The New England Accounting Advisor

The pandemic relief law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act provided an unprecedented $2 trillion in economic aid to American families, workers and small businesses affected by the Coronavirus Disease 2019 (COVID-19). Congress anticipated that the amount of money that would be involved, and the parameters for the different assistance programs established by the CARES Act would require some additional monitoring.  Hence, the reason for the creation of the Special Inspector General for Pandemic Recovery (SIGPR), an independent federal law enforcement agency charged with the oversight.

The dog days of summer generally mean that the annual budgeting process is about to be upon many entities. However, you may feel as if your organization has been in perpetual re-forecast mode for most of 2020. Feeling stuck in re-forecast mode complicates future year planning, loans and capital assistance considerations, and implementation timing of long-term strategies. It can also affect some elements of accounting that will be important for your 2020 financial statement audit.