In today’s economy auditors play a critical role in the security of the financial markets by ensuring we are performing high-quality audits and providing clear insight into a company’s financial position to the users of the financial statements. Each auditor should continuously focus on enhancing the quality of our audit procedures and the value that […]
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) Over the last two weeks major developments have occurred with the signing of the Paycheck Protection Program Flexibility Act (PPPFA) and this week’s release of the updated loan forgiveness application(s). The revised loan forgiveness applications hope to provide a more efficient process to make it easier for […]
An Employee Stock Ownership Plan, also known as an ESOP, is an employee benefit plan that offers advantages to business owners, their companies, and their employees. It is a tax qualified, defined contribution plan where employees own shares in the company (or in the parent company of a group of companies), and is unique among qualified […]
On Wednesday evening, the Senate cleared changes to the popular Paycheck Protection Program that will allow small businesses more flexibility in using the rescue loan funds, and it was quickly signed into law by President Trump today. One of the key provisions in the new bill is that PPP borrowers will now have a longer […]
The House passed a bill today, Thursday, May 28th that loosens some key rules regarding loan repayment and spending restrictions of the Paycheck Protection Program. The legislation, titled the Paycheck Protection Program Flexibility Act, is intended to make loans more accessible under the program by making its terms of use more flexible. Given the quickly changing […]
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided an estimated $2.2 trillion to fight the COVID-19 pandemic and stimulate the US economy, including $349 billion that was earmarked for the Paycheck Protection Program (PPP) to be administered by the SBA. An additional $310 billion was later authorized for the PPP. Under the PPP, […]
On May 15, 2020, the U.S. Small Business Administration (SBA) announced its long-awaited forgiveness rules through the release of the PPP Loan Forgiveness Application. Through a series of instructions and worksheets, employers now have a much better understanding of how forgiveness will work, although the SBA application still leaves important questions unanswered. The CARES Act and […]
On May 13th, the SBA released a new interim final rule on loan increases. This new issue informs lenders they can increase existing Paycheck Protection Program (PPP) loans to partnerships and seasonal employers, an update to the previous rulings that were issued on April 14 and April 28. Click here to view the full document. In […]
On April 23, the SBA released a FAQ guidance document regarding liquidity, meant to serve as a warning to borrowers previously obtaining or applying for Paycheck Protection Program (PPP) loans. The SBA’s Paycheck Protection Program requires businesses to certify that “current economic uncertainty makes this loan request necessary.” It also stated companies that have other […]
During this time of unprecedented uncertainty, we are concerned about the safety and well-being of our families, colleagues, clients, partners, and the many friends who make up MahoneySabol’s vibrant family. Therefore, we have compiled a complete summary of IRS action already taken and federal tax legislation enacted to ease tax compliance burdens and economic pain […]