COVID-19’s effects on the hospitality industry have been wide-spread, shutting down properties and reducing travel and leisure across the world. Lodging businesses who have seen impacts of the pandemic hitting their bottom line should strive to emerge stronger and better prepared after COVID-19. As travel came to almost a complete pause, many hotels and resorts…
Share We understand that in the midst of COVID-19, your audit may be the last thing on your mind. The truth of the matter is that you can manage some deadlines and others you cannot. We understand this and will help you maintain your compliance. Around the globe, people are finding themselves transitioning their jobs…
Share Update: June 8, 2020 On June 8, 2020, Treasury Secretary Mnuchin and SBA Administrator Carranza issued a joint statement regarding the PPP Flexibility Act. The statement reaffirms many provisions of the Act and indicates that the SBA will promptly issue additional rules and guidance, including a modified borrower application form and a modified loan…
The SBA hasn’t been the only active entity lately. The Financial Accounting Standards Board just issued Accounting Standards Update 2020-05 (the ASU), taking their turn in responding to the COVID-19 pandemic. The ASU extends the implementation date of ASU 2016-02, Leases, for yet another year! Nonpublic entities could now choose to adopt the new standard…
Share The Senate passed the House version of the Paycheck Protection Program Flexibility Acts of 2020 on June 3, 2020. The President signed it into law on 6/5/2020. Nothing is constant but change, and this has proved to be the case as it relates to the Paycheck Protection Program under the CARES Act. As some…
Share SPACs are exempt from a portion of SEC reporting requirements, especially around internal controls and financial statement disclosures, as they fall under emerging growth company (EGC) rules. However, when business combination occurs, a forward merger and a reverse merger recapitalization have varying effects on the emerging growth company status for the year. Requirements to…
Share Update: May 30, 2020 Fed Releases Forms and Agreements Relating to the Main Street Lending Programs The Main Street Lending Program (MSLP) was designed to assist small- and medium-sized businesses that were in sound financial condition before the pandemic hit. It has been widely publicized but never seems to take off. Although a launch…
Share The IRS recently posted on its website a list of six frequently asked questions (FAQs) regarding the treatment of net operating loss (NOL) carrybacks of C corporations to years in which the alternative minimum tax (AMT) applied. This is part of the IRS’s continuing guidance in response to the CARES Act that was enacted…
Share Governor Cuomo of New York State announced Friday, May 22, 2020, the launch of the New York Forward Loan Fund in effort to provide over $100 million in loans to small businesses. The distribution of these loans is intended to benefit companies that did not already receive federal funding in relation to the COVID-19…
Share Once again the SBA issued guidance late at night. This time it was Friday night, May 22, 2020, on the eve of a 3-day holiday weekend.The SBA issued its fifteenth Interim Final Rule (IFR 15), discussing lender responsibilities in regard to the PPP loan forgiveness application process.Additionally, and more importantly, IFR 15 describes the…