The SBA issued an interim final rule incorporating revisions to the Paycheck Protection Program made by the American Rescue Plan Act. The new guidance also rules that entities that receive a Shuttered Venue Operators Grant cannot subsequently receive a PPP loan.
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Management accounting
House passes PPP deadline extension in 415-3 vote
The U.S. House of Representatives voted 415-3 Tuesday night to extend the Paycheck Protection Program application deadline by 60 days. The PPP Extension Act of 2021 moves the PPP application deadline from March 31 to May 31 and allots an additional 30 days for processing applications received by May.
Climate change disclosure comments sought by SEC
The Securities and Exchange Commission is seeking public comment on its disclosure rules and guidance related to climate change disclosures.
SBA defers EIDL payments until 2022
The SBA extended deferral periods for all disaster loans, including those made through the COVID-19 Economic Injury Disaster Loan (EIDL) program. With the deferral, small businesses that received a COVID-19 EIDL loan won’t have to make a first payment on the loan until next year.
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.
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.
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.
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.
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.
Employee retention credit guidance update and rising economic confidence
This podcast with transcript shares analysis of the latest IRS guidance on the employee retention credit and takes a look at CPA executives’ sentiment about the economy.
New SEC enforcement task force to focus on climate, ESG compliance
The Securities and Exchange Commission announced that it is creating a new Climate and ESG Task Force to identify compliance problems related to environmental, social and governance issues.
Economic confidence recovers to near pre-pandemic levels for finance leaders
Sentiment has risen for three consecutive quarters in a quarterly survey of CPA executives in business and industry. Revenue and profit are projected to increase in the next year.
PPP borrowers can use gross income, SBA rules
Paycheck Protection Program rules released by the SBA allow self-employed individuals who file a Form 1040, Schedule C, to calculate their maximum loan amount using gross income instead of net profit.
AICPA urges Congress to extend PPP deadline
The American Institute of CPAs, citing ongoing processing problems with the Paycheck Protection Program, called on Congress to extend the program’s application deadline past the current March 31 date. The AICPA is recommending an extension of at least 60 days.
Damon Ward, CPA, CGMA
The pandemic has made it imperative for leaders to reduce anxiety levels while delivering inspiration to their teams, according to Damon Ward, CPA, CGMA.
Assessment is key to a successful D&I effort
Before launching a diversity and inclusion program, learn where your organization stands in terms of D&I. Tools such as the AICPA’s Accounting Inclusion Maturity Model can help you track your progress.
Staying vigilant against fraud during the pandemic
Internal controls need to be front and center, as the COVID-19 crisis has increased the incentive and opportunity for fraud.
House passes $1.9 trillion stimulus bill with a variety of small business relief
The $1.9 trillion economic relief bill passed by the House of Representatives includes $25 billion for restaurants as well as additional funding for EIDL advance payments and the PPP. The bill also includes $1,400 stimulus payments to individuals and extends unemployment insurance supplements.
Automation to drive big shifts in corporate reporting
A smarter and more automated operating model for corporate reporting is on the horizon, according to results of a new EY survey.
SEC places new focus on climate-related disclosures
The SEC’s Division of Corporation Finance will place greater focus on climate-related disclosures in public company filings after a directive issued by SEC Acting Chair Allison Herren Lee.
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