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.
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…
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…
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…
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…
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…
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…
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…
Few businesses have been left unscathed by the novel coronavirus pandemic. Unfortunately, some have been mortally wounded. Some may be living on life support thanks to financial help from the government, but their long-term survival is in doubt. That may not be inevitable, however, particularly for businesses that are proactive. Business advisors are instructing companies…
Every day, there seems to be something new as it relates to Paycheck Protection Program. The only thing that is really certain is that everything is still very uncertain. We still await final regulations and guidance from Treasury on the matter of forgiveness. Our eyes and ears remain glued to any information that might be…
