PPP Deadline Extension is Signed Into Law
The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31, 2021, when the PPP Extension Act of 2021 was signed into law this week. The […]
Category: Federal
More Economic Impact Payments: Watch Mail for Checks, Debit Cards
The IRS announced the next batch of Economic Impact Payments will be issued this week. Many of these are coming by paper check or a prepaid debit card. How will […]
ARPA proposes to help “rescue” nonprofits
No one needs to tell nonprofit organizations how tough the past year has been. According to the John Hopkins Center for Civil Society Studies, 7.7% of not-for-profit workers — nearly […]
What’s in the American Rescue Plan Act (ARPA)?
The American Rescue Plan Act, 2021 (ARPA) was signed by President Biden on March 11, 2021 to help businesses, nonprofits and individuals affected by COVID-19. The legislation extends and expands […]
New Guidance on Employee Retention Credit
On March 2, 2021, the U.S. Department of the Treasury (Treasury) and IRS released Notice 2021-20 (Notice), which provides guidance on the Employee Retention Credit (ERC) under the Coronavirus Aid, […]
Updated PPP Rules and New Forms
In February, several changes were made to the Paycheck Protection Program (PPP). On March 3, 2021, the Small Business Administration (SBA) released an interim final rule (IFR) providing guidance on […]
Medicare Accelerated and Advanced Payment Recoupment
Did your facility apply for and receive Medicare Advanced Payments in March or April, 2020? If you answered “YES”, your Medicare Remittance advices will begin to show the recoupments one […]
PPP Update: Rules Change To Reach Small Businesses
The Small Business Administration (SBA) has established an exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This will give lenders and community partners more time […]
Accounting Alternative for Goodwill Impairment Triggering Events
Under current generally accepted accounting principles (GAAP), goodwill must be tested for impairment when a triggering event occurs. Companies and organizations are required to monitor and evaluate goodwill impairment triggering […]
New PPP Rules, Applications, and Loan Forgiveness Revealed
New PPP Loan Forgiveness Application The US Small Business Administration (SBA) and Treasury updated their loan forgiveness forms on January 19, 2021. Among these is the PPP Loan Forgiveness Application […]
Provider Relief Fund Reporting Delayed and Reporting Requirements Updated
Today the U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA) issued a news release announcing a delay to the February 15, 2021 […]
OMB Compliance Supplement Addendum & Single Audit Applicability of Provider Relief Funds (PRF) & Coronavirus Relief Funds (CRF)
The Office of Management and Budget (OMB) released an addendum to the 2020 Compliance Supplement on December 22, 2020. This addendum provides important updates to COVID-19 related federal funding and […]
