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PPP Forgiveness FAQs (August 4, 2020)

On August 4, 2020, the SBA released a list of FAQs related to the PPP forgiveness process. Our team has read each of these updates, along with consultation with our independent governing body, and has summarized the key highlights below. There were other clarifying points that have not altered our previous positions and communications to…

3
Aug

Reporting CAMs in the COVID-19 Era

Starting in 2019, auditors’ reports for certain public companies must contain a new element: critical audit matters (CAMs). The requirement was in effect for audits of large accelerated filers (with market values of $700 million or more) in fiscal years ending on or after June 30, 2019. It goes into effect for smaller public companies in fiscal…

29
Jul

Are scholarships tax-free or taxable?

COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for celebration! But be aware that there may be tax implications.

PPP Forgiveness Update

Over the past several weeks, we have been recommending to clients who received a PPP loan to sit tight on filing their PPP forgiveness application. This advice stems from the expectation that the SBA will release their next round of FAQs, which should provide answers to several outstanding questions, as well as example calculations for…

Revised PPP Forgiveness Application & NEW EZ Forgiveness Application

The Department of the Treasury and Small Business Administration have released a revised version of the PPP Forgiveness Application (Form 3508), as well as, an EZ version of the PPP Forgiveness Application (Form 3508EZ).

We have included both the form and accompanying instructions for each these applications for your consideration.  Our team is currently reviewing…

Paycheck Protection Flexibility Act

Late last night (June 3rd), the Senate passed the Paycheck Protection Flexibility Act that the House of Representatives passed the week prior, without modification.  As such, the following changes will be available to PPP borrowers following Presidential signature:

  • For those borrowers who already hold a PPP loan, you can choose to extend the 8-week…