Strong oversight from audit committees can help companies stay on the right track as they work to survive and thrive through the coronavirus pandemic. These tips can help audit committees serve effectively.
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Management accounting
The hard trends that matter more than ever now
Technology, demographics, and regulation are hard trends that will have a lasting effect on business. Tom Hood, CPA/CITP, CGMA, shares how to adapt.
SBA releases PPP forgiveness form but AICPA urges more detail
An application form and instructions released by the US Small Business Administration are designed to assist borrowers as they apply for Paycheck Protection Program loan forgiveness.
SBA allows increased PPP loans to partnerships, extends safe harbor to May 18
The U.S. Small Business Administration (SBA) issued a new interim final rule opening the door for lenders to increase existing Paycheck Protection Program loans to partnerships and seasonal employers.
SBA provides safe harbor for PPP loans under $2 million
The US Small Business Administration issued guidance stating that businesses that together with their affiliates accepted Paycheck Protection Program loans totaling less than $2 million will be assumed to have certified their loans in good faith.
A tale of the PPP tape: Why relationship building matters
The number of small businesses receiving Paycheck Protection Program loans can be linked to the number that had bank financing before the pandemic, data from the Federal Reserve Bank of New York shows.
AICPA, small business advocates call for clarity in PPP rules
The AICPA joined with other organizations that advocate for small businesses to urge the US Small Business Administration to provide clarity related to Paycheck Protection Program funds.
As cash worries persist, companies ponder cuts, investments
Revenue declines are chief on the minds of finance professionals in an April survey. More than half of finance professionals expect business operations to return to normal in the fourth quarter or later.
SBA extends safe harbor for returning PPP funds
The safe-harbor period for returning Paycheck Protection Program funds has been extended through May 14 by the US Small Business Administration.
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.
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