The US Small Business Administration has released an interim final rule providing additional guidance and requirements for the program. The final rule includes a number of changes, including a doubling of the loans’ interest rate from 0.5% to 1%.
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Management accounting
AICPA-led coalition supports gross pay approach as calculation standard for PPP loans
An AICPA-led small business funding coalition, in conjunction with the National Payroll Reporting Consortium, issued a statement supporting the use of gross payroll based on 2019 data in calculations for Paycheck Protection Program pandemic relief loans.
Enterprise risk management: More critical than ever
The fast-moving, global reach of the coronavirus has illustrated that a forward-looking approach to risk management is more important than ever.
Applications for small business Paycheck Protection Program open April 3
Small businesses and sole proprietorships hoping to secure a loan through the federal Paycheck Protection Program can begin applying Friday, April 3.
AICPA-led coalition calls for small business funding
An AICPA-led coalition is urging quick government action to avert layoffs and allow small businesses affected by the coronavirus pandemic to continue paying workers. A key step is a federal payroll funding account that small business payroll processors could use to get money directly to employees.
Regulators clear way for certain loan modifications amid pandemic
A move by regulators to ease certain restrictions for borrowers in good standing will facilitate loan modifications linked to the coronavirus pandemic. But borrowers will need to act fast to secure relief while still in good standing with their lenders, which has been defined as being less than 30 days past due on contractual payments at the time a modification is implemented.
How small businesses can apply for SBA disaster loans
Businesses and not-for-profits with fewer than 500 employees can seek to borrow up to $2 million to cover coronavirus-related loss of revenue in declared disaster areas.
Consumer confidence, spending are top coronavirus concerns
The sudden onset of the coronavirus is testing many companies’ financial stability and emergency preparedness. But financial executives tend to believe their businesses are positioned to weather the storm.
35 questions for coronavirus planning
Business leaders should be proactive in putting emergency plans in place in response to the spread of coronavirus. Here’s a checklist for organizations related to employees, customers, and vendors.
Coronavirus looms over positive economic outlook
Projections for the next 12 months are generally positive, but concerns about the effect of the virus diminished that enthusiasm, according to a quarterly survey.
What companies are disclosing about coronavirus risks
The coronavirus outbreak is causing significant disruptions to many companies’ supply chains and operations. Here’s how some companies are discussing risks related to the virus in corporate reporting.
Interest and opportunity
Businesses may need new strategies and tactics to capitalize on low interest rates.
Kari Patterson, CPA
Understanding operations and contributing to process improvements and strategy are essential tasks for finance leaders, according to Kari Patterson, CPA.
Housing costs and the talent crunch
Many of the world’s biggest cities have become unaffordable for workers, creating deep labor shortages. Some companies are beginning to invest in employee housing to lure talent and bolster retention.
Boardroom advice for handling disruptive risk
Unforeseen, fast-moving risks call for new models of risk management.
Depression and the CPA
A CPA who lives with mental illness explains how getting help can make a difference — and how the support of colleagues can help, too.
Finance priorities for post-merger integration
Management accountants can take a lead role in post-merger integration with the right planning and execution of key steps.
BlackRock CEO declares ‘fundamental reshaping of finance’
Powerful institutional investor BlackRock will hold companies accountable for their disclosures of sustainability risks and for the policies that underpin them, Chairman and CEO Larry Fink wrote in an open letter to CEOs.
Confronting tariffs: Trade war tips for CPAs
U.S. businesses can use a number of strategies to soften the impact of tariffs on their operations.
The outlook of finance decision-makers for 2020
How long can cautious optimism last for an upward U.S. economy aptly described as “long in the tooth”? This podcast episode delves into the thinking of CPA decision-makers.
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