COVID-19: National Resources & Information

National News and Federal COVID-19 initiatives:

July 4, 2020: President Trump signs 5-week PPP extension (Journal of Accountancy) The bill re-opens the application window for the Paycheck Protection Program until August 8, 2020.

June 5, 2020: Congress passes Paycheck Protection Program Flexibility Act.

June 3, 2020: FASB offers limited effective date delays on revenue recognition and leases standards (Source: FASB news release, June 3, 2020)

April 27, 2020: The AICPA has developed additional recommendations for CPAs as they navigate the Paycheck Protection Program (PPP) to assist clients. The recommendations focus on the firm-lender relationship in the PPP application process. 

April 3, 2020: Yesterday, the U.S. Small Business Administration issued interim final rule for the Paycheck Protection Program (PPP), which makes available $349 billion in forgivable loans for small businesses impacted by the coronavirus pandemic. The PPP was created as part of the CARES Act which was enacted on March 27, 2020. (Journal of Accountancy 04/03/20)

March 27, 2020: Coronavirus Aid, Relief and Economic Security (CARES) Act passed in the House of Representatives and was signed later in the afternoon. Journal of Accountancy (updated 03/27/20).

March 26, 2020: Yesterday, the U.S. Senate passed the Coronavirus Aid, Relief and Economic Security Act (CARES) Act and the House is expected to approve the legislation on Friday. 

March 20, 2020:  According to a report from the Associated Press, Secretary Mnuchin said, "We are moving Tax Day from April 15 to July 15." Read the OSCPA email alert from OSCPA President/CEO Sherri McPherson.

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