Just in time for the holidays, Congress passed a new $900 billion stimulus bill in response to the ongoing COVID-19 pandemic. Of particular note is the $284 billion set aside for a second round of funding for the popular Paycheck Protection Program (PPP), which provided forgivable Small Business Administration (SBA)...
This year’s Paycheck Protection Program (PPP) was a life preserver for many companies and for-profit organizations, as well as their employees, as the COVID-19 pandemic ramped up and businesses were forced to close. But there are some potential tax considerations for business owners and pass-through entities regarding the loan program...
No tricks, a major deadline looms for postsecondary educational institutions just before Halloween. The first round of quarterly reporting for the institutional portion of the Higher Education Emergency Relief (HEERF) Grant is due October 30, meaning institutions cannot delay in preparing and posting their reports. Check out this rundown concerning the...
This article was original published in the September 2020 issue of Career Education Review and reproduced here with permission. Article originally posted at careereducationreview.net. As the COVID-19 pandemic and a difficult 2020 continues, postsecondary institutions have to make significant decisions concerning the emergency aid that helped them through the spring and...
The FASB Accounting Standards Update (ASU) 2018-08, Not-For-Profit Entities (Topic 958), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, is now effective for fiscal years ending June 30, 2020. Affected organizations must fully understand the update, including some potential challenges created by it. While the FASB...
The Aug. 8 deadline to submit a Paycheck Protection Program (PPP) loan application has come and gone, making this a good time for an update on where the program stands. As borrowers begin to focus on the forgiveness process, they should pay particular attention to the following items: On Aug....
On May 15, 2020 the Department of Education (ED) officially extended the audit deadline by 6 months, giving schools added flexibility for audit submissions. Schools with fiscal years ending on December 31, 2019, will now be able to submit their audits as late as December 31, 2020. This comes as...
On the heels of legislation that makes the Small Business Administration loans provided through the Paycheck Protection Program easier to be fully forgiven, updated, borrower-friendly forgiveness applications are now available. Along with the new, shorter form to be submitted through participating businesses’ lenders, the SBA released an EZ version primarily...