Federal

PPP Update: Rules Change To Reach Small Businesses

The Small Business Administration (SBA) has established an exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This will give lenders and community partners more time to work with the smallest businesses and nonprofits to submit their applications. The SBA also announced four additional changes to open the PPP to more underserved […]

Read the full article

Accounting Alternative for Goodwill Impairment Triggering Events

Under current generally accepted accounting principles (GAAP), goodwill must be tested for impairment when a triggering event occurs.  Companies and organizations are required to monitor and evaluate goodwill impairment triggering events, as they occur throughout the year. This presents challenges for entities with goodwill on their balance sheets, if they were shut down or incurred […]

Read the full article

New PPP Rules, Applications, and Loan Forgiveness Revealed

New PPP Loan Forgiveness Application The US Small Business Administration (SBA) and Treasury updated their loan forgiveness forms on January 19, 2021. Among these is the PPP Loan Forgiveness Application Form 3508S, for those whose PPP loan was $150,000 or less. Form 3508S requires info on the borrower’s loan amount, disbursement date, employee totals, covered […]

Read the full article

Provider Relief Fund Reporting Delayed and Reporting Requirements Updated

Today the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA) issued a news release announcing a delay to the February 15, 2021 reporting deadline for the Provider Relief Fund Program (PRF) due to the recent passage of the Coronavirus Response and Relief Supplemental Appropriations Act.  Beginning today, […]

Read the full article

OMB Compliance Supplement Addendum & Single Audit Applicability of Provider Relief Funds (PRF) & Coronavirus Relief Funds (CRF)

The Office of Management and Budget (OMB) released an addendum to the 2020 Compliance Supplement on December 22, 2020. This addendum provides important updates to COVID-19 related federal funding and the impact to Single Audits. This addendum is effective for fiscal years beginning after June 30, 2019 (i.e. June 30, 2020 fiscal years and later). […]

Read the full article