The financial and operational challenges presented by the COVID-19 pandemic continue to persist into another year. The seemingly endless number of government orders has forced many to operate in a limited capacity, or in some cases, close altogether.

Paycheck Protection Program (PPP) loans have been a lifeline for many businesses during the COVID-19 pandemic. Along with these much-needed funds comes the question of how to account for the loan proceeds and subsequent forgiveness of the loan.

The COVID-19 pandemic has created new operational and financial challenges for many businesses, including nonprofit organizations.

Business owners rely on their accountant to file taxes, provide them with reliable financial advice, and guide them on how to grow and operate their business.  Working with the right accountant can make a big difference in the economic well-being of your business. 

The expanded Paycheck Protection Program (PPP) reopened today for lenders with less than $1 billion in assets and will open for all other lenders on January 19, 2021. Certain existing PPP borrowers can apply in either application window for a first-draw or second-draw (PPP2) loan.

The Consolidated Appropriations Act, 2021 (CAA) was passed on December 27, 2020, and there has been anticipation surrounding changes to the Paycheck Protection Program (PPP).

The Consolidated Appropriation Act, 2021 (CAA) made several changes to the Paycheck Protection Program (PPP) to streamline forgiveness and make loans available for certain businesses.

In the last few years, the Office of Management and Budget (OMB) retooled the administrative guidance for organizations receiving federal awards. The Uniform Guidance established – among other things – that non-federal entities should have written policies and procedures in place that support their control environment.