Revised Loan Forgiveness Applications
On June 16, 2020, two new applications for PPP loan forgiveness were issued. These applications reflect changes related to the Paycheck Protection Flexibility Act (PPF). The two new loan forgiveness applications include
Continue ReadingFinancial Reporting for PPP Loan Forgiveness
By Mike Bedel, CPA, CGMA Partner, Director of Audit and Assurance Services [email protected] As new pronouncements and interpretations continue to be released about the forgiveness of PPP loans generated by the CARES
Continue ReadingMain Street Lending Program Updates
(Editor’s Note: All information included herein is as of June 9, 2020.) This is a follow up to our original newsletter on the Main Street Lending Program (MSLP) on April 22, 2020.
Continue ReadingThe Ever-Evolving World of the PPP Loan
On Friday, June 5, 2020, the President signed the Paycheck Protection Flexibility Act (PPF), which modifies certain provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and Paycheck Protection Program
Continue ReadingPPP Loan Forgiveness Interim Final Rule
On Friday, May 22, the SBA released two new interim final rules for PPP loans. The interim final rules can be found at: https://home.treasury.gov/system/files/136/PPP-IFR-Loan-Forgiveness.pdf https://home.treasury.gov/system/files/136/PPP-IFR-SBA-Loan-Review-Procedures-and-Related-Borrower-and-Lender-Responsibilities.pdf This new guidance addresses requirements
Continue ReadingMay 2020 Newsletter
In this month’s newsletter, we’ll help you navigate COVID-19 and introduce you to one of our many dedicated staff members!
Continue ReadingIRS Update on COVID-Related Provisions
The Internal Revenue Service has issued Alert Number 2020-06, which provides guidance to a number of modifications initiated due to their response to COVID matters, including: Deferral of Employment Tax Deposits
Continue ReadingWhen the Only Thing That’s Certain … Is Uncertainty
By Jason Thompson, CPA/ABV, ASA, CFE, CFF Partner and Director of Valuation and Litigation Services [email protected] Who knows what is next in this pandemic? Initially what started as a national emergency
Continue ReadingWhen Your 20/20 Vision for the Current Year Has Become Clouded
By Eric Woodruff, CPA, CCIFP Partner, Audit & Assurance Services [email protected] When the New Year’s Eve ball dropped in Times Square, business owners’ minds probably flooded with a vision for
Continue ReadingLoan Forgiveness Application
On Friday, May 15, the SBA released the much anticipated application for PPP loan forgiveness. The application and instructions can be found here. The application will be submitted by the
Continue ReadingEmployee Spotlight: Skyler McCool
Skyler McCool first joined the firm as an intern amid the busy tax season of 2018. He went on to graduate with a degree in accounting and finance from Marian
Continue ReadingPPP FAQ Update
On May 13, 2020, the United States Treasury Department (the Treasury) issued an update to the PPP FAQs. The update includes Questions 46 and 47. Question 46 appears to be
Continue ReadingIndiana DOR Announces Additional Filing and Payment Extensions
Today, the Indiana Department of Revenue announced additional filing and payment extensions, which are outlined below. Most notable is the extension of the individual and corporate estimated payment dates to
Continue ReadingA Week in the Life of the PPP Loan Program
Our last communication on PPP loans shared the issuance of the Internal Revenue Services’ (IRS) Notice 2020-32, which clarifies that no tax deduction is allowed for an expense if the expense paid results
Continue ReadingIRS Weighs in on Tax-Free Loan Forgiveness of the PPP Program
Typically when a loan is forgiven, it results in taxable income; however, the CARES Act specifically states that loan forgiveness under the Paycheck Protection Program (PPP) will not be taxable.
Continue ReadingPaycheck Protection Program Considerations
President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (“Enhancement Act”) on April 24. This legislation infuses an additional $310 billion into the Paycheck Protection Program (“PPP”).
Continue ReadingPaycheck Protection Program and Health Care Enhancement Act
The Payroll Protection Program (PPP) opened up on April 3, 2020 and ran out of funds on April 16, 2020. In that 13 days, approximately 1.7 million loans were approved
Continue ReadingMain Street Lending Program
(Editor’s Note: All information included herein is as of April 21, 2020) As you may have heard, the PPP & EIDL loans are currently on hold pending further congressional action.
Continue ReadingApril 2020 Newsletter
In this month’s newsletter, we explore how to lead during a crisis, tax return deadline extensions, business recovery, our COVID-19 Resource Center and more!
Continue ReadingAre You Leading?
By Tom Sponsel, CPA/ABV, CFF Managing Partner [email protected] In the midst of this crisis, it’s all too easy to grow overwhelmed and lose sight of the long-term vision for your
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