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Learn MoreThe U.S. Small Business Administration (SBA) has released detailed loan-level data on Paycheck Protection Program (PPP) loans exceeding $150,000. The data includes business names, addresses, NAICS codes, zip codes, business type, demographic data, nonprofit information, name of lender, jobs...
Read MoreOn Saturday, July 4, President Trump signed into law an eight-week extension of the Paycheck Protection Program (PPP), after its approval in Congress. The program still has $131.9 billion to loan out and is accepting initial applications as of July 6, 2020, at 9:00 a.m. EDT. Employers who have...
Read MoreThe CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement...
Read MoreIs your third party administrator (TPA) for your 401(k) plan a trustee or custodian? Do you know the difference? Often these words are used interchangeably but they mean something very different, and you should know the difference to ensure they are being represented properly in your plan documents...
Read MoreAfter a wild spring, the financial disruptions created by COVID-19 are leading to some concerning outcomes for businesses. Even with the assistance of state and federal funding for businesses — and whether or not companies have highly leveraged capital structures — more restructurings and...
Read MoreThe SBA has released an updated forgiveness application form for the Paycheck Protection Program (PPP) — form 3508 and instructions. They also introduced a streamlined version of the forgiveness application — form 3508EZ and instructions. The updates include the changes passed two weeks ago under...
Read MoreWith the COVID-19 pandemic being felt around the world, the impact on operations continues to be uncertain. For some businesses, their reputation, along with their goodwill recorded on the company balance sheet, may be impacted as well. The Financial Accounting Standards Board (FASB) has issued...
Read MoreThe Financial Accounting Standards Board has released ASU 2018-08 to provide more guidance on when transactions are contributions versus exchange transactions.
Read MoreStay-at-home orders sparked by the COVID-19 pandemic have resulted in mass business closures, hence, leading to dramatic reductions in state tax revenue. While the full financial impact will not be known for months or even years, we do know that state budget shortfalls are projected to be in the...
Read MoreEach year, thousands of businesses in the United States file for bankruptcy for a variety of reasons. In some cases, the process provides breathing room from creditor payment demands, buying more time to reorganize the enterprise into a more economically feasible structure for the future. In other...
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