COVID-19 news and information for CPAs

TOPICS

July 13, 2020

SBA closes EIDL Advance program after granting $20 billion

The U.S. SBA closed the Economic Injury Disaster Loan Advance program after exhausting the $20 billion in funding provided by Congress.

July 9, 2020

How to report coronavirus paid sick leave and family leave to employees

The IRS issued guidance on how employers should report qualified sick and family leave paid to employees under the Families First Coronavirus Response Act.

July 9, 2020

FASB proposes delay of insurance standard effective date

FASB proposed a one-year extension to the effective date of its new standard on long-duration insurance contracts to provide relief for insurance companies affected by the coronavirus pandemic.

July 9, 2020

Becoming a fraud fighter

By developing an investigative mindset, CPAs can make themselves indispensable during this trying time.

July 8, 2020

EIDL pandemic assistance facts for CPAs

Economic Injury Disaster Loans can provide small businesses with low-interest pandemic assistance over a 30-year term. To help their businesses and clients, CPAs need to understand the key terms that these loans provide.

July 7, 2020

A 6-point security checkup for working from everywhere

Quarantines prompted by the coronavirus pandemic have forced many organizations to deploy and configure technology to support 100% remote work and/or a mix of working remotely on certain days.

July 6, 2020

SBA, Treasury release names of some PPP recipients

The SBA and Treasury published a trove of loan-level data about the Paycheck Protection Program. The release includes the names of all PPP recipients that received loans for $150,000 or more.

July 6, 2020

Consolidated groups get NOL guidance

The IRS issued proposed and temporary regulations explaining how consolidated groups should apply the changes to the net operating loss rules enacted by the CARES Act.

July 6, 2020

GASB issues pandemic-related accounting guidance

GASB issued a technical bulletin to help state and local governments apply existing standards to transactions related to coronavirus relief legislation and certain outflows incurred in response to the pandemic.

July 6, 2020

Trump signs 5-week PPP extension

President Donald Trump signed a bill Saturday re-opening the application window for Paycheck Protection Program loans until Aug. 8. The five-week extension is intended to keep assistance available to struggling small businesses while Congress works on a new, more targeted program.