The U.S. Senate on Wednesday passed a House bill to revamp the Paycheck Protection Program (PPP), giving a boost to small businesses and organizations trying to stay afloat during the coronavirus pandemic and resulting economic turmoil. The PPP allows businesses to apply for forgivable emergency loans, but its rollout wasn’t smooth,...
Small businesses that were among the first to receive loans through the Paycheck Protection Program (PPP) may be preparing to file the application to have all or part of the loan forgiven. But new legislative changes could shift those plans as the program evolves. The U.S. House on Thursday overwhelmingly passed...
The U.S. Small Business Administration (SBA) has extended the safe harbor period for returning Paycheck Protection Program (PPP) funds until May 14, 2020. The new guidance stated that the extension will be promptly implemented through a revision to the SBA’s interim final rule providing the safe harbor. When applying for PPP...
The CARES Act created the Paycheck Protection Program (PPP), which provides loans to small businesses with fewer than 500 employees, or a maximum tangible net worth of $15 million as of March 27, 2020, and an average net income of $5 million or less over the previous two fiscal years....
Co-authored by Audrey Kaplan. Since the U.S. Department of Education’s April 9, 2020, announcement of the forthcoming release of the student emergency funds as noted in Section 18004(c) of the Coronavirus Aid, Relief and Economic Security Act (CARES Act), we have had numerous discussions with clients in regard to the awarding,...
This article was original published in the February 2020 Career Education Review and reproduced here with permission. Article originally posted at careereducationreview.net. Remember the scene from the movie “2001: A Space Odyssey” in which it takes an astronaut what seems like forever to move across the scene? As a CPA, the...
Well over a year has passed since the Financial Accounting Standards Board’s new revenue recognition standard kicked in for public companies while nonpublic companies are adopting the standard for December 31, 2019 fiscal year ends. As we have been evaluating the impact of this standard with our clients, we know...
The allowance for doubtful accounts related to student receivables is often the least precise measurement on a school’s balance sheet. Few items on a financial statement can have a greater influence on profitability. As an estimate of an institution’s expectation of what it will not collect from students’ accounts receivable,...