Frequently Asked Questions as of August 4, 2020 “The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans…” Read More H2R CPA professionals are continuing to evaluate the latest guidance to help determine the … Read more
Lucas Rihely, CPA, Partner at H2R CPA, discusses the deferral of payment for employer Social Security tax. This deferral of payment was part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help businesses with cash flow during these challenging times. View the video here.
by Jeff Wolstoncroft, CPA On Thursday, July 16, 2020, Governor Tom Wolf announced the availability of $50 million in grant funding to help employers provide hazard pay to employees in life-sustaining occupations during the COVID-19 pandemic. Applications will be received between July 16, 2020 and July 31, 2020. Complete details of the program and a … Read more
Kieran O’Dea, CPA, Partner at H2R CPA, discusses the complex application and forgiveness process for the Paycheck Protection Program, and what we know and have learned so far. View the video here.
Jeff Wolstoncroft, CPA, Senior Manager at H2R CPA, provides insight in regard to the Paycheck Protection Program (PPP) Full-Time Equivalent. View video here.
This H2R CPA webinar was presented live on June 29, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary Over the past few decades, telecommuting has slowly grown as technological advancements allowed for a better Work From Home (WFH) experience, but most corporate professionals continued … Read more
The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law. The new law follows the May 22, 2020, release of an interim final rule from the U.S. Department … Read more
by Jeff Wolstoncroft, CPA The following is a summary of the Paycheck Protection Program (PPP) Interim Final Rule on Loan Forgiveness (5/22/2020): Payroll costs are on a cash basis on the front end of the 8 weeks and accrual basis for the final pay of the 8 weeks, for forgiveness. Meaning the payrolls paid during … Read more
This H2R CPA webinar was presented live on May 15, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary People often lean on their local nonprofits during challenging times, but how do nonprofits serve those who need it most when their operations have been upended? … Read more
The SBA has provided some guidance regarding the requirement for borrowers to certify their economic need for a PPP loan. If the loan amount is under $2m, then the loan will fall under safe harbor and will not need to be certified. The SBA has stated that it will not be able to review these … Read more