Skip to main content Skip to search

Archives for Covid-19 Resources

Employee Retention Tax Credit Expansion

The Consolidated Appropriations Act (CAA) was signed by President Trump on December 27, 2020. The expansion of the Payroll Protection Program (PPP) loans and tax-deductibility of expenses paid with the first PPP loan received the most fanfare.  Also included in the CAA was the expansion of the Employee Retention Tax Credit (ERTC). If the eligibility requirements are met, businesses could be entitled to significant credit amounts. There are separate eligibility requirements for 2020 and 2021. 

Read more

Congress passes second Coronavirus relief bill, includes new funding and updates to PPP

The U.S. House of Representatives and U.S. Senate have passed the Coronavirus Response & Relief Supplemental Appropriations Act, and President Trump is expected to sign the bill immediately. The agreement comes after weeks of negotiations and two funding extensions to keep Congress open until a bill was passed with a $1.4 trillion government-wide funding plan. The $900 billion coronavirus relief portion includes another round of Paycheck Protection Program (PPP) funding, extended unemployment benefits, and direct payments to taxpayers. Here’s an overview of the key provisions in the bill.

Read more

Surviving Adversity: A CEO Panel Discussion Part 2

In part one of Surviving Adversity: A CEO Panel Discussion, we highlighted the main topics of conversation around revenue following a Printing Industry Midwest (PIM) Financial Executives Council (FEC) meeting. In part two, we’ll cover the discussion by the panelists on how they’ve adapted the way they manage their graphic arts business in light of COVID-19, including the impact to staffing and internal processes.  

Read more
Weighing the risks

Weighing the risks vs. rewards of a mezzanine loan

To say that most small to midsize businesses have at least considered taking out a loan this year would probably be an understatement. The economic impact of the COVID-19 pandemic has lowered many companies’ revenue but may have also opened opportunities for others to expand or pivot into more profitable areas.

If your company needs working capital to grow, rather than simply survive, you might want to consider a mezzanine loan. These arrangements offer relatively quick access to substantial funding but with risks that you should fully understand before signing on the dotted line.

Read more

Accounting for PPP Loans

On June 10, 2020, the AICPA released guidance, to address how borrowers of Payroll Protection Program (PPP) Loans should account for these loans in their GAAP financial statements. The legal form of the PPP loan is debt, however, some believe that the loan is, in substance, a government grant. These conflicting opinions have led the AICPA to provide PPP Loan borrowers with options to account for the PPP Loans. Borrowers can account for the PPP Loans as:

Read more

SBA issues update first PPP interim final rule following PPP Flexibility Act

On June 10, 2020, the Small Business Administration (SBA) issued an updated interim final rule for the Paycheck Protection Program (PPP) in response to the PPP Flexibility Act passed on June 5, 2020. The updated guidance accounts for revisions made to the covered period, usage of funds changes, extended safe harbors, and more.

Here is a quick rundown of the changes made by the PPP Flexibility Act.

Read more

House passes bill to extend, expand provisions of PPP

On May 28, 2020, in a nearly unanimous vote, the U.S. House of Representatives voted to extend certain provisions of the Paycheck Protection Program (PPP) to provide small businesses with relief in the timeframe and use of their PPP loan funds. While President Trump has encouraged changes to PPP, and the Senate had been developing a plan of its own, the Paycheck Protection Program Flexibility Act is the first to pass its branch.

Read more