News

The U.S. Small Business Administration and Treasury issued an interim final rule Monday addressing Paycheck Protection Program forgiveness issues related to owner-employee compensation and the eligibility of nonpayroll costs. Continue Reading

With the lockdowns starving many businesses of revenue, debt is becoming either the key to survival or a ticket to bankruptcy. Continue Reading

FASB voted today to extend by one year the effective date of its revenue recognition standard to all nonpublic entities that have not yet issued their financial statements. Continue Reading

The AICPA offered recommendations for the CPA firm-lender relationship related to firms assisting clients that are seeking Paycheck Protection Program (PPP) funding. Continue Reading

The Treasury Department and the Small Business Administration released an 18-point FAQ to facilitate funding of small businesses under the Paycheck Protection Program. Continue Reading

A member update on the Paycheck Protection Program from OSCPA President/CEO Sherri McPherson, CAE. Continue Reading

AICPA-led small business funding coalition recommends using gross payroll approach for calculation of average monthly payroll cost under the Paycheck Protection Program (PPP), which is part of the CARES Act. Continue Reading

Eligible financial institutions will not be in violation of GAAP if they take advantage of the deferrals or suspensions of two FASB standards as permitted in the new federal coronavirus relief law, SEC Chief Accountant Sagar Teotia said Friday in a statement issued by the commission. Continue Reading

On April 2, 2020, the U.S. Small Business Administration issued an interim final rule for the Paycheck Protection Program (PPP), which is offering $349 billion in forgivable loans that small businesses impacted by the coronavirus pandemic can use to cover costs including payroll and rent. Continue Reading

Guidance and sample engagement letters for CPAs regarding the Paycheck Protection Program loan program Continue Reading