COVID-19 Business Services
Supporting Your Business Through Covid-19
With an ever-changing economic environment, we find businesses need much more from their CPA than just traditional tax compliance services. Smith Schafer is here to help with a suite of services to support your business through the current challenges.
We recognize your business may be facing decisions you have never had to face, and we are here to help. We are monitoring all bills passed for their impact on our clients and will help you navigate through this season of your business.
Our Latest Blog Posts
Reading Time: < 1 minute The Minnesota Legislature passed the Small Business Relief Grants Program. The program approved approximately $62 million for grants to Minnesota small businesses that have been impacted by the pandemic.
Reading Time: 3 minutes 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.
Reading Time: 2 minutes 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).
Reading Time: 2 minutes 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.
Reading Time: 2 minutes 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.
Reading Time: < 1 minute Following last month’s proposal to defer the effective date of two standards for private companies and nonprofit organizations, the Financial Accounting Standards Board (FASB) voted to delay the effective dates of revenue recognition and leases standards on May 20. The standards extension comes as a response to complications caused by the coronavirus pandemic.