COVID-19

Continuing Disclosure Requirements: Are Deadlines Being Extended?

We all have heard the statement, “everything is getting extensions.” Well, you are right. In most cases, if you are talking taxes and single audits, but not for the continuing disclosure requirements.   Since July 2009, the Municipal Securities Rulemaking Board (MSRB) has been designated by the Securities and Exchange Commission (SEC) as the recipient of [...]

2020-03-31T18:47:43-04:00March 31st, 2020|COVID-19, GOVERNMENTS|

Community Bank Checklist for COVID-19

Community banks face many challenges during the COVID-19 pandemic. Bankers should evaluate current functions and activities throughout this uncertain time. Below you can find CRI's community bank COVID-19 checklist, by functional area, to be used as a resource to assist in this evaluation process. General Ensure effective communications are ongoing with bank customers and employees [...]

2020-03-31T16:28:13-04:00March 31st, 2020|COVID-19, FINANCIAL INSTITUTIONS|

Keep Your Nonprofit Organization’s Contributions Flowing During COVID-19

Have you had to cancel or postpone your fundraising event or gala? Are you in the middle of a capital campaign? Do you have restricted grants or contributions? As a nonprofit organization, you are probably concerned about contributions, revenue, and cash flows for your organization. There are a few things you can do to help [...]

2020-03-31T18:55:16-04:00March 31st, 2020|COVID-19, NOT-FOR-PROFITS|

Title IV: Coronavirus Economic Stabilization Act of 2020

With the CARES Act in place, we see more detail on the many impactful strategies currently available to positively counter the unprecedented personal and economic challenges we all now face. Title IV covers a wide range of aid options, including a halt on eviction filings, consumer credit protection clauses, a foreclosure moratorium on Federally-backed mortgage [...]

2020-03-31T10:07:41-04:00March 31st, 2020|COVID-19|

Critical Questions for Nonprofit Governance During COVID-19 Pandemic

During the COVID-19 pandemic, information is changing daily, even hourly. While management is managing the day-to-day activities, the Board of Directors also has a key role in oversight, and its fiduciary duties do not stop. In its oversight, the Board must monitor management activities, make assessments as to whether management actions are appropriate, and provide any [...]

2020-03-30T23:08:06-04:00March 30th, 2020|COVID-19, NOT-FOR-PROFITS|

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

On Friday, March 27, in response to the devastating impact of the COVID-19 pandemic on the U.S. economy, Congress passed, and President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (“Act”). Included in the Act was an appropriation of $350 billion for the Paycheck Protection Program (“PPP”). The PPP component of the [...]

2020-04-01T20:05:28-04:00March 30th, 2020|COVID-19, DISASTER RECOVERY, SMALL BUSINESS|

COVID-19 Filing Relief for Employee Benefit Plans

The AICPA's Employee Benefit Audit Quality Center (EBPAQC) recently released an alert providing an update on COVID-19 (Coronavirus) filing relief for employee benefit plans. A summary of the employee benefit plans filing relief is below: Form 5500 filings  The IRS has not yet issued a notice of tax filing relief for employee benefit plans, but [...]

2020-03-31T11:20:15-04:00March 30th, 2020|COVID-19, EMPLOYEE BENEFIT PLANS|

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 [...]

2020-03-30T14:09:23-04:00March 30th, 2020|COVID-19, DISASTER RECOVERY, GOVERNMENTS|

Economic Injury Disaster Loans

The Coronavirus Aid, Relief, and Economic Security (CARES) Act has expanded the Small Business Act’s (SBA) Emergency Economic Injury Disaster Loan (EIDL) grant program to allow small businesses, who are suffering economic harm due to COVID-19, access to loans and provided them with $10 billion in funding to support this program. EIDL loans are made [...]

2020-03-28T14:43:59-04:00March 28th, 2020|COVID-19, SMALL BUSINESS|

Main Street Lending: Introduction to the Paycheck Protection Program

One of the most notable parts of the CARES Act is the opportunity for loan forgiveness through the Paycheck Protection Program. What is it? How much can I get? Is it all “free?” How do I apply? To help you separate fact from fiction, we wanted to touch upon a few key pieces of the [...]

2020-03-30T11:02:23-04:00March 27th, 2020|COVID-19, SMALL BUSINESS|

Long-Term Care Facilities COVID-19 Preparation

Since the first nursing home case in Kirkland, Washington, 147 skilled nursing facilities in 27 states have at least one resident with COVID-19, according to data recently released by the Centers for Medicare and Medicaid Services (CMS). While every year seems to bring challenges for the providers to care for their residents, COVID-19 has quickly [...]

2020-03-27T16:47:45-04:00March 27th, 2020|COVID-19, HEALTHCARE|

Important Tax Provisions in the Coronavirus Aid, Relief, and Economic Security Act – Passed U.S. Senate on March 25, 2020

Taxes on Individuals Recovery Rebates The CARES Act contains rebate amounts equal to $1,200 for individuals, or $2,400 for joint filers, with a $500 credit for each qualifying child. These rebates are advanced refund credits against 2020 taxes. The rebate amounts are phased out based on the 2018 adjusted gross income (unless a 2019 return [...]

2020-03-27T10:22:08-04:00March 27th, 2020|BUSINESS TAX, COVID-19, INDIVIDUAL TAX|

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 [...]

CARES Act, Division A – Small Business Assistance – Keeping Workers Paid and Employed Act

Small business employers have been impacted especially hard by the unprecedented fallout of the COVID-19 pandemic as many businesses have been forced to temporarily close, change their service delivery methods, and incur additional expenses or reduced revenues. As these entities now grapple with the reality of dealing with these new economic conditions, congress provided relief [...]

2020-03-28T14:02:01-04:00March 26th, 2020|COVID-19, SMALL BUSINESS|

Coronavirus Aid, Relief, and Economic Security Act

Summary of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"): On March 25, 2020, the United States Senate passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The Cares Act will move to the United States House of Representatives this week, and the president is expected to sign it after it’s [...]

2020-03-27T16:52:23-04:00March 26th, 2020|COVID-19|

Best Practices for Non-Acute Care Entities During COVID-19 Disruption

The effects of COVID-19 have been widespread, devastating, and extremely rapid across the global economy. One of the most affected segments is healthcare. While acute care facilities (hospitals, skilled nursing, etc.) are required to deal with tremendous volume, despite lack of staffing and resources, the remainder of the healthcare spectrum, namely non-acute care providers, are often [...]

2020-03-26T01:19:57-04:00March 26th, 2020|COVID-19, HEALTHCARE|

Financial Reporting Implications of COVID-19

As organizations monitor the current and potential effects of COVID-19 on their activities, they should also consider the implications on their year-end financial reporting processes. Specifically, organizations should consider the following areas of concern in preparing financial statements. Risk Assessments: Organizations should evaluate the impact of changing circumstances on their assessments of risks inherent in [...]

Business Interruption: Planning Your Next Steps and Setting Expectations

In the event that your business suffers an interruption or loss of income as a result of the pandemic or restrictions imposed by civil authorities, there are steps that you can and should take to assess the impact on your business, mitigate your losses, and chart a path forward. Next steps Thoroughly review your policy [...]

2020-03-26T00:48:37-04:00March 25th, 2020|BUSINESS CONSULTING, COVID-19|

Cybersecurity Tips for Working From Home

With the COVID-19 pandemic changing the way we work, workforces are seeing a shift towards a completely remote work environment. If you are making the shift, we've compiled a helpful list of security tips to keep in mind if you are using your laptop at home: Make sure you limit physical access to your work [...]

2020-03-25T18:11:55-04:00March 25th, 2020|COVID-19, CYBERSECURITY|

Business Interruption Losses: Making an Insurance Claim

The Coronavirus (COVID-19) pandemic has had a devastating impact on people, communities, and businesses worldwide. Virtually every business has been affected, and losses continue to mount daily due to both government and self-imposed restrictions. This inability of businesses to operate as usual can create what is known as business interruption losses. These losses consist of both [...]

2020-03-25T16:52:50-04:00March 25th, 2020|BUSINESS CONSULTING, COVID-19, HOSPITALITY|