4Thought Blog

Congress Approves Significant Paycheck Protection Program Loan Flexibility

There’s very welcome news for businesses with Paycheck Protection Program (PPP loans). Following on the heels of the House last week, the U.S. Senate on Wednesday passed a plan allowing companies more flexibility on spending their PPP loans. Highlights include:

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Tax-Saving Strategies for Family Businesses in 2020

Many family businesses have been adversely affected by the novel coronavirus (COVID-19) pandemic.

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Paycheck Protection Program Loan Audits: How Businesses, Nonprofits Should Prepare

Is your Paycheck Protection Program loan $2 million or more? Then you’ll have to prepare for an audit if you apply for loan forgiveness, officials recently announced. Here are some tips to position your business or nonprofit organization to receive the maximum allowable forgiveness, as well as to prepare for the subsequent government audit.

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New Lease Accounting, Revenue Recognition Rules Delayed for Private Businesses

There’s some further welcome news for businesses and nonprofits that use GAAP (Generally Accepted Accounting Principles) for their financial statements. There is now an additional delay on implementing fairly cumbersome new revenue recognition and lease accounting standards. Due to the coronavirus pandemic, the Financial Accounting Standards Board (FASB) voted last week to delay the start…

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Boosting the Productivity of Remote Workers: Tips for Employers

Even while conditions in some states have improved enough to allow some workers in exile to begin returning to their workplaces, life isn’t likely to return to normal for a long while, thanks to the COVID-19 crisis. First, some employees worried about the chances they could become infected might balk at the idea of returning…

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COVID-19 Business Reopenings: Steps to Improve Employee Safety

Chances are, employers don’t need the force of law to make them care about the health of their employees, especially during the novel coronavirus (COVID-19) pandemic. But it’s still important to know what the federal workplace safety agency — the Occupational Safety and Health Administration (OSHA) — has to say about employees returning to their…

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Important New Guidance for PPP Loan Forgiveness

At long last, there’s some guidance on how businesses can seek forgiveness for their Paycheck Protection Program loans. Late last week, the U.S. Small Business Administration released a PPP loan forgiveness application and instructions, which you can access here. We spent the weekend reviewing this application and instructions and thought it would be helpful to…

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Coronavirus Assistance for Nonprofits: 7 Benefits to Consider

The recent Coronavirus Aid, Relief, and Economic Security (CARES) Act provides relief to employers struggling to stay afloat during the novel coronavirus (COVID-19) pandemic. The nonprofit sector is no exception. In fact, some provisions in the new law are specifically tied to charities. Following is a brief summary of seven key benefits for nonprofit employers…

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8 Successful Post-COVID 19 Pivot Tips for Businesses

The novel coronavirus pandemic has caused difficulties for millions of businesses — from family-owned restaurants and niche manufacturers to multinational airlines and oil companies. As the economy slowly reopens across the country, old ways of doing things clearly won’t work for most business operations. But there’s a potential upside: Major economic disruptions may provide opportunities…

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Safety Tips, Best Practices for Construction Companies During COVID-19

As COVID-19 spread throughout the country this March and April, many states restricted the movement of residents while allowing those in “essential” businesses to continue working. Generally, construction companies have been deemed essential for this purpose — leaving contractors to grapple with the logistics. Although nothing is certain at this point, some standard COVID-19 operating…

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