Late last week, the United States Small Business Administration (SBA) released yet another round of guidance updates regarding the Paycheck Protection Program (PPP). The areas covered by this latest release are maturity dates and loan amounts. A recent article from the Journal of Accountancy offers a brief overview of the guidance update. The additional guidance was released in the form of new and updated PPP FAQ questions on the SBA website. Here are details of [Read More]
On June 22, the U.S. Small Business Administration (SBA) released additional guidance regarding Paycheck Protection Program (PPP) loan forgiveness. A recent article from the Journal of Accountancy summarizes the information contained in the release. The new interim final rule primarily addresses changes made by the Paycheck Protection Program Flexibility Act of 2020. This is the second round of guidance following the new legislation. It seeks to respond to inquiries regarding applying early for PPP loan [Read More]
As businesses attempt to get back on their feet post Covid-19, understanding programs that you may qualify for, such as the R&D tax credit, can help reestablish robust cash flow. This article outlines the ins and outs of the tax credit program, what the many benefits are, and what documents are needed in order to claim the credit. To view this article, click HERE to access the original content.
This article discusses how the coronavirus has impacted the business world on a number of levels including raising questions around Goodwill and long-lived assets. Whether it is trying to sort through Goodwill testing or estimated values for publicly traded companies, this article offers information from a general business perspective. To view this article, click HERE to access the original content.
As the country and even the world shift their attention to the seeming long-lasting impact of the Coronavirus, updates appear to be coming out each day. Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture past the peak of the pandemic, businesses are going to have to adapt to the new world in which they [Read More]
On Wednesday night, the Senate voted unanimously in favor of the Paycheck Protection Flexibility Act. This new legislation makes key adjustments to the timeline for spending Paycheck Protection Program (PPP) funds and revises how loan recipients are required to allocate the money. Here is a brief overview of the key provisions contained in the bill: Loan recipients now have 24 weeks to spend the funds. Previously, they had to use all the money within eight [Read More]
On Wednesday, the Financial Accounting Standards Board (FASB) announced a broad extension of the revenue recognition standard effective date. A recent article from the Journal of Accountancy examines the reasoning behind the board’s decision. Prior to this final vote, FASB released a more limited proposal that would adjust the effective date of the revenue recognition standard just for non-public franchisors. During the comment period, it became clear that all nonpublic entities desired an adjustment to [Read More]
Whether the impact is on a global, national, or individual industry level, this pandemic is already changing the way businesses are operating on a day-to-day basis. As we venture past the peak of the pandemic, businesses are going to have to adapt to the new world in which they reside in order to survive. The Paycheck Protection Program loan has become a lifeline for small businesses. Some of these loans may even be forgiven if [Read More]
On Friday, May 15, the Small Business Administration (SBA) announced an important release for borrowers who received loans through the Paycheck Protection Program (PPP). The bureau made public a form and instructions for borrowers to use to apply for PPP loan forgiveness. The application must be completed and submitted to the lender that serviced the borrower’s PPP loan. It includes the following four components: A form for calculating the PPP loan forgiveness amount A PPP [Read More]
One of the benefits included in the COVID-19 epidemic stimulus package is the ability of an employer to defer payment of the employer's share of certain federal payroll taxes. The deferral applies to the employer's 6.2% share of the Social Security (OASDI) payroll tax. The deferral does not apply to the employer's 1.45% share of the hospital tax. The deferral is optional, applies to employers of any size, and applies to wages paid between March [Read More]