The Small Business Administration (SBA) has announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible applicants still struggling with the economic impact of the COVID-19 pandemic.
As we approach the halfway mark of one of the most unprecedented years in recent history, many businesses are operating under completely different financial circumstances than they were when they outlined their 2020 budget. As states begin to reopen, now is a critical time to reevaluate your budget and forecast for the remainder of the year and beyond.
On May 20, 2020, the Financial Accounting Standards Board (FASB) voted to implement a one-year delay on the effective date of its Revenue Recognition Standard (ASC 606) for all non-public entities that have not yet issued their financial statements. The decision was based on the financial challenges faced by private companies who are currently focused on surviving the coronavirus pandemic, with FASB stating, “they may not have the technology or resources to effectively implement the standard”.
The economic impact of the COVID-19 pandemic has forced business owners to reevaluate their operations and make difficult decisions on how to best move forward. Looking to your financial statements—your statement of cash flows, balance sheet, and income statement—can help you make rational, informed decisions during these tough times.
The Coronavirus pandemic has changed life as we know it, almost overnight. Amidst unprecedented health and economic concerns, cybersecurity is likely the last thing on most people’s minds. Sadly, malicious attackers are capitalizing on the fear and uncertainty surrounding the pandemic to initiate new scams and cyber-attacks.
Changes in the health care marketplace, rising medical costs, and the tax advantages that health care savings accounts (HSAs) offer make them an attractive planning tool for many individuals covered by high-deductible health plans (HDHPs). I have had some questions from clients recently regarding HSAs and what they entail, so I thought it would be helpful to outline some Frequently Asked Questions, below: