Key Takeaways from the PPP Forgiveness FAQ Document

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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During An Economic Downturn: Review Plan Design & Expenses To Protect Cash Flow

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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.

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DOL Introduces Revised Fiduciary Investment Advice Exemption

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...

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Employers - Prepare To Comply With Year End Reporting Of Qualified Sick And Family Leave Wages Paid Under The FFCRA

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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...

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The Impact of COVID-19 On Patient Care In The United States

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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...

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How Furloughs and Layoffs May Affect Company Retirement Plans

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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...

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IRS Updates CARES Act Employee Retention Credits & Payroll Tax Deferrals FAQ

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...

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CARES Act Employee Retention Credit for Hospitals & Healthcare Providers

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Distressed M&A In A Pandemic: Considerations For Private Equity

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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...

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More Flexibility For PPP Loan Forgiveness & Payroll Tax Deferral

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...

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