Category: Edward McWilliams

Executive Order Issued Deferring Payroll Taxes for Employees and Poses Huge Questions for Employers

After failing to find a compromise on a new stimulus package by the self-imposed deadline of August 7th, 2020, President Trump issued a new executive order on Saturday August 8th that would defer the withholding of employee payroll taxes. The executive order presents many immediate questions and challenges for employers and it is also likely to face several political challenges over the next few weeks.

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“New” SBA FAQ on Loan Forgiveness Released

For weeks, since the last update in June 2020, there have been rumors and reports in professional circles regarding the SBA releasing a new or updated FAQ with around 30 questions that would assist borrowers in their forgiveness calculations. The SBA posted a new update on August 4, 2020 that is believed to be this massive promised update.

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Main Street Lending Launches Nonprofit Organization Loan Programs

On Friday, July 17th the Federal Reserve updated the Main Street Lending program to provide information related to nonprofit organizations ability to participate in the program as mandated by the CARES Act. The facility now includes 2 separate but similar facilities targeted at Nonprofit Organizations – the Nonprofit Organization New Loan Facility (NONLF) and the Nonprofit Organization Expanded Loan Facility (NOELF).

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“Zero Based” Budgeting for Healthcare Organizations

For many organizations, the budgeting process typically relies on a baseline assumption of a dollar amount, often based on the prior years operating results, a standard increase, and then finally increases based on current year growth expectations. This process very often can be very much on “autopilot” without much critical analysis from department heads, the finance team and executive oversight.

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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 Medicaid & CHIP providers.

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