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Here is the latest information we have written or obtained from reliable resources to help you during this challenging time.
Upcoming Webinar
Paycheck Protection Plan (PPP) Loans & Refresher Update
Thursday, Oct 29, 2020 | 11:00am – 12:00pm
Speaker: Edward McWilliams, CPA, Director, Tax
PPP loans continue to make headlines as the SBA continues to publish loan forgiveness clarifications. Some banks may be suggesting your submit forgiveness applications now while others have yet to begin their forgiveness process, but dealers have ten months from the end of their covered period to submit loan forgiveness application – that time is not yet up. We’ll discuss whether you should be in the first wave of forgiveness applicants or if it might be worthwhile to wait for additional clarification.
Topics for discussion:
- Review which expenses qualify for forgiveness
- Review of the forgiveness calculations & process
- Clarify documentation needed for your forgiveness application
- What borrowers should be thinking about as we approach forgiveness
- Status of full deductibility of PPP loan expenses
Insights
HHS Announced Phase 3 of General Distribution Funding
As part of the ongoing efforts to assist healthcare providers, the Department of Health and Human Services (HHS) announced on October 1st, 2020 the “Phase 3” of the Provider Relief Fund. Phase 3 releases another $20 Billion of HHS Stimulus funding for providers to assist with the COVID-19 pandemic. As of noon, on October 2nd,
Partial Plan Terminations: What Employers and Plan Sponsors Should Know
The COVID-19 pandemic has brought so many different concerns to the forefront for employers, whether it be business owners or executive directors, such as PPP Loans, SBA EIDL loans, CARES Act tax credits, unemployment insurance reimbursements and frankly, just keeping the lights on. Another concern that employers who have retirement plans (such as 401(k) or
HHS Provider Relief Fund Reporting Update
Pursuant to the CARES Act passed in March 2020 and augmented by the Health Care Enhancement Act, the department of Health and Human Services (HHS) made certain relief funding available to healthcare providers to assist in response to the COVID-19 Pandemic and the to provide additional support to providers serving Medicaid and Medicare populations. The
Accounting for Unemployment for Self-Insured Nonprofit Organizations
The Coronavirus Aid, Relief and Economic Security (“CARES”) Act was signed into law on March 27, 2020, to mitigate the effects of the coronavirus pandemic on businesses, including nonprofit organizations. For nonprofit organizations that have opted out of the State Unemployment Insurance coverage, they must reimburse the State for any unemployment claims incurred. The CARES
Automating your Business Functions
2020 has been a relentless year of change so far for businesses across all industries. The abrupt “pause” in March experienced by New York businesses was rather disruptive, as no one expected a once in a century pandemic to shutdown day-to-day life not just locally but globally. This caused many nonprofit organizations that were not
From the Field
We asked some industry leaders, what will the sector need to do, post COVID, to remain relevant and strong going forward? I think the sector will need to evaluate their operations in terms of staffing, fundraising, communications, public relations and disaster response if certain organizations will want to remain strong and effective. I believe that
Payroll Tax Deferral Guidance
On Friday evening, August 28th, 2020, the IRS and Department of the Treasury released Notice 2020-65 providing brief guidance as it relates to the August 8th, 2020 executive order allowing for a potential employee payroll tax deferral. Executive Order Deferring Payroll Tax Obligations After failing to come to an agreement on a new stimulus package,
Long-Term Property Solutions Amid COVID Pandemic
We’ve spent the last 5 months answering questions for New York City tenants on how to: navigate rent payment solutions and lease restructuring for existing leases, leverage the COVID-19 NYC real estate market for new or renewed leases, and redesign existing spaces amid social distancing and flexible work strategies to optimize reopening. Here are some
5 Ways to Reinvigorate Your Business
The whole world has been put on pause because of the COVID pandemic, and for many business owners, the same holds true for their business. We are so bogged down in understanding changing regulations, worrying about CDC guidelines, and getting caught up in the minutia of getting through another COVID quarantine day, that our businesses
Resources
Important CARES Act and PPP Loan Information
**As of March 27, 2020**
Edward McWilliams, CPA, Tax Director, was quoted in Long Island Business News! Long Island Small Business, check out this article on how Small Businesses shut out of PPP mull are seeking new lender.
Recent Webinars
PPP Loan Q&A Session
On May 28, 2020, Ken Cerini, CPA, Managing Partner & Ed McWilliams, CPA, Tax Director answered questions concerning the Paycheck Protection Program (PPP).
PPP Loan Forgiveness Webinar
On Friday, May 15th, 2020 the SBA released a crucial piece of information, the PPP Loan Forgiveness application. The application provides much needed guidance for the biggest remaining puzzle pieces for borrowers in how the forgiveness calculations will work, key definitions, and clarity on timelines. While more guidance is expected and there are still many questions to be answered, understanding this application is critical for all borrowers with a PPP Loan.
During this webinar we covered the updated timeframes for allowable payroll costs, FTE calculations, payroll calculations and went over the application itself and examples to help cover the different provisions in the application. The earliest borrowers are probably still 2 weeks away from even being able to apply for forgiveness but having a better understanding of how the program works will be beneficial for all borrowers as they continue to navigate this program.
Beyond PPP – Alternative Financial Relief & PPP Update
On April 28, 2020, Edward McWilliams of Cerini & Associates LLP held a webinar related to alternative financial relief options for businesses and organizations beyond PPP Loans. Learn about the eligibility for each program, the process for utilizing these programs and potential pros and cons of each.
Topics Include:
- Employee Retention Tax Credit
- Payroll Tax Deferrals
- Economic Injury Disaster Loans (EIDL)
Helpful for organizations that were unable to obtain or were otherwise ineligible for PPP Funding.
Recent Webinar: Tips & Best Practices on Use of PPP Funds
On April 15, 2020, Edward McWilliams and Ken Cerini held a webinar where they discussed some of the recent PPP updates including rules for approved loans, documenting how to use funds, potential audits, and more.
Recent Webinar: Navigating a Global Crisis: Resources & Strategies for Nonprofits
On Tuesday, April 7th a webinar was held on Nonprofits Navigating a Global Crisis. The distinguished group of panelists highlighted different strategies & resources available to nonprofits, including the CARES Act, reevaluating your fundraising strategy, strategic realignment and more.
Speakers
Navigating the Key Provisions in the CARES Act for Businesses and Nonprofits Webinar
The NYS Health Foundation Helpful Resource List
The recent effects of COVID-19 on our communities and workplaces is of great concern, especially to nonprofits of any size. The New York State Health Foundation recently published a helpful list of national, state, and local resources for nonprofits and community-based organizations. Check out these regularly-updated resources to help get through these difficult times, including food assistance, workers’ rights, healthcare services and more.
NYS Special Education Resource Group
The Coronavirus pandemic has drastically changed the way that special education services are being delivered. This has left many providers scrambling to develop education plans and platforms. As a result, we’ve created this Facebook group to provide a platform for providers to shared ideas and get answers on what their peers are doing. While we understand the fiscal ramifications, you guys are the experts in the programmatic areas. We are all in this together!