Tax & Accounting Blog
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PPP: New Interim Final Rules and Forgiveness Applications
The SBA and Treasury have released new Paycheck Protection Program guidance and forgiveness applications. This new material addresses changes brought by the Paycheck Protection Program Flexibility Act, including those to PPP loan maturity, deferral, and forgiveness.
COVID-19 Relief for Accounting Standards
On June 3, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-05, bringing relief for both for-profit and nonprofit entities. The standard allows entities who have not yet issued their financial statements to DELAY the implementation of ASU 2014-09, Revenue Recognition from Contracts with Customers (ASC 606).
Business in the Post-Coronavirus World
As we slowly start to transition into reopening, many business owners are anticipating significant changes—a new normal. While no one can know how things will turn out, we want to spend some time discussing what the post-coronavirus business world might look like.
Payment Protection Program Flexibility Act of 2020
Yesterday, June 3, the Senate passed the Paycheck Protection Program (PPP) Flexibility Act. This Act makes several significant revisions to the PPP, initially created in the CARES Act. See critical provisions below.