You have probably read in the news about the backlash that some public companies have experienced as a result of accepting loans through the Paycheck Protection Program (PPP). As a result of the public outcry, many of the large organizations have chosen to give back...

On April 29, the Internal Revenue Service (IRS) released a large expansion of their FAQ on the Employee Retention Credit (ERC). The ERC was created as a part of the Coronavirus Aid, Relief, and Economic Stimulus (CARES) Act, a $2.2 trillion legislative initiative designed to stave...

On Thursday, April 30, the IRS released Notice 2020-32. The announcement effectively disallows a tax deduction for any expenses that are paid with forgiven Paycheck Protection Program (PPP) loan proceeds. The PPP was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a historic...

On Friday, April 24, the Small Business Administration (SBA) released additional guidance regarding how various types of businesses should calculate the maximum Paycheck Protection Program (PPP) loan amount for which they qualify. The new SBA guidance offers specific instructions for the following entities: Self-employed with no...

On Wednesday, April 15, the Internal Revenue Service (IRS) released an update regarding the delivery of economic impact payments to recipients of Supplemental Security Income (SSI). The IRS worked with the Treasury Department, the Social Security Administration, and the Bureau of Fiscal Services to establish automatic...

On April 14, the Governmental Accounting Standards Board (GASB) released a statement proposing the postponement of the effective dates of certain accounting and financial reporting requirements set to go into effect in the near future. Their goal in doing so is to provide relief in...

Businesses that have managed to secure financing through the Paycheck Protection Program (PPP) are fortunate—but also saddled with a lot of red tape. Business owners and managers should be careful that they adhere strictly to the terms of the program in order to qualify for...

As part of the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act, direct economic recovery payments are being distributed to eligible American taxpayers. Distribution of recovery rebates began this week. If you are expecting a federal recovery rebate, but have not yet received it,...

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On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economics Security (CARES) Act. The historic $2.2 trillion stimulus bill includes $454 billion to support Federal Reserve emergency lending facilities to help mid-sized businesses dealing with losses resulting from the coronavirus pandemic. The legislation...