COVID-19 news and information for CPAs

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March 12, 2021

SBA targets early April for Shuttered Venue Operators Grant launch

The SBA expects to begin accepting Shuttered Venue Operators Grant applications early next month, an agency spokesperson confirmed. The SBA also released an updated pre-application checklist clarifying the requirements for applicants to submit audited financial statements and single audits.

March 11, 2021

House gives final approval to $1.9 trillion pandemic aid bill

The bill contains numerous tax provisions, including a $1,400 rebate for individuals. It also extends federal unemployment benefits and provides funds for small businesses, COVID-19 vaccination and testing, K-12 schools and colleges and universities, and state and local governments.

March 10, 2021

American Rescue Plan Act passes with many tax components

The $1.9 trillion coronavirus relief bill that passed Congress contains many tax provisions, including changes to the child tax credit and many other credits, making certain unemployment benefits tax-free in 2020, and a $1,400 recovery rebate credit for many individuals.

March 10, 2021

AICPA’s Simpson pushes for PPP deadline delay at congressional hearing

The AICPA’s vice president for Firm Services, Lisa Simpson, CPA, CGMA, told a congressional committee during a hearing that Congress should push back the application deadline for the Paycheck Protection Program by at least 60 days.

March 9, 2021

AICPA takes case for PPP deadline delay to Congress

The AICPA sent a letter encouraging congressional leaders to push back the Paycheck Protection Program’s March 31 application deadline at least 60 days.

March 9, 2021

SBA issues guidance but no start date for Shuttered Venue Operators Grant program

The SBA recently released fresh guidance for the Shuttered Venue Operators Grant (SVOG) program, but the agency still cannot say when the $15 billion program will start accepting applications.

March 8, 2021

CPAs urged to be voice of calm in PPP storm

Rule changes, deadline pressures, and ongoing processing problems with the Paycheck Protection Program are causing high levels of frustration and anxiety among many small businesses. This creates an opportunity for CPAs to provide calm guidance for stressed clients.

March 8, 2021

How to nurture your accounting staff during the pandemic

Here’s what you can do to help staffers deal with the pressures of working virtually under current conditions.

March 6, 2021

Senate passes amended $1.9 trillion COVID-19 stimulus bill

The Senate approved a $1.9 trillion pandemic economic relief bill on Saturday. The bill will be sent back to the House of Representatives because the Senate changed the legislation originally approved by the House.

March 5, 2021

AICPA calls on SBA to change ‘unfair’ PPP guidance, deadline

The AICPA reiterated its recommendation that the SBA delay the end of the Paycheck Protection Program (PPP) application period by at least 60 days and also urged the SBA to make retroactive new rules issued this week changing the formula sole proprietors use to calculate their maximum loan amounts.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.