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.
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Management accounting
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.
SBA issues details for Paycheck Protection Program loans
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%.
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.
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