For businesses that have been severely impacted by COVID-19, an employer tax credit was provided under Section 2301 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), called the Employee Retention Credit.
On December 27, 2020, a second major economic relief package was signed into law. The Consolidated Appropriations Act of 2021 (the “Act”) included Additional Coronavirus Response and Relief (“ACCR”) provisions that modified the Small Business Administration’s (“SBA”) Paycheck Protection Program. Below are the relevant changes… Read More »PPP Version 2.0: Updates on Paycheck Protection Program (“PPP”) Under the Consolidated Appropriations Act of 2021
To help one another to thrive during the pandemic, some companies are making donations while others are fortunately receiving one. While this has significant impact in the continued existence of the business, it is also important to know how to account for this properly to… Read More »Accounting* For Donations Received or Made During These Unprecedented Times
On June 10, 2020, the Financial Accounting* Standards Board (FASB) proposed the delaying of the effective date of the standard on long-duration insurance contracts and approved 2 Accounting* Standards Updates (ASU) that would impact accounting* for convertible instruments and gifts-in-kind. Topic 944 Delay FASB voted… Read More »FASB Proposes Delay of Insurance Standard and Approves New ASU for Convertible Debts and NFP Reporting
While the Federal Government is currently transitioning to the Round 2 PPP Loans, many businesses now ask the same question: “How do we turn this loan into a grant?” Ever since the release of the interim final guidance and clarification from the Treasury Department effective… Read More »PPP Loan Forgiveness – Navigating Businesses’ Next Steps
The approval of the 2nd round of funding for CARES Act economic relief programs replenishes the pot for Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL), and related Advance Grant. Small businesses are encouraged to seize the opportunity to apply. Note: This article is… Read More »MUST READ: 2nd Round of CARES Act Funding
