The safe-harbor period for returning Paycheck Protection Program funds has been extended through May 14 by the US Small Business Administration.
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Management accounting
SEC temporarily expands access to crowdfunding
Responding to the coronavirus pandemic, the SEC said it has temporarily amended rules to provide established smaller companies with opportunities to meet their urgent funding needs through Regulation Crowdfunding.
EIDL loan portal reopens for agricultural businesses only
The SBA announced that agricultural businesses are now eligible for the EIDL and EIDL Advance programs.
SBA issues PPP guidance on laid-off employees who refuse to be rehired
Paycheck Protection Program recipients calculating loan forgiveness reductions do not have to factor in laid-off employees who decline a good-faith, written offer to be rehired for the same job, pay and hours.
SBA to accept PPP loans only from smallest lenders for 8 hours today
From 4 p.m. until midnight ET, the application window will be open exclusively to lenders with less than $1 billion in assets.
AICPA makes PPP loan forgiveness recommendations
The AICPA issued a series of recommendations it would like to see the U.S. Small Business Administration adopt and issue as guidance for small businesses to use in calculating loan forgiveness under the Paycheck Protection Program (PPP).
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.
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.
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.
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.
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.
Strategic disruption: An expert’s thoughts on moving forward
Rita McGrath, a professor of management at Columbia University’s Graduate School of Business who has written extensively on disruption, foresees changes in business strategy in the wake of the COVID-19 pandemic.
House approves additional funding for Paycheck Protection Program
The US House of Representatives voted to approve $370 billion in additional pandemic-relief funding for small businesses as part of a $484 billion aid package.
Senate approves $370 billion in additional small business funding
The Senate voted to approve a new coronavirus pandemic relief bill that includes $370 billion in additional funding for small businesses, the bulk of which would go to the Paycheck Protection Program.
SBA stops accepting PPP applications after funding runs out
The U.S. Small Business Administration stopped accepting applications for the Paycheck Protection Program after exhausting the initial $349 billion in funding provided by Congress to fund forgivable loans to small businesses impacted by the COVID-19 pandemic.
SBA publishes new PPP guidance for the self-employed and general partners
The US Small Business Administration issued guidance for independent contractors, sole proprietors and others with self-employment income to apply for forgivable loans under the $349 billion Paycheck Protection Program.
Why companies must seriously consider board refreshment
A board full of experienced members may have expertise, but it also can become stale. A corporate governance expert shares advice for companies to keep their boards fresh.
Application advice for SBA loans
You’re likely to have questions about the Paycheck Protection Program loans offered by the U.S. Small Business Administration. This podcast episode has some answers.
Regulators urge lenders to work constructively with borrowers
Federal regulators encouraged financial institutions to work constructively with borrowers affected by the coronavirus pandemic. The statement also provided additional information regarding loan modifications.
AICPA applauds additional clarity in Treasury FAQs on Paycheck Protection Program
The Treasury and the SBA released 18 FAQs to help facilitate funding of small businesses under the PPP. The AICPA applauds the additional clarity, which aligns with many of the recommendations recently made by the AICPA and an AICPA-led coalition.
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