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 [...]

2020-06-09T08:50:25-05:00June 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|

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 [...]

2020-05-20T13:22:24-05:00May 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.” [...]

2020-06-09T08:51:00-05:00May 14th, 2020|CONSTRUCTION, COVID-19|