The Consolidated Appropriations (CCA) Act of 2021, signed into law on December 27, 2020, changes the employee retention credit. Some of the changes retroactively modify the Coronavirus Aid, Relief, and Economic Security (CARES) Act, while others are prospective...
On March 11, Congress instituted the latest Coronavirus (COVID-19) relief fund, the American Rescue Plan Act of 2021. This plan includes a total of $6 trillion in economic relief. Many plan provisions provide aid if certain criteria are met, such as extended...
Second Draw Payroll Protection Program Loans and First Draw Forgiveness Businesses continue to face unprecedented economic hardship due to the Coronavirus (COVID-19) outbreak. To assist, the Coronavirus Aid, Relief and Economic Security (CARES) Act has provided...
The recent IRS rulings of Revenue Procedure 2020-21 and Revenue Ruling 2020-27 may impact businesses’ ability to deduct the funds given under the Paycheck Protection Program (PPP), provided to create relief during the pandemic.On November 18, the IRS remarked...
The Financial Accounting Standards Board (“FASB”) is providing some relief to private companies affected by COVID-19 by approving a delay in the implementation of certain accounting standards. The FASB acknowledges that many non-public business entities rely heavily...
