With the extended PPP loan application deadline behind us, many borrowers are anxious to start their loan forgiveness application to ensure that their loan funds are forgiven. Currently, borrowers have until 10 months after the end of the loan’s covered period to apply for forgiveness. At that point, if forgiveness forms have not been submitted, any borrowed funds officially become a loan that needs to be repaid.
In the first blog in our ‘Navigating the New Normal’ series, we will take a look at finances, and discuss some best practices for maintaining control in an uncertain economy.
In light of the COVID-19 pandemic, the IRS has increased flexibility for 2020 midyear elections under a Sec. 125 Cafeteria Plan in regard to employer-sponsored health coverage, flexible spending arrangements (FSAs) and dependent care assistance programs.
The COVID-19 pandemic has changed life as we know it over the last several months, and businesses have been forced to adapt to the ‘new normal’, which in many cases, means having an entirely remote workforce for the first time ever.
The Small Business Administration (SBA) has announced that it has closed its Economic Injury Disaster Loan (EIDL) Advance program after granting the entirety of its $20 billion in emergency funding to nearly 6 million small businesses, including non-profit organizations, sole proprietors, and independent contractors impacted by the COVID-19 pandemic.
The COVID-19 pandemic is impacting not only the way many businesses operate, but also how they assess productivity. How can you tell whether you’re getting enough done when so much has changed? There’s no easy, one-size-fits-all answer, but business owners should ask the question in order to adjust expectations and objectives accordingly.
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.
The Small Business Administration's (SBA) Paycheck Protection Program (PPP) has been seen as a lifeline for small businesses impacted by the COVID-19 pandemic, with the most significant benefit being that up to 100% of the loan is eligible for forgiveness.
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”.
