Archive

Monthly Archives: June 2020

Avoid Elevated Risks of Fraud and Other Financial Scams Related to COVID-19 by Rick D. Bazzani, CPA


Posted on June 26, 2020 by Rick Bazzani

The COVID-19 pandemic has not slowed the pace of financial crimes targeting taxpayers. In fact, the IRS Criminal Investigation division (CI) has noted an increase in coronavirus-related scams seeking to steal taxpayers’ money and personal information. Reducing your risks of falling victim to these schemes requires you to take precautionary measures to secure your data […]

Best Practices for Virtual Trials, Hearings in the Age of COVID by Richard Fechter, JD, CAMS, CFE


Posted on June 25, 2020 by Richard Fechter

COVID-19 social distancing has upended the logistical functions of nearly all aspects of American governance, including court systems. With courthouses completely or partially shuttered, the courts are rapidly expanding their reliance on remote teleconferencing capabilities and stepping-up their use of technology to keep dockets moving. Members of our firm recently attended a three-day hearing in […]

PPP Loan Recipients Receive New Guidance, Applications for Loan Forgiveness by Andrew Leonard, CPA


Posted on June 18, 2020 by Andrew Leonard

The SBA this week released another round of guidance relating to the Paycheck Protection Program, including two new applications borrowers must use when seeking forgiveness of loan amounts. These updates reflect borrower-friendly changes contained in the recently enacted PPP Flexibility Act of 2020. New Applications for Loan Forgiveness In addition to issuing a revised, long-form […]

UPDATED – What Small Businesses, Nonprofits and Self-Employed Need to Know about PPP Loan Forgiveness by Steve Nouss, CPA, CGMA


Posted on June 17, 2020 by Steve Nouss

As of June 12, 2020, the Small Business Administration (SBA) had approved more than $512 billion in potentially forgivable Paycheck Protection Program (PPP) loans to small business, non-profits and self-employed taxpayers struggling to maintain operations and retain workers through the COVID-19 pandemic. However, since the CARES Act introduced the PPP in March, loan applicants have […]

SBA Reopens Economic Injury Disaster Loans to Small Businesses, Independent Contractors and Gig Workers by Judd Appel, ABV


Posted on June 16, 2020

On June 15, 2020, the Small Business Administration (SBA) announced the reopening of its Economic Injury Disaster Loan (EIDL) program, which includes forgivable advances of up to $10,000, to help small businesses and nonprofits ease cash flow challenges resulting from the COVID-19 pandemic. The program, first introduced on March 27, had been suspended temporarily to […]

Small- and Mid-Size Businesses to Receive More Relief Under Main Street Lending Program by Joel Glick, CPA/CFF, CFE, CGMA


Posted on June 15, 2020 by Joel Glick

The Federal Reserve Bank has again revised the scope of its Main Street Lending Program, introduced in April to help support small and mid-size businesses suffering under the economic strain of the COVID-19 health crisis. The most recent guidance, issued on June 8, lowers the minimum loan amount, raises the maximum loan limit and extends […]

Congress Eases Rules for PPP Loan Forgiveness by Andrew Leonard, CPA


Posted on June 04, 2020 by Andrew Leonard

Small businesses and nonprofit organizations that received emergency, government-backed Paycheck Protection Program (PPP) loans to help them maintain their workforce during the COVID-19 crisis can breathe a sigh of relief. On June 3, Congress passed a bill giving loan recipients more time and flexibility to use those proceeds and still be eligible for complete loan […]

UPDATED JUNE 4, 2020- Small Businesses Receive More Relief under SBA Paycheck Protection Program by Joseph Leuchter, CPA


Posted on June 04, 2020 by Joseph Leuchter

The Paycheck Protection Program and Health Care Enhancement Act, signed into law on April 24, earmarks an additional $320 billion for the Small Business Administration’s (SBA’s) highly sought-after PPP, which exhausted all its initial $349 billion in funding in less than two weeks. One reason for the program’s popularity is that it enables borrowers to […]