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.
On March 31, 2020, Friedman hosted a live, virtual Q&A session where our experts answered frequently asked questions about the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act and other financial relief programs. Access the recording for guidance on these beneficial measures:
April 1, 2020 [NEW] Paycheck Protection Program Update
Following the signing of the CARES Act, the Small Business Administration (SBA) and Treasury Department announced today that they have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.
April 1, 2020 [UPDATED] Key Aspects of the Coronavirus Aid, Relief and Economic Security (CARES) Act
President Trump signed into legislation the CARES Act, or coronavirus stimulus bill. The following sections summarize key aspects of the Senate bill as it was passed.
March 30, 2020 [NEW] Understanding The Paycheck Protection Program
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocates $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
A number of local and federal programs have been announced to assist businesses adversely affected by the coronavirus. Efforts to support businesses adversely affected by the outbreak of the coronavirus continue to evolve and expand.
March 23, 2020 NYS Shared Work program
Businesses operating in NYS may want to consider the Shared Work program to help retain trained staff and avoid layoffs in response to COVID-19. Employees can receive partial Unemployment Insurance benefits while working reduced hours. Full-time, part-time and seasonal employees are eligible.
The Treasury’s latest proposal for dealing with the economic dislocation caused by the coronavirus pandemic allocates more than $1 trillion in spending, including secured loans or loan guarantees for certain hard-hit industries.
March 17, 2020 New York enacts legislation to provide paid sick leave and job protection for workers quarantined due to COVID-19
Governor Andrew M. Cuomo today announced a three-way agreement with the Legislature on a bill guaranteeing job protection and pay for New Yorkers who have been quarantined as a result of novel coronavirus, or COVID-19.
March 26, 2020 IRS People First Initiative
To assist taxpayers facing issues related to COVID-19, the IRS yesterday announced its People First Initiative, which, beginning on or about April 1 and continuing through at least July 15, will temporarily adjust certain IRS compliance programs.
March 25, 2020 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] RELIEF FOR TAXPAYERS AFFECTED BY CORONAVIRUS
The IRS has just released a notice providing guidance for taxpayers with respect to the extension of time to make certain tax payments. Learn the details.
March 25, 2020 [UPDATED] Families First Coronavirus Response Act Key Takeaways
Yesterday, the President signed legislation aimed at expanding emergency family and medical leave, unemployment insurance, sick leave, food and nutrition and funds for testing and other healthcare provisions.
March 25, 2020 [UPDATED] State Tax Filling Guidance for Coronavirus Pandemic
States are providing tax filing relief for individuals and businesses. Here are the details for each individual state.
March 21, 2020 NYC DELAYS THE DEADLINE TO FILE TAX APPEAL
On the evening of March 20th, New York City's Mayor, Bill de Blasio, signed an executive order delaying the deadline to file a tax appeal to no earlier than 30 days after the State of Emergency is lifted.
March 20, 2020 NYC to Waive Excise Tax Penalties for Late Filers
On March 19, the Commissioner of New York City’s Department of Finance, Jacques Jiha, announced that New York City will allow for a waiver of penalties for business and excise taxes due between March 16, 2020 and April 25, 2020. Taxpayers may request to have penalties waived on a late filed extensions or returns.
According to comments at a press conference and throughout the day, Treasury Secretary Steven Mnuchin says the Treasury intends to provide an automatic 90-day extension on tax payments--allowing taxpayers until July 14 to pay any taxes they owe.
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.
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.
March 12, 2020 How to Mitigate Your Business Interruption Losses
Submitting a business interruption claim can be a valuable means of recuperating your loss of income during high-stress times. However, the process can require time and resources that divert your attention away from critical planning to move your business forward.
March 31 [NEW] Your Nonprofit and COVID-19: Adapting Practices, Qualifying for Credits and Embracing Extensions
Whether they are altering operations, adopting new policies or applying for relief programs, industries across the world are being affected by the outbreak of COVID-19. Unfortunately, nonprofits are no exception.
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.
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.
March 17, 2020 Tying Loose Threads: Fortifying Your Consumer Goods Business Against the Ramifications of COVID-19
On March 4, U.N. economists announced that, once the dust has settled, global manufacturing exports will have dropped by $50 Billion in February alone, precipitated by the newly named COVID-19 (formerly coronavirus).
March 17, 2020 COVID-19 Webinar: How Retailers & Restaurants are Responding to Safeguard their Businesses
As COVID-19 continues to spread throughout the world, the retail industry is feeling the real impacts of this new business paradigm. Friedman was proud to be the exclusive accounting firm sponsor of this week Commercial Observer’s webinar where industry experts gathered to provide important insights on what the outbreak means for the retail and food and beverage industries.
February 10, 2020 The Burgeoning Coronavirus Health Crisis Emanating from China is Steering Rates Lower
Welcome to Closing Thoughts, Friedman's dedicated look at news and trends in the mortgage sector. It's not often that the residential mortgage market takes its cues from outside the U.S., but this is one of those rare times.
March 31, 2020 [NEW] 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.
March 31, 2020 [NEW] SEC Amendments and Updates Relating to COVID-19
This short summary provides a recap of some additional U.S. Securities and Exchange Commission (SEC) announcements during the month of March.
The staff of the Division of Corporation Finance and the Division of Investment Management has received inquiries from issuers and shareholders regarding compliance with the federal proxy rules for upcoming annual meetings in light of health, transportation, and other logistical issues raised by the spread of coronavirus disease 2019 (COVID-19).
On March 4, 2020, the SEC announced the availability of conditional relief for publicly traded companies, including U.S. companies, with filing deadlines complicated by the emergence of the COVID-19 virus.
March 31, 2020 [UPDATED] COVID-19 Response Measure: Friedman’s Work From Home Arrangement
While we are in the midst of a very uncertain time, Friedman’s commitment to the health and safety of our clients, colleagues and communities remains our utmost concern.
While the outbreak of COVID-19 continues to impede commercial travel in the regions affected, Friedman has measures in place that will ensure our work continues uninterrupted.