Written by Dan Chodan, CPA
On August 4, 2020, the Small Business Administration and Department of the Treasury released guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
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Managing cash flow is an ongoing priority for any business. Protecting an organization’s cash flow in times of economic distress is paramount. To retain liquidity in the short term, many organizations are examining their retirement plans for flexibility in cash outflows.
The ongoing saga about fiduciary standards for advice related to retirement assets has a new chapter that plan sponsors need to be aware of. In June, the Department of Labor (DOL) proposed a rule that would give plan sponsors and participants additional clarity about whether advice providers are held to a fiduciary standard. The DOL’s proposed...
IRS recently issued Notice 2020-54 regarding employers’ requirement to report the amount of qualified sick leave wages and qualified family leave wages paid to employees under the Families First Coronavirus Response Act (FFCRA), (P. L. No. 116-127). The reporting requirement applies notwithstanding the fact that the employer’s...
Supporting Patients and Staff During the Crisis and Beyond
Though stay-at-home orders are lifting in certain areas of the United States, the COVID-19 pandemic is still greatly impacting healthcare providers and patients. As new cases spike, personal protective equipment (PPE) shortages still abound, and many providers face...
The coronavirus pandemic has forced many employers to implement some form of workforce reduction to continue operating. While furloughs and layoffs have a significant and immediate impact on a company’s operations, plan sponsors also need to understand the longer-term effects workforce reductions have on participants’ benefits and...
The IRS recently updated its frequently asked questions (FAQs) on the Employee Retention Credit (ERC) and payroll tax deferrals under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). These provisions encourage businesses to keep employees on their payroll during the COVID-19 global pandemic. Although the FAQs...
Updated June 3, 2020Even before the coronavirus sent the global economy into a tailspin, private equity funds were training their focus inward on creating value for their portfolio companies and signaling more interest in distressed investing. The onset of the pandemic has only magnified this trend. Since March, when...
The Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) (PPP Flexibility Act), enacted on June 5, 2020, makes welcome changes to the forgiveness rules for Paycheck Protection Program (PPP) loans made to small businesses in response to the novel coronavirus global pandemic (COVID-19). The PPP Flexibility Act greatly increases the...
