Sue Peirce, from the AGP Covid-19 Response Team, is back again to explain the latest updates to the PPP. If your company received a PPP loan, be sure to hear the latest updates on forgiveness and what the SBA announced just last week. Sue discusses what she and her team have learned about the PPP …
August 3, 2020 By Dmitriy Berkovich, CPA | COVID-19 Response Team The Federal Reserve Board on Tuesday announced an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30. The three-month extension will facilitate planning by potential facility participants and provide certainty that the facilities will continue …
July 27, 2020 By Dmitriy Berkovich, CPA | COVID-19 Response Team From the Federal Reserve Board‘s announcement: The Federal Reserve Board on Friday modified the Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations. As detailed in term sheets released last week, …
Tuesday, June 9, 2020 By Mark Batey, CPA As the U.S. economy begins to reopen from the lockdown caused by the COVID-19 pandemic, management and business owners are currently faced with a lengthy to-do list ranging from issues such as supply chain management to new health and safety measures. The monitoring of the company’s financial …
COVID-19 and Common GAAP Financial Reporting Considerations Read More »
Monday, June 8, 2020 By Dmitriy Berkovich, CPA | COVID-19 Response Team In response to comments that the Main Street Lending Program was not responsive enough for many small businesses to be able to participate, the Federal Reserve Board has just announced meaningful expansions of the program. Per Federal Reserve Chair Jerome H. Powell, the …
Thursday, June 4, 2020 In response to the recently passed Paycheck Protection Flexibility Act (PPFA), our COVID-19 Response Team has updated our frequently requested Forgiveness Calculator. Our new June Update Loan Forgiveness Calculator includes the recent changes from the PPFA, including FTE calculations. The PPFA is pending final signature from the President (as of 5:15 …
JUNE UPDATE: Estimated Loan Forgiveness Calculator Read More »
June 3, 2020 On June 3, 2020, the Senate, by unanimous consent, cleared the bill the House passed on May 28th to extend the Paycheck Protection Program (PPP). The President is expected to sign the bill soon. The bill known as the Paycheck Protection Flexibility Act (H.R. 7010) includes the following provisions: Extends the PPP …
The Paycheck Protection Flexibility Act Awaits the President’s Signature Read More »
Tuesday, May 19, 2020 SBA’s newest Interim Final Rule, posted on May 18th, clarifies that borrowers must count all employees, both foreign and domestic, for purposes of the size limitations of the PPP, subject to certain exceptions to affiliation. The IFR follows closely after the SBA and U.S. Department of Treasury published FAQ 44 on …
Monday, May 18, 2020 By Kathy Davis, CPA | COVID-19 Response Team On May 15th, the SBA released the application that borrowers must use to determine the amount of the loan that may be “forgiven” by their lender. There are still unknown items, for which we expect additional guidance, but we will highlight a few …
Release of SBA Paycheck Protection Program Loan Forgiveness Application Read More »
Friday, May 15, 2020 By COVID-19 Response Team The following was released earlier this evening. We are still analyzing, but here are critical components of the summary of costs eligible for forgiveness: Incurred and paid Payroll Paid = considered paid on date payroll checks are distributed Incurred = Day the employee’s pay is earned Payroll costs …
