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.
Paycheck Protection Program
August 31, 2020 [NEW] Treasury Issues Guidance on Payroll Tax Withholding Deferral
With four days to spare before the effective date of Tuesday, September 1, Treasury finally released guidance implementing the President’s August 8 Executive Order allowing taxpayers to defer withholding of the employee’s portion of Social Security taxes. At two and a half pages, (double spaced with wide borders) the guidance is brief, and leaves employees, employers and their tax advisors with many unanswered questions. It also creates potential traps for the unwary.
August 27, 2020 The SBA’s Latest Guidance Analyzed: Why Borrowers May Have to Rethink Their Approach to Loan Forgiveness
Just when you thought it was safe to proceed with applying for Paycheck Protection Program (“PPP”) loan forgiveness, the Small Business Administration (“SBA”) – which had been quiet since early August – changed the rules again. Specifically, the Administration issued another Interim Final Rule (“IFR”), effective as of August 25, defining who is an owner-employee of a C Corporation or S Corporation, and whether certain non-payroll costs involving transactions with related parties are eligible for forgiveness.
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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July 23, 2020 [Register] Nonprofits and Cryptocurrency - Fundraising in the Digital Age
Join Friedman LLP and The Giving Block for a webinar focused on Nonprofit Fundraising in the digital age.
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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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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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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July 20, 2020 SEC Staff Provides Guidance on COVID-19-Related Disclosures
While you are busy working on your filings, remember that the Securities and Exchange Commission (SEC) staff provided new guidance on COVID-19-related disclosures for companies like yours to consider.
June 25, 2020 The Impact of COVID-19 on Financial Reporting Trends
The COVID-19 pandemic has rapidly impacted companies in unprecedented ways and given rise to extraordinary economic and commercial uncertainty. Given this environment, and the likelihood that such uncertainty will remain for the foreseeable future, companies need to be proactive in assessing risks to their businesses and changes to their financial reporting and internal control environments.
