In times of great uncertainty, there is power in knowledge and preparation. In response to the coronavirus (COVID-19) outbreak throughout the United States and beyond, we’ve assembled industry experts to give you guidance and solutions to combat the ramifications on your business.
Continue to visit the Friedman COVID-19 Resource Center for breaking coverage and tactics to inform your financial decision making.
Recent Webinars
June 11, 2020 [Webinar] Paycheck Protection Program Flexibility Act Q&A
Access the recording from our recent Q&A session with our experts on Congress’s newly passed Paycheck Protection Program Flexibility Act of 2020 (PPPFA). The PPPFA aims to clarify the intentions of the Paycheck Protection Program (PPP) and make it easier for borrowers to obtain loan forgiveness.
May 28, 2020 [Webinar] Further SBA Guidance on PPP Loan Forgiveness
Access the full recording from our recent webinar where our experts addressed the major changes included in the May 22nd Interim Final Rules on Loan Forgiveness and Loan Review Procedures and answered frequently asked questions.
Paycheck Protection Program
June 25, 2020 [NEW] The SBA Issues Yet Another PPP Loan Forgiveness Application Update
On June 22, the Small Business Administration (“SBA”) released its latest update, clarifying the Interim and Final Rules on forgiveness application timelines, owner compensation and other aspects of the forgiveness process. The release provides revisions to the Loan Forgiveness Interim Final Rule and the SBA Loan Review Procedures Interim Final Rule (“IFR”).
June 19, 2020 SBA Updates PPP Loan Forgiveness Process for PPPFA Changes
It’s been a busy week for those of us involved with the Paycheck Protection Program (“PPP”). Late Tuesday evening, the Small Business Administration (“SBA”) and Treasury released an updated PPP Loan Forgiveness Application, a simplified Application, and instructions for both to account for the changes to PPP in the new Payroll Protection Program Flexibility Act of 2020 (“PPPFA”).
Other Initiatives
June 8, 2020 Federal Reserve Announces that it is Establishing a Main Street Lending Program
The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic. The Program will operate through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF).
April 22, 2020 Small Business Relief Initiative
Small business owners across America are struggling to keep their workers employed and their businesses alive. In response, the U.S. Chamber of Commerce launched a new $5,000 grant program known as the “Save Small Business Initiative,” which you may be eligible for.
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June 12, 2020 [NEW] Taxing Nonresidents in the Time of a Pandemic: New York vs. New Jersey
While New York and New Jersey’s taxation of nonresidents is seemingly practical, over the years New York has also taken a divergent path, one with a significant impact on those telecommuting from outside the state in the COVID-19 lockdown.
June 12, 2020 [NEW] Do States CARES [Act]?
As state legislatures start returning with the opening of the country’s economy, the taxing authorities need to consider how to respond to the stimulus and rule changes of the federal government since passing the Coronavirus Aid, Relief, and Economic Security (CARES) Act. States need to be strategic to maximize their relief efforts while ensuring their states remain financially solvent. The question is how.
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June 17, 2020 [Webinar] Navigating Your Nonprofit Through Changes in Financial Reporting
Our experts shared essential guidance to help you navigate and implement financial reporting changes. Access the recording for techniques to help you thrive in this ever-changing and complex environment.
June 17, 2020 [Webinar] Profitable Growth Workshop
Our experts shared actionable guidance to help you realign your business strategy in response to today’s evolving landscape. Access the recording below for a recap of this proven growth and profitability framework.
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March 18, 2020 Ways to Reduce Cybersecurity Risks Among a Remote Workforce
In a national effort to curtail the spread of the COVID-19, we are witnessing the rise of the remote workforce. While companies are focusing on ways to protect their employees, clients and families, cyber attackers are infiltrating insecure cybersecurity postures.
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May 1, 2020 [UPDATED] When Asset Values Fall, Tax Opportunities Arise
While it is worrisome to watch the value of securities, real estate and businesses dramatically decline, those with long-term assets that are expected to appreciate beyond their current valuations should know that the present climate does open windows of opportunity.
March 25, 2020 [UPDATED] Be First in Line for Relief: Preparing Your Claims for Recovery
The outbreak of coronavirus has affected us all. In previous national emergencies, tragedies and disasters, we have been able to turn to sporting events, movies and other forms of “escape.” While these outlets may not be available to us this time, you can take steps to limit the virus’s impact on your business.
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REAL ESTATE
April 22, 2020 COVID-19 and Real Estate: Resources, Legislation and Your Business
The real estate industry stands to be significantly affected by the economic impact of the COVID-19 pandemic. To help guide property developers, owners and managers, Friedman has compiled information on relief programs you may be able to take advantage of, CARES Act tax provisions that can be leveraged to maximize cash flow and resources to respond to a rapidly changing industry landscape.
NONPROFIT
May 13, 2020 [NEW] New Information on SBA Stimulus Funding and the Uniform Guidance
Due to the far-reaching economic impact of the COVID-19 pandemic, many nonprofit organizations have turned to the emergency funding streams issued by the U.S. Small Business Administration (SBA). These streams include, the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program Loans (PPP).
FORENSIC, LITIGATION AND VALUATION
March 28, 2020 How COVID-19 and the CARES Act Will Affect Divorces
As the global pandemic reshapes our world introducing unexpected economic and social challenges - divorces, and other family law matters will continue. There are a myriad of predictions of what will happen and when it will happen.
LIFE SCIENCES
March 27, 2020 At a Glance: How COVID-19 is Affecting the Life Sciences Industry
Our Life Sciences industry and community is working fast and furious in an effort to do everything possible to address the pandemic. Biopharmaceutical and Medical Device companies are working closely with Federal and State organizations as well as the World Health Organization to develop vaccines, improve tests and investigate the usefulness of antiviral drugs, as well as other forms of treatment, in combating COVID-19.
CONSUMER GOODS
June 4, 2020 Hong Kong COVID-19 Subsidy for Employers to Fund Wages of Employees
On May 18, 2020, the Hong Kong Government announced an updated version of the implementation plan for the Employment Support Scheme (“ESS”), with an approved fund of HKD 80 billion, which provides wage subsidies to eligible employers to retain their employees, with the goal of avoiding lay-offs.
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April 6, 2020 How the CARES Act Impacts Accounting for Income Taxes in Financial Statements
The CARES Act was designed to offer relief to business owners, but whether you apply for a loan or not, the Act will have implications for your business’ financial reporting.
March 31, 2020 How COVID-19 Affects Financial Reporting
With the coronavirus pandemic affecting all aspects of life, business leaders should be prepared for the impact it will have on the estimates used within the financial reporting process. Such changes will apply to the upcoming quarterly filings for most public companies.
