Our COVID-19 Response Team is also available to help.
Paycheck Protection Program Flexibility Act Passed by the House!
Posted by Sarah Russell on May 28, 2020
Sarah Russell
As expected, the House passed the Paycheck Protection Program Flexibility Act today, May 28, 2020. We were hoping the Senate might act on this in their Pro Forma session today, but it looks like we will have to wait until next week to see how the Senate responds to the bill
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10 Recommendations for Mexican Subsidiaries during COVID-19
Posted by Carlos Calderon on May 28, 2020
Companies with Mexican subsidiaries may be wondering how best to proceed in light of COVID-19.
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PPP Loan Forgiveness – New Details Available
Posted by Tim Hilligoss on May 27, 2020
Just as the Memorial Day weekend was about to kick off, the Small Business Administration (SBA) and Treasury published updates to the Paycheck Protection Program (PPP) Interim Final Rule (the Rule). The update, which was released late on May 22, 2020, provides important new details about the loan forgiveness process.
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Fixes to Paycheck Protection Program on the Way?
Posted by Sarah Russell on May 21, 2020
As small business owners begin to navigate the loan forgiveness portion of the Paycheck Protection Program it has become clear many will not be able to achieve full forgiveness because they will not be able to spend all of the funds in 8-week Covered Period.
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FASB Delays Implementation for Revenue Recognition and Leases
Posted by Julie Killian on May 21, 2020
The Financial Accounting Standards Board (FASB) voted on Wednesday, May 20 to delay the effective date of the Revenue Recognition Standard by one year for all nonpublic companies who have not issued financial statements yet.
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Investing in Our Future
Posted by Robert Dutkiewicz and Joe Bamberger on May 20, 2020
COVID-19 has been impacting us all in different ways. Our new normal has been a world away from the office and the face to face interactions with clients and teammates. We are constantly reminded that our team is strong, resilient, flexible, and creative.
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Life Insurance: Key to Financial Planning
Posted by Clayton & McKervey on May 19, 2020
The fact that life insurance pays money to cover your bills and burial after you die is not a secret. Aside from that, there are many other reasons to have life insurance, but most people are woefully unaware of the benefits of doing so and the process of obtaining it in the first place.
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PPP Loan Forgiveness Application & Guidance Released
Posted by Sarah Russell and Tim Hilligoss on May 18, 2020
On May 15, 2020, the Treasury and Small Business Administration (SBA) issued long-awaited information on PPP loan forgiveness, including the application for forgiveness and relevant instructions.
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Firm Announces New PPP Loan Forgiveness Compliance Services
Posted by Clayton & McKervey on May 18, 2020
Clayton & McKervey, a certified public accounting and business advisory firm helping growth-driven companies compete in the global marketplace, has immersed itself into the inner workings of the Paycheck Protection Program (PPP) to fully serve its clients.
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Good News for PPP Loan Borrowers
Posted by Sarah Russell on May 14, 2020
As we have previously stated, there is a fair amount of uncertainty regarding all of the rules surrounding the Paycheck Protection Program (PPP). One item which caused concern among many small businesses was the previous SBA guidance regarding the good-faith certification required as part of the PPP application.
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Loan Assistance Support
Posted by Clayton & McKervey on May 13, 2020
Clayton & McKervey has prepared a workbook for businesses to use when calculating loan forgiveness. This tool is available for organizational use.
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HEROES Act Introduced May 12: Stimulus Package Phase 4
Posted by Sarah Russell on May 13, 2020
As we anxiously wait for additional guidance related to the CARES Act and the Paycheck Protection Program (PPP) loan, the House is busy drafting their next round of legislation.
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Documentation is Key as We Wait
Posted by Tim Hilligoss on May 13, 2020
How many of you remember the old ketchup commercial -- waiting for the ketchup pour to hit your hot dog or hamburger? Anticipation, an-ti-ci-pay-ay-tion…is making you wait.
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State Tax Questions as We Move Back to Business
Posted by Sue Tuson on May 12, 2020
As businesses start to reopen, we look to the future imagining what the new “normal” will look like. During the crisis, most states have been taxpayer friendly, extending filing deadlines and payment due dates.
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CPAs Help Small Businesses Survive
Posted by Julie Killian on May 11, 2020
Shareholder Julie Killian was interviewed by the Journal of Accountancy to learn how CPAs are vital to helping small businesses survive during the COVID-19 pandemic.
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IRS Revises Cross-Border Activity During COVID-19
Posted by Teresa Gordon on May 5, 2020
The IRS has been busy, and this time, that is a good thing. Within the past couple weeks, they have released two Revenue Procedures (Rev. Proc.) and one frequently asked questions (FAQ) that explains how treatment of cross-border activities will change in light of the COVID-19 disruptions.
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PPP Forgiveness & Full Time Equivalents
Posted by Tim Hilligoss on May 5, 2020
Another day, another number. The number 40, to be specific. FAQ # 40 addresses one of the many PPP loan forgiveness questions: what happens if a laid off employee declines to come back to work? Will this affect your forgiven amount? The answer: no.
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May PPP Webinar Series Provides Updates and Related COVID-19 Financial Issues
Posted by Clayton & McKervey on May 3, 2020
Clayton & McKervey announced it will continue its weekly Wednesday webinar series on the Paycheck Protection Program (PPP) and related COVID-19 business relief opportunities each Wednesday through May.
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The IRS is the New Player with New Numbers in the PPP Loan Program
Posted by Tim Hilligoss on May 1, 2020
It’s all in the numbers. How many times have we heard this in our lives? Or, how about the numbers don’t lie? Well, maybe they don’t lie, but the numbers can - and do - change the playing field.
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‘Plan B’ Considerations for Foreign-owned Companies in the U.S. to Withstand the Global Pandemic
Posted by Teresa Gordon on April 29, 2020
While the PPP application, approval, and funding process have been challenging for everyone, foreign-owned subsidiaries based in the U.S. with U.S. employees continue to face additional challenges that their domestic counterparts did not encounter.
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Tales From the Front: New Funding, Loan Forgiveness Ambiguities and…Giving the Money Back?
Posted by Tim Hilligoss on April 28, 2020
With round two of funding from phase 3.5, the Paycheck Protection Program and Health Care Enhancement Act ready for an SBA restart, businesses, and non-profit organizations will be divvying up a new pie...
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April 29 PPP Loan Webinar
Posted by Clayton & McKervey on April 26, 2020
Clayton & McKervey Shareholders Sarah Russell and Tim Hilligoss are hosting a webinar on the PPP loan. This discussion will prioritize questions from the audience on the issues generating the most questions today.
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7 Cash Considerations in Challenging Times
Posted by Kevin Johns on April 24, 2020
We are living in unprecedented times; learning and adapting every day without clarity as to what the future may look like. In the midst of the uncertainty, it is as critically important that business owners lead and make wise decisions.
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Who Got What in the CARES Act Lending Program? Prepare for the Next Round of Funding!
Posted by Tim Hilligoss on April 22, 2020
The CARES Act loans caused a flurry of activity among SBA-approved banks and credit unions, as small businesses (the definition of which has irked many would-be borrowers) sought Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) under the CARES Act stimulus beginning on April 3.
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Senate Passes Additional Paycheck Protection Program (PPP) Funding
Posted by Sarah Russell on April 21, 2020
Late this afternoon, the Senate passed a bill that expanded funding for PPP by an additional $310 billion. It also increased funding for the Emergency Injury Disaster Loan (EIDL) program by $60 billion, of which $10 billion is earmarked for grants, and $50 billion for the loan program.
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Clayton & McKervey Serves on Grant Panel
Posted by Clayton & McKervey on April 21, 2020
Shareholder Julie Killian was invited to serve on an Oakland County panel of judges to help the county award funding to manufacturers able to shift production to Personal Protection Equipment.
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The Silver Lining
Posted by Julie Killian on April 21, 2020
The week of April 15 usually marks the end of “busy season” or “tax season” in the public accounting world. CPAs all over the United States celebrate the end of long hours and enjoy the feeling of satisfaction that comes from helping their clients meet financial reporting and tax deadlines.
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Navigating Business Issues During COVID-19
Posted by Ben Smith on April 20, 2020
How data analytics can uncover key trends The Coronavirus (COVID-19) threat has created uncertain conditions for individuals, families, businesses and the …
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Changes to Employer Provided Education Assistance Due To COVID-19
Posted by Margaret Amsden on April 14, 2020
As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, opportunities exist for employers to help their employees in multiple ways. One such opportunity relates to the change made to the Education Assistance Program.
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Mexico Manufacturing During the COVID-19 Crisis
Posted by Carlos Calderon on April 13, 2020
Like most of the countries in the world, Mexico has been and will be significantly impacted by the Coronavirus outbreak. With the shutdown of non-essential activities, the peso has devaluated, the index of risk has risen and unemployment rates have soared.
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The CARES Act Fosters Collaboration
Posted by Sarah Russell on April 10, 2020
As the leader of the firm’s tax team, Shareholder Sarah Russell has been on the front lines of the CARES Act; particularly the need for accountants and attorneys to collaborate to support the business community.
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CARES Act Webinar: April 14, Noon to 1pm
Posted by Sarah Russell on April 10, 2020
As the largest stimulus package in U.S. history, the CARES Act has generated plenty of conversation. Between the tax filing changes and many different options within the stimulus packages, where should leaders focus first?
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Employee Retention Credit Provision of the CARES Act
Posted by Miroslav Georgiev on April 9, 2020
As we know, on March 27th, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. CARES added many new sections to the Internal Revenue Code (IRC) to assist both employers and employees during this time of economic uncertainty.
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Financial Analysis – Days Cash On Hand
Posted by David Van Damme on April 6, 2020
In light of COVID-19, business owners, CFOs and operations managers are spending a lot of time thinking about cash flow. Now, more than ever, cash is king and understanding how to plan over the next few months and beyond is vital.
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Be On the Lookout for Tax Fraud
Posted by Ruben Ramirez on April 6, 2020
Tax filing season is a particularly fertile time for scammers to take advantage of taxpayers. With the stimulus payments that most American’s will receive as a result of the Coronavirus Aid, Relief and Economic Security (CARES) Act added to the mix, it is critical that taxpayers are on alert for scammers.
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Business Survival: Protecting Cash
Posted by Julie Killian on April 3, 2020
As the world faces, and attempts to absorb, the realities presented by the Covid-19 health crisis, businesses and in particular small businesses, need to be focused on survival.
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Navigating the Challenges of COVID-19
Posted by Robert Dutkiewicz on April 1, 2020
I think it is safe to say that, in our lifetime, we have never seen anything quite like this before. The Coronavirus has created anxiety as the health and safety of our loved ones weigh heavily on our minds, along with uncertainty in the economy.
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CARES Act Special Rules for Use of Retirement Funds
Posted by Julie Killian on March 30, 2020
The CARES Act includes a number of provisions to allow access to retirement funds in employer-sponsored retirement plans.
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Paycheck Protection Program and Other Financing Options
Posted by Sarah Russell on March 27, 2020
The CARES Act provides many benefits, including the Paycheck Protection Program. As promised, here is our detailed analysis of what the program entails.
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CARES Act: Largest Stimulus Package in U.S. History!
Posted by Sarah Russell on March 27, 2020
After days of Congressional negotiations, the President signed the CARES Act, the largest stimulus package in U.S. history. Below is an overview of the provisions included in the package...
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