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April 15, 2020

Paycheck Protection Program Loans for Taxpayers with Self-Employment Income

New Developments – February 2021

Governor Newsom signed two bills on February 23, that will provide cash grants to qualified small businesses impacted by COVID-19 and cash (stimulus) payments to lower-income families. The Legislature is still negotiating a PPP/EIDL conformity bill that would allow businesses to deduct expenses paid with these loans/grants. It is hoped that this bill will be passed by the end of this week.

  • Governor Newsom Signs Legislative Package Providing Urgent Relief to Californians Experiencing Pandemic Hardship

President Biden February 22, announced a series of changes to the Paycheck Protection Program designed to make the program more accessible to underserved borrowers. The changes:

  • Starting Wednesday, February 24, for a two week period only, businesses with fewer than 20 employees can apply for loans
  • The way loans are calculated will be revised so businesses without employees get more relief. Details to be announced later.
  • Set aside $1 billion in PPP loan funds for businesses without employees in low- and moderate-income areas.
  • The elimination of an exclusion that prevents business owners with non-fraud felony convictions from accessing the program.
  • The elimination of an exclusion that prevents business owners who are delinquent on federal students loans from accessing the program.
  • Non-citizen small-business owners who are lawful U.S. residents will be able to apply for loans using individual taxpayer identification numbers.
  • The SBA reported Monday that it approved more than 1.9 million PPP loans for a total of $40 billion from Jan. 11 through Feb. 21. The application window for the current, $284 billion iteration of PPP is scheduled to close March 31.
  • FACT SHEET: Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief

(more…)

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Categories: COVID-19
Tags: Coronavirus, COVID-19, Paycheck Protection Program, SBA Loans, Self-Employment, Sole Proprietors,
April 14, 2020

Proposed Delays to Accounting and Auditing Standards in Response to COVID-19

By Deepa Bhat, CPA, Principal

In response to the widespread disruption caused by COVID-19, the Financial Accounting Standards Board (FASB) announced in their Board meeting on April 8, 2020, a proposal for delays in the following accounting standards for certain entities: (more…)

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Categories: Audit & Accounting Errors, Myths & Guidelines, COVID-19
Tags: Accounting and Auditing Standards, Coronavirus, COVID-19, Deepa Bhat, Financial Accounting Standards Board,
April 8, 2020

Business Valuation and COVID-19: What Are Business Owners Thinking?

By Jeff Faust, CVA, Director of Valuation Services
ASL Business Valuation Services

There is quite a bit of uncertainty with businesses given the global coronavirus pandemic.  This uncertainly also means that a company’s value has been impacted since uncertainly creates risk and increased risk lowers value.  What is this doing to a business owner?  What are they thinking and how are they navigating through all of this? (more…)

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Categories: COVID-19, Valuation Services
Tags: Business owners, Business Valuation, Coronavirus, COVID-19, Jeff Faust,
April 1, 2020

The Coronavirus Pandemic and Fraud

By Nick Sabbatini, CPA, Audit Manager

Please be aware of potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration (SBA): https://www.sba.gov/document/report–sba-programs-scams-fraud-alerts


Links in emails and texts. Those few words, in the context of fraud, likely lead you to think of a range of potential threats to your business. If you’ve addressed the risk appropriately, you’ve trained your employees that such communications may even appear to come from management, others within your organization, or from known vendors and customers. However, these types of attacks are likely to increase in times of crisis, when curiosity, empathy, philanthropy, and fear push people to seek new information, help others in need, and find ways to protect themselves. (more…)

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Categories: COVID-19
Tags: Coronavirus, COVID-19, Fraud, Nick Sabbatini,
April 1, 2020

CARES Act - Individual Provisions

The CARES Act contains several provisions to get cash directly into the hands of taxpayers who are either currently employed or not working. These sources of cash include:

  • Economic Impact Payments (Cash Rebates)
  • Distributions from retirement plans such as 401(k) or IRA accounts
  • Unemployment benefits
  • Emergency Sick and Family Leave is required under the Families First Act

(more…)

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Categories: COVID-19, Updates & Alerts
Tags: CARES Act, Coronavirus, COVID-19,
April 1, 2020

CARES Act - Business Provisions

While businesses are carefully watching their cash flow, The CARES Act contains several provisions to provide cash for immediate operating needs:

  • Payroll Protection Loans
  • SBA Economic Injury Disaster Loans
  • SBA Economic Injury Disaster Grant

(more…)

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Categories: COVID-19, Updates & Alerts
Tags: CARE Act, Coronavirus, COVID-19,
April 1, 2020

SBA Relief Program Comparison Chart

For additional information and daily updates, see:

  • The Paycheck Protection Program Flexibility Act Eases PPP Forgiveness Rules
  • SBA Releases Paycheck Protection Program Loan Forgiveness Application and Limited Guidance
  • SBA Releases Additional Guidance Regarding Certification of “Need” for PPP Loan
  • SBA Announces Retro-Active Change to Paycheck Protection Loan Program
  • Paycheck Protection Program Loans for Taxpayers with Self-Employment Income
  • Paycheck Protection Program and Forgivable Loans Summary
  • COVID-19 and Tax Changes

(more…)

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Categories: COVID-19, Updates & Alerts
Tags: Coronavirus, COVID-19, EIDL Emergency Grants, Paycheck Protection Program, SBA Economic Injury Disaster Loan, SBA Loans,
April 1, 2020

Families First Coronavirus Response Act (FFCRA)

On April 3, 2020, the IRS has released Form 7200 to claim advance payment of tax credits discussed below.

  • IRS FAQ: https://www.irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs

The Families First Coronavirus Response Act (FFCRA), enacted on March 18, 2020, requires private employers with fewer than 500 employees to provide employees with paid sick leave or extended family and medical leave for specific reasons related to COVID-19.

Effective Date: April 1, 2020, and applies to leave taken between April 1, 2020 – December 31, 2020 (more…)

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Categories: COVID-19, Human Resources
Tags: Coronavirus, COVID-19, Families First Coronavirus Response Act, FFCRA,

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