COVID-19 news and information for CPAs

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April 29, 2020

How CPAs can help small businesses survive the pandemic

Julie Killian, CPA, a shareholder at Clayton & McKervey in Michigan, shares steps smaller businesses can take to improve their financial standing and increase their chances of staying afloat.

April 28, 2020

SBA, Treasury ban use of RPA to submit PPP loans

Treasury and the U.S. Small Business Administration said they will no longer accept Paycheck Protection Program (PPP) loan applications prepared by robotic process automation (RPA) systems.

April 28, 2020

AICPA recommends federal loans backed by accounts receivable

The AICPA, citing a continuing need for short-term liquidity in the marketplace, recommended the creation of a federally backed lending facility that would provide loans to small businesses that pledge their future receivables.

April 28, 2020

FASB staff Q&As address hedge accounting amid the pandemic

FASB’s staff published Q&As to address issues related to hedge accounting during the coronavirus pandemic.

April 27, 2020

SBA addresses how to calculate PPP loans, other issues

Guidance from the US Small Business Administration on how to calculate Paycheck Protection Program loan amounts and other issues was provided in advance of the SBA’s resumption of accepting applications from participating lenders.

April 27, 2020

Quick relief with the CARES Act

Chris Hesse, CPA, the AICPA Tax Executive Committee chair, analyzes how the CARES Act’s provisions allowing carryback of net operating losses for 2018 through 2020 interact with other new provisions.

April 24, 2020

SBA warns that larger companies may not qualify for PPP loans

New U.S. Small Business Administration guidance reminds larger companies of their responsibility to certify their eligibility for Paycheck Protection Program loans if they apply or have applied.

April 24, 2020

AICPA addresses CPA firm-lender issues related to PPP

The AICPA made recommendations for the CPA firm-lender relationship for firms seeking to assist their clients with the Paycheck Protection Program.

April 24, 2020

Auditors displaying dedication during pandemic, CAQ’s Lindsay says

Auditors are well prepared to work remotely, are supporting their staffs and community, and face an environment with heightened fraud risks, according to CAQ Executive Director Julie Bell Lindsay.

April 24, 2020

Pandemic places accounting, auditing rules in flux

As the coronavirus gripped the world, regulators, standard setters, and others moved to adjust rules and effective dates that are important to businesses, CPAs, and their clients. Meanwhile, CPA Exam candidates will have additional opportunities for testing during an emergency testing period.