AAFCPAs has formed a Task Force dedicated to studying and advising clients on the business implications of the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation, signed by President Trump on Friday, March 27th, 2020. Our CARES Task Force includes senior leadership and advisors from diverse segments of our organization, bringing the necessary talent together to best advise on the changing dynamics caused by the Coronavirus.
IMPORTANT NOTE: Layoffs, temporary workplace shutdowns, and payroll credits all have a potential impact on the amount of SBA loan you may qualify for and/or the amount that could be forgivable under the CARES Act. AAFCPAs advises clients to consult with your AAFCPAs Partner to discuss your circumstances.
CARES Act Insights and Alerts
- Deadline to Apply for PPP Loan is June 30, 2020
- AAFCPAs Guidance on SBA Loan Forgiveness Application
- IRS Issues Guidance on Deductibility of Expenses Covered by PPP Loan
- New SBA Guidance Requires PPP Funding Recipients to Consider Returning the Funds by May 18
- Businesses May Defer Social Security Tax Up Until PPP Loan is Forgiven
- Paycheck Protection Program Loans: Tracking Costs
- Congress Announces Additional Appropriations for Disaster Loans
- Webinar OnDemand: Business & Individual Tax Planning Guidance Related to COVID-19 & the CARES Act
- SBA Disaster Loan Funds Exhausted
- CARES Act Healthcare Provider Relief Fund
Resources at AAFCPAs have been mobilized in the following areas:
- Tax law changes
- Business Impact Diagnostic Assessment
- SBA Loan Assistance
- Debt Forgiveness Reporting
- Financial forecasts and cash flow projections
- HR Consulting: Understanding the Families First Coronavirus Response Act (FFCRA) & Unemployment
- How this crisis may affect your audit or financial statement disclosures
- Contingency planning
- Moving critical business processes to cloud technologies
- Outsourcing all or part of your Finance Function
- Maintaining IT & Cyber Security
- Investment advice and personal financial planning
- Business Continuity Planning
The Task Force will continue to issue written guidance as appropriate. Please reach out to Carla McCall, Managing Partner, or your AAFCPAs Partner with any questions.
We are here for you! Together, we will make it through this difficult time of change.