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Lending Considerations in the COVID-19 Environment
Posted by Michael Caron on Wed, Jun 24, 2020 @ 03:04 PM

While the business interruption impact of the COVID-19 pandemic hit virtually all companies in the second quarter, the financial impact from the coronavirus will still be felt through the third quarter. The economy is starting to reopen, but the pace of returning to business as usual is going to be slow and bumpy, particularly in the parts of the country that experienced a high number of COVID-19 cases.

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Topics: COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, lending, Lending Relief

New Details Emerge on the Main Street Lending Program
Posted by Jake McDonald on Tue, Jun 23, 2020 @ 06:24 PM

More information is coming to light about the Main Street Lending Program, an initiative to facilitate lending to small and mid-sized businesses. Interest in the program, which was expanded by coronavirus legislation, has been stymied while the Federal Reserve (the Fed) worked out some of the logistical details, including recommendations for term sheets. On June 15, more of those details emerged including opening the lender registration for the program, and so activity may finally be picking up.

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Topics: COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, main street business lending program, MSNLF, Main Street Lending Program

5 Business Continuity Lessons Learned from COVID-19
Posted by Michael Garguilo on Wed, Jun 17, 2020 @ 12:21 PM

The COVID-19 pandemic reminds us how challenging it can be to prepare for systemic risk. While not as common as other types of risk, systemic risk can trigger volatility or collapse an entire industry or economy. Certainly the 2020 pandemic qualifies as such an event.

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Topics: business continuity planning, business continuity, COVID19, Coronavirus

AICPA Weighs in on Accounting for PPP Loans
Posted by Chrissy Hammond on Wed, Jun 17, 2020 @ 11:57 AM

Companies will have a little more accounting guidance to go on when it comes to the accounting for their Paycheck Protection Program (PPP) loans. The American Institute of Certified Public Accounts (AICPA) recently weighed in on the matter, providing guidelines that companies could follow for their potentially forgivable government loans.

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Topics: AICPA, COVID19, Coronavirus, PPP Loan, payment protection plan

How to Ensure Your Accounting is Top-Notch When Completing a Debt Raise
Posted by Chrissy Hammond on Tue, Jun 16, 2020 @ 11:45 AM

Many organizations have recently entered into new debt arrangements to provide much needed liquidity either to weather the COVID-19 pandemic storm or to simply finance growth. Such arrangements involve many implications — technical accounting, operational accounting, investor relations — many of which will fall on the shoulders of the accounting team. 

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Topics: financial reporting, COVID19, Coronavirus, financial accounting, Debt Raise

How to Monetize the Tax Changes in the CARES Act
Posted by Bill Smith on Mon, Jun 15, 2020 @ 10:52 AM

Among its many other disaster relief and support measures, the Coronavirus Aid, Relief, and Economic Security (CARES) Act made several beneficial income tax changes. The net effect of the tax law changes creates opportunities for income tax refunds and/or reduced income tax liabilities. Following are four of the most significant provisions your organization may want to evaluate in short order.

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Topics: IRS, Taxes, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Retail Glitch Fix

Turn Disaster to Cash - Claim 2020 Losses on 2019 Returns
Posted by Chrissy Hammond on Wed, Jun 10, 2020 @ 01:56 PM

The invocation of the Stafford Act on March 13, 2020 opens the door for an additional tax planning opportunity for individuals and businesses alike. Specifically, this declaration by President Trump that the COVID-19 pandemic is federally declared disaster and that the entire U.S. is a federally declared disaster area opens the door for Internal Revenue Code (IRC) Section 165(i).

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Topics: IRS, Taxes, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, Section 165(i), Stafford Act

How the New PPP Law Affects Loan Forgiveness Requirements
Posted by Jenna Peabody on Mon, Jun 8, 2020 @ 11:01 AM

Changes have been made to the Paycheck Protection Program (PPP) to give loan recipients more leeway to qualify for loan forgiveness. President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) into law after the House and Senate passed it last week.

In addition to providing more breathing room for the loan forgiveness requirements, the PPPFA increases the minimum loan maturity date to five years for PPP loan balances not forgiven. The following takes a deeper dive into what the PPP loan forgiveness requirement now looks like.

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Topics: Donald Trump, Trump, CARES Act, PPP, payment protection plan, SBA, Small Business Administration, PPPFA, payment protection plan flexibility act, loan forgiveness

Accounting Considerations for the Paycheck Protection Program
Posted by Chrissy Hammond on Tue, Jun 2, 2020 @ 07:45 AM

As the dust settles on Paycheck Protection Program (PPP), organizations that received the forgivable loans face accounting questions. The program instituted by the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides full or partial forgiveness on loans in an effort to help organizations struggling to cover payroll expenses due to the disruption of the COVID-19 virus. While financial institutions facilitate the loans, the Small Business Administration (SBA) reimburses them.

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Topics: COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, PPP Loan, payment protection plan

House Overwhelmingly Passes Bipartisan Measure to Ease PPP Loan Forgiveness Requirements with Senate Prepared to Act Quickly
Posted by Chrissy Hammond on Mon, Jun 1, 2020 @ 07:01 PM

On May 28 the House of Representatives passed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020 (PPPFA). The legislation passed 417-1 with overwhelming bipartisan support.  Senate Majority Leader Mitch McConnell will attempt to expedite passage in the Senate by seeking unanimous consent, he announced June 1.

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Topics: FASB, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, PPP Loan, payment protection plan

Preparing for Cybersecurity Questions from Your Auditor
Posted by Chrissy Hammond on Mon, Jun 1, 2020 @ 03:00 PM

Cybersecurity risks ran high during the COVID-19 pandemic. According to Bitdefender, a cybersecurity and anti-virus software company, there were 1,448 malicious COVID-19 related threats reported in February 2020, and 8,319 reports as of March 16, 2020. Many of these threats came through phishing email messages designed to “hack and leak” your company’s and employees’ information.

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Topics: internal control, cybersecurity, phishing scams, phishing, cyber risks, cyber attacks, cyber security, IT Security, COVID19, Coronavirus, auditor

M&A After COVID: What Companies Looking at Buying or Selling Can Do Now
Posted by Chrissy Hammond on Mon, Jun 1, 2020 @ 01:07 PM

Plans for 2020 changed abruptly with the outbreak of the COVID-19 virus. Operations may be starting to return to normal, but questions around the lasting repercussions of the pandemic remain. This is particularly true if your plan had been to grow through strategic acquisitions or to sell your company. While the dust from the COVID-19 pandemic settles, the following considerations may help guide your company in its evaluation of future complex transactions.

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Topics: m&a, Transaction Price, mergers and acquisition, COVID19, Coronavirus, buy-side, sell-side

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