PPP forgiveness and repayment: What businesses need to know now
A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard loans, and the borrowers could be responsible for repaying the full amount plus 1% interest before the maturity date. In addition, some borrowers could face audits.
LB Carlson expands its SOC reporting solutions
LB Carlson, LLP has been providing Service Organization Control (SOC) reporting solutions for clients in the graphic arts, manufacturing, credit card processing and software as a service (SaaS) industries for several years.
SBA issues interim final rule on PPP
On May 23, the Small Business Administration (SBA) issued an interim final rule for the Paycheck Protection Program (PPP) that included the loan forgiveness application guidance released May 15, as well as other updated guidance.
On April 8, 2020, the Financial Accounting Standards Board voted to delay the effective date of ASC 842, Leases, an additional year.
CARES Act: Understanding the Paycheck Protection Provision (SBA 7a Loan) Program
The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law on March 27 provides $349 billion in funding for the Small Business Administration (SBA) in an effort to provide assistance and relief to America’s small businesses struggling under the weight of COVID-19. The Act included a paycheck protection provision for small businesses by providing additional funding to the SBA for specific areas of need and expanding the SBA’s 7(a) loan program.
Tips and Considerations for Small Businesses Applying for an SBA Disaster Loan
Small businesses are now eligible for up to $2 million in Economic Injury Disaster Loans from the Small Business Administration (SBA). President Trump has called for an additional $50 billion in funding to the SBA’s lending program from Congress. While the $50 billion is not yet approved, the SBA can issue an Economic Injury Disaster Loan declaration, thanks to the Coronavirus Preparedness and Response Supplemental Appropriations Act.
Knowing what to expect before starting the loan process will help prevent unnecessary errors and rework. Completing the application process quickly and accurately will be key as there will be high demand and processing times will likely increase. We’ve put together the following summary of what business owners can expect when applying for an SBA loan.
SBA Providing Disaster Assistance Loans to Qualified Small Businesses
Qualified small businesses are now eligible for up to $2 million in Economic Injury Disaster Loans from the Small Business Administration (SBA) after President Trump called for an additional $50 billion in funding to the SBA’s lending program from Congress in response to COVID-19. While the SBA waits for the $50 billion to be approved, they can deliver an Economic Injury Disaster Loan declaration in response to the Coronavirus Preparedness and Response Supplemental Appropriations Act recently signed by the president.
Financial Statements Tell Your Business’s Story, Inside and Out
Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements. In short, financial statements are…
Carlson Advisors, LLP Announces Name Change and Move of Minneapolis Location
Carlson Advisors, LLP Announces Name Change and Move of Minneapolis Location Effective July 1, 2018, we are changing our name to LB Carlson, LLP. The name LB Carlson was selected in honor of the firm’s founder Lawrence ‘Lary’ B. Carlson….
Are You Ready For Changes In Revenue Recognition? Part 1
A manufacturer’s current accounting policy related to revenue recognition could change in the upcoming months with the recent passage of new revenue recognition standards by the Financial Accounting Standards Board. Previously, the standards treated contract and other manufacturing arrangements as…
Fine-tuning your company’s compensation strategy
As a business evolves, so must its compensation strategy. Hopefully, your company is growing — perhaps adding employees or promoting staff members who are key to your success. But other things can spur the need to fine-tune your compensation strategy…