covid-19

The Consolidated Appropriations Act (CAA) Includes COVID-19 Relief to Individuals

Congress passed, and the President signed, the nearly 5,600-page Consolidated Appropriations Act (CAA), which includes COVID-19 and economic relief. The CAA includes over $900 billion in wide-ranging COVID-19 and economic relief. We’ve compiled some of the key provisions that affect individuals and their tax situations: Direct Payments of $600 to Americans Individuals making up to [...]

2021-01-11T14:38:42-06:00January 11th, 2021|COVID-19, INDIVIDUAL TAX|

Updates to the Long-Anticipated Compliance Supplement Addendum

On December 23, 2020, the Office of Management and Budget (OMB) released the long-anticipated Compliance Supplement Addendum, which contains information specific to several federal programs. These programs include COVID-19-related funding for both entirely new and existing programs updated in the four funding acts enacted during 2020 in response to the COVID-19 pandemic, including the CARES [...]

2021-01-06T16:34:08-06:00January 6th, 2021|GOVERNMENTS, HEALTHCARE|

COVID-19 Relief Package – Does it Impact State and Local Governments?

After months of negotiating, Congress has passed a new COVID relief package, which will provide approximately $900 billion of additional pandemic aid. Although first glance may lead one to assume that the new bill has no direct impact on states and local governments, several key items were included in the most recent legislation: Coronavirus Relief [...]

2020-12-28T14:26:58-06:00December 28th, 2020|COVID-19, GOVERNMENTS, STATE & LOCAL TAX|

What Qualifies You to Receive the Second Stimulus Payment?

Congress passed, and the President signed a $900 billion COVID-19 relief bill providing $600 direct stimulus payments to individuals, $300 to extended weekly unemployment benefits, and more than $300 billion in aid for small businesses, among other COVID-19 relief benefits.   $600 Direct Payments to Americans The bill includes a $166 billion provision for direct payments [...]

2020-12-28T13:08:41-06:00December 22nd, 2020|COVID-19, INDIVIDUAL TAX|

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|

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 [...]

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|

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|

When Essential Business Is Risky Business: Workers’ Comp & OSHA Considerations in the Time of COVID-19

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 [...]

2020-04-27T14:46:08-05:00April 27th, 2020|CONSTRUCTION, COVID-19|

The COVID-19 Impact on Investments for Governments

Since the outbreak of the COVID-19 virus, global equity markets have seen significant declines with the S&P 500 down over 30% from all-time highs in February. In addition, the bond market has seen muted gain. This market is typically non-correlated with stocks and, when used effectively, can diversify an investment portfolio. Experts are projecting that [...]

2020-04-13T14:14:13-05:00April 10th, 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 [...]

2020-03-31T16:28:13-05:00March 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 [...]

2020-03-31T18:55:16-05:00March 31st, 2020|COVID-19, NOT-FOR-PROFITS|

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 [...]

2020-03-30T23:08:06-05:00March 30th, 2020|COVID-19, NOT-FOR-PROFITS|

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 [...]

2020-03-31T11:20:15-05:00March 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 [...]

2020-03-30T14:09:23-05:00March 30th, 2020|COVID-19, DISASTER RECOVERY, GOVERNMENTS|

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 [...]

2020-03-27T16:47:45-05:00March 27th, 2020|COVID-19, HEALTHCARE|

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 [...]

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 [...]

2020-03-26T01:19:57-05:00March 26th, 2020|COVID-19, HEALTHCARE|

Phase 3 Stimulus Bill Provisions for Healthcare

Updated March 26, 2020 Congress has passed the Phase 3 Stimulus Bill, which is unprecedented in recent years in terms of the dollars to be expended and the scope of the legislation. The following are a few key provisions of the bill that are relevant to healthcare providers. All Healthcare Providers: Elimination of the 2% [...]

2020-03-26T17:45:05-05:00March 23rd, 2020|COVID-19, HEALTHCARE|