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May 28, 2020

COVID-19, Your Business, and You: Taking Care of What Matters Most

By James Krech, Audit Senior

It’s no surprise we are currently experiencing unprecedented, uncertain, and unnerving times. As business owners, executives, and managers, your first priority could be tending to the business, identifying all the hardships that are currently present or that could arise in the near future, and making some hard decisions as to how to weather the storm. This response is certainly crucial to ensure the wellbeing and future success of the company and your employees, and there are many opportunities available for you to explore, which we will get into shortly. However, there is something just as equally important as supporting your company, if not more so, and that is caring for yourself. (more…)

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Categories: COVID-19
Tags: COVID-19, James Krech,
May 21, 2020

COVID-19 Payroll Tax Credits

The impact of the COVID-19 emergency on all businesses has been transformative. The combination of shelter in place orders with forced business closures have left many facing dwindling demand for products and services. The seemingly overnight shift has forced many to make tough decisions about whether to furlough or terminate employees and how to manage expenses. The depth of the challenge becomes clear in light of the reported 4.6 million Californians who have filed for unemployment. To help cope with the emergency, Congress passed both the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief and Economic Security (CARES) Act. The FFCRA provides expanded sick leave benefits and the CARES Act provides various tax and financial relief options. While they attack the emergency from different angles and for different purposes, they are connected through their use of payroll tax credits. (more…)

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Categories: COVID-19
Tags: Employer Retention Tax Credit, FFCRA, Gross Receipts Decline, Paid Leave Tax Credits, Payroll Tax Credits,
May 19, 2020

SBA Releases Paycheck Protection Program Loan Forgiveness Application and Limited Guidance

New Developments – 8/4/20

Treasury Department released new FAQ’s for PPP Loan Forgiveness (Updated Aug. 4) confirming existing guidance and addressing a few open issues, including the meaning of “transportation utility expenses.”

  • FAQs on PPP Loan Forgiveness

(more…)

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Categories: COVID-19
Tags: Loan Forgiveness, Paycheck Protection Program, Small Business Loans,
May 13, 2020

SBA Releases Additional Guidance Regarding Certification of "Need" for PPP Loan

There has been much confusion due to a lack of detailed guidance related to a borrower’s requirement to “certify their need” for a PPP loan considering “other sources of liquidity”. Our previous blog post, SBA Announces Retro-Active Change to Paycheck Protection Loan Program, discussed this issue.

Earlier today, May 13, 2020, the SBA released FAQ #46 granting a safe harbor for many borrowers.

Under the “safe harbor,” all loans with an original amount of under $2 million will be deemed to have met the certification requirements in good faith. (more…)

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Categories: COVID-19
Tags: Paycheck Protection Program, Small Business Loans, Small Businesses,
May 2, 2020

SBA Announces Retro-Active Change to Paycheck Protection Loan Program

The Paycheck Protection Program (PPP) launched in early April with little guidance provided to both borrowers and lenders. Many businesses acted quickly to determine their maximum loan amounts and submit their applications before funds would run out. Recently, there has been scrutiny related to certain recipients of the funds. In light of this, we want to ensure you are aware of the certifications that borrowers were attesting to on their loan applications. Specifically, borrowers were representing that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant”. (more…)

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Categories: COVID-19, Updates & Alerts
Tags: COVID-19, Paycheck Protection Program, PPP Loan,

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