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Here is the latest information we have written or obtained from reliable resources to help you during this challenging time.
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).
Insights
Feeding Students During the Summer
School’s out for the summer, but it is more crucial than ever that children are provided the food they need to stay healthy, especially those who rely on the meals provided at school. New York State agrees: The State Education Department (SED) issued a memo to school districts and BOCES outlining the responsibility of school
Accounting for PPP Loan Forgiveness
The AICPA issued technical guidance for accounting for a Paycheck Protection Program (“PPP”) loan for nongovernmental entities (including not-for-profit entities). The guidance suggested that a nongovernmental entity (including not-for-profits, “NFP”) may account for the PPP loan as a financial liability in accordance with FASB ASC 470, Debt, if certain conditions are met. In addition, the
New PPP Rule Changes
It’s funny what a difference a few weeks make. Prior to June 6th, when the forgiveness period was only eight weeks, we were strategizing with our clients to try to determine which staff they needed to bring back to work, considering which base period would have the least impact on their FTE calculation, and determining
HHS Medicaid Relief
The CARES Act established a $100 billion Provider Relief Fund to help healthcare providers combat the COVID-19 outbreak. The fund was broken down into several categories, with $50 billion going to a General Distribution Provider Relief Fund and the remaining $50 billion to be used for targeted distributions, such as to rural health clinics and
Reopening Your Business During COVID-19
We are all anxiously awaiting reopening our doors and returning to some sense of normalcy. However, it is important to follow the mandatory guidelines to ensure you are safely and legally reopening. In addition to following the limitations of openings established by the state-specific Phases, there are explicit guidelines established for each industry. It is
7 Important Changes as a Result of the PPP Flexibility Act
One of the more popular comments in recent weeks regarding the PPP Loan program by many borrowers has been that the original 8-week window was ultimately too short a period to use the funds. Many borrowers are still unable to resume full or even partial operations, and the short window left many with the prospect
SBA Provides IFR with Limited Guidance on Review Process for Loans
Along with an updated IFR (Interim Final Rule) for forgiveness, the SBA also released on Friday, May 22nd an IFR covering the SBA Review Procedures and related borrower and lender responsibilities. Many borrowers have been curious as to what an SBA review or audit of their loan exceeding $2,000,000 would look like. SBA Reviews of
8 Key Updates From New SBA Regulations on Loan Forgiveness
After releasing the PPP Loan Forgiveness application on May 15, 2020, the SBA has now released additional “Interim Final Rules” or IFR in relation to the forgiveness procedures and regulations. These IFRs will generally carry a higher legal standing than the applications themselves and help to formalize the rules that were presented with the application.
New York State to Receive Funds for K-12 Education For COVID-19 Needs
Congress set aside approximately $13.2 billion of the $30.75 billion allotted to the Education Stabilization Fund through the CARES Act for the Elementary and Secondary School Emergency Relief Fund (ESSER Fund). The Department will award these grants to State educational agencies (SEAs) for the purpose of providing local educational agencies (LEAs), including charter schools that
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 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!