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Coronavirus Resource Page

  • IRS Publishes New Release Regarding Business Interest Expense Limitations

    The Internal Revenue Service (IRS) recently announced finalized guidance regarding business interest expense limitations. In a helpful article from the Journal of Accountancy, author Sally Schreiber offers an overview of the new rules. Background The business interest expense limitation was created by the Tax Cuts......

  • PPP Gets Five-Week Extension

    On Wednesday, July 1, the House agreed unanimously to an extension of the Paycheck Protection Program (PPP). The five-week extension originated in the Senate on Tuesday, where it was approved late in the evening. President Trump signed the bill into law on Saturday, July 4.......

  • SBA PPP Guidance Update—June 25-26, 2020

    Late last week, the United States Small Business Administration (SBA) released yet another round of guidance updates regarding the Paycheck Protection Program (PPP). The areas covered by this latest release are maturity dates and loan amounts. A recent article from the Journal of Accountancy offers......

  • SBA Releases Guidance Regarding Early PPP Loan Forgiveness

    On June 22, the U.S. Small Business Administration (SBA) released additional guidance regarding Paycheck Protection Program (PPP) loan forgiveness. A recent article from the Journal of Accountancy summarizes the information contained in the release. The new interim final rule primarily addresses changes made by the......

  • Senate Passes Paycheck Protection Flexibility Act

    On Wednesday night, the Senate voted unanimously in favor of the Paycheck Protection Flexibility Act. This new legislation makes key adjustments to the timeline for spending Paycheck Protection Program (PPP) funds and revises how loan recipients are required to allocate the money. Here is a......

  • New Guidance Regarding PPP Loan Forgiveness

    On May 22, the Small Business Administration (SBA), in conjunction with the U.S. Treasury, released additional guidance for recipients of loans through the Paycheck Protection Program (PPP). A recent article from the Journal of Accountancy examines the details of the new release. The SBA issued......

  • What Will the Post-Coronavirus Business World Look Like?

    As the U.S. slowly starts to transition into reopening, many business owners are anticipating big changes—a new normal. While nobody can know for sure how things will turn out, today we want to spend some time pondering what the post-coronavirus business world might look like.......

  • FASB Announces Further Delays of Revenue Recognition and Leases Standards

    Following last month’s proposal to defer the effective date of two standards for private companies and nonprofit organizations, the Financial Accounting Standards Board (FASB) voted to delay the effective dates of revenue recognition and leases standards on May 20. The standards extension comes as a......

  • SBA Releases Application for PPP Loan Forgiveness

    On Friday, May 15, the Small Business Administration (SBA) announced an important release for borrowers who received loans through the Paycheck Protection Program (PPP). The bureau made public a form and instructions for borrowers to use to apply for PPP loan forgiveness. The application must......

  • New SBA Guidance Regarding Loan Increases for Partnerships, Seasonal Employers

    On May 13, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), Business Loan Program Temporary Changes; Paycheck Protection Program – Loan Increases. This is a new interim final rule allowing for an increase in the amount of loan for......

  • New SBA Guidance Regarding Paycheck Protection Program

    On May 13, the Small Business Administration (SBA) issued additional guidance regarding the Paycheck Protection Program (PPP). They added a highly anticipated new question to their lengthy FAQ: “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?” One of......

  • SBA Releases Additional PPP FAQ Questions

    On May 3rd, the Small Business Administration (SBA) issued a new round of guidance regarding the Paycheck Protection Program (PPP). They addressed three issues for which business owners have requested clarification, including: The impact of a laid-off employee refusing to be rehired on a borrower’s......

  • Is My PPP Loan Still Forgivable if My Employees Refuse to Come Back to Work?

    The Paycheck Protection Program (PPP) is a loan initiative created by the CARES Act that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. The big appeal of the program is that the portion of the PPP loan funds used for......

  • Should You Return Your PPP Loan?

    You have probably read in the news about the backlash that some public companies have experienced as a result of accepting loans through the Paycheck Protection Program (PPP). As a result of the public outcry, many of the large organizations have chosen to give back......

  • IRS Updates FAQ on Employee Retention Credit

    On April 29, the Internal Revenue Service (IRS) released a large expansion of their FAQ on the Employee Retention Credit (ERC). The ERC was created as a part of the Coronavirus Aid, Relief, and Economic Stimulus (CARES) Act, a $2.2 trillion legislative initiative designed to......

  • IRS Releases Notice Regarding Tax Deductions and PPP Loan Funds

    On Thursday, April 30, the IRS released Notice 2020-32. The announcement effectively disallows a tax deduction for any expenses that are paid with forgiven Paycheck Protection Program (PPP) loan proceeds. The PPP was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a......

  • Guidance on Calculating Maximum PPP Loan Amounts

    On Friday, April 24, the Small Business Administration (SBA) released additional guidance regarding how various types of businesses should calculate the maximum Paycheck Protection Program (PPP) loan amount for which they qualify. The new SBA guidance offers specific instructions for the following entities: Self-employed with......

  • IRS Update Regarding Stimulus Payments for SSI Recipients

    On Wednesday, April 15, the Internal Revenue Service (IRS) released an update regarding the delivery of economic impact payments to recipients of Supplemental Security Income (SSI). The IRS worked with the Treasury Department, the Social Security Administration, and the Bureau of Fiscal Services to establish......

  • GASB Calls for Standards Postponement

    On April 14, the Governmental Accounting Standards Board (GASB) released a statement proposing the postponement of the effective dates of certain accounting and financial reporting requirements set to go into effect in the near future. Their goal in doing so is to provide relief in......

  • Achieving PPP Loan Forgiveness

    Businesses that have managed to secure financing through the Paycheck Protection Program (PPP) are fortunate—but also saddled with a lot of red tape. Business owners and managers should be careful that they adhere strictly to the terms of the program in order to qualify for......

  • Where’s My Recovery Rebate?

    As part of the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act, direct economic recovery payments are being distributed to eligible American taxpayers. Distribution of recovery rebates began this week. If you are expecting a federal recovery rebate, but have not yet received......

  • CARES Act Guide: Loans

    Download the full document here »...

  • CARES Act FAQ: Mid-Sized Business Lending Program

    On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economics Security (CARES) Act. The historic $2.2 trillion stimulus bill includes $454 billion to support Federal Reserve emergency lending facilities to help mid-sized businesses dealing with losses resulting from the coronavirus pandemic. The legislation......

  • CARES Act FAQ: Payroll Tax Deferral

    On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill contains a variety of provisions, including a deferment of payroll taxes for employers. Below, we address some of the common questions regarding these tax......

  • SBA Issues Supplemental PPP Guidance

    On April 14, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), a $350 billion program that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. The PPP was created as a part of the Coronavirus......

  • PRESIDENT TRUMP SIGNS INTO LAW CARES ACT

    On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19. We have......

  • FEDERAL AID PACKAGE HELPS INDIVIDUALS AFFECTED BY COVID-19

    The Families First Coronavirus Response Act (H.R. 6201),  became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid......

  • HOW TO DETERMINE IF AN EMPLOYER HAS “FEWER THAN 500 EMPLOYEES” FOR COVID-19 FEDERAL PAID SICK AND FAMILY LEAVE MANDATES

    The Families First Coronavirus Response Act (H.R. 6201) became law on March 18, 2020. Among other things, the Act requires employers with “fewer than 500 employees” to provide two new benefits: (1) federal emergency paid sick leave and (2) federal emergency paid family and medical......

  • IRS OUTLINES PROCEDURES FOR PAYROLL TAX CREDITS AND RAPID REFUNDS FOR EMPLOYERS MAKING FEDERALLY-MANDATED COVID-19 LEAVE PAYMENTS

    The federal government is trying to get much-needed cash into the hands of employers and employees affected by COVID-19 as quickly as possible. To do so, it is utilizing employers’ existing payroll systems to minimize the employers’ cash flow hardship that might otherwise have occurred from......

  • Email to Clients

    To our valued clients and colleagues, As the novel coronavirus (COVID-19) continues to spread, the health and well-being of our communities, clients, and people remains our highest priority. With this in mind, we made the decision to close our offices to the public and our......

  • HOW MANUFACTURERS CAN NAVIGATE THE NOVEL CORONAVIRUS’ SUPPLY CHAIN IMPACTS

    By Jeff Pratt, Sean Murphy The novel coronavirus (otherwise known as COVID-19) crisis has struck a serious blow to the manufacturing industry, which was already battling trade policy turbulence, a slowdown in global manufacturing growth and broader economic uncertainty. The virus’ disruptive impacts are rippling throughout global......

  • Coronavirus Strikes Nonprofits in More Ways than One

    By Andrea Wilson   Now present on every continent except Antarctica, COVID-19 has infected more than 125,000 people, and is responsible for more than 4,600 deaths. With the number of cases in the U.S. continuing to climb, individuals and companies alike are taking steps to prepare for a pandemic.......

  • IRS RELEASES UPDATED COVID-19 RELIEF – NOW EXTENDING FILING DATE AND PAYMENT

    On March 20, 2020, the Internal Revenue Service released Notice 2020-18, its second round of formal guidance – this time expanding its earlier guidance (Notice 2020-17) by including relief to taxpayers for both federal income tax returns and federal income tax payments which would be......

  • SBA Disaster Assistance in Response to the Coronavirus – Low-Interest Loans

    In response to the novel coronavirus (COVID-19) pandemic affecting the small business community across the country, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury. Substantial economic injury means the business is......

  • Maintaining Your Mental Health During the Coronavirus Pandemic

    There is a lot of scary stuff happening right now. Many are struggling to maintain good mental health in light of the Coronavirus pandemic. For some, the mental strain is exacerbated by the fact that so many are practicing social distancing. So how can you......

  • Tax Payment Deadline Extended

    To our valued clients and colleagues, First and foremost, we want to thank you for the trust in our Hudson Cisne & Co, LLP (HCC) team and the services we provide. We consider it an honor to work with you, and we do not take......

  • An Update from Hudson Cisne on the Coronavirus

    To our valued clients and colleagues, First and foremost, we want to thank you for the trust in our Hudson Cisne & Co, LLP (HCC) team and the services we provide. We consider it an honor to work with you, and we do not take......

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