Entries by Janis

The PPP Loan Program Extended

The Paycheck Protection Program (PPP) resumed accepting applications on July 6th, following the President signing the program’s extension over the July 4th weekend. According to the Small Business Association (SBA), approximately $130 billion allocated for PPP was left untapped once the original June 30th deadline expired. Small businesses now have an additional five weeks to […]

IRS Expands Eligibility on COVID-19 Distributions from IRAs

The IRS expanded its guidelines on June 20th with Notice 2020-50 that allows additional qualified individuals to take a coronavirus-related distribution (CRD) while avoiding the usual restrictions on early IRA distributions. Under the CARES Act, qualified individuals may receive favorable treatment for IRA distributions up to $100,000 from eligible retirement plans (i.e. 401k/403b and 457s) […]

Spiegel Joins National Lending Experts

The National Lending Experts (NLE) recently announced Jeff Spiegel as the CPA/Business Advisor, and newest member, of its Advisory Board. Jeff accepted the invitation to contribute to the NLE network and offer leadership in the areas of tax, accounting, audit, and business consulting. The NLE established itself to provide core leadership and guidance by offering […]

COVID-19 Relief Under the Stafford Act

The President issued an emergency declaration in response to the coronavirus pandemic under the Stafford Act and subsequently approved major disaster declaration requests under Sec. 401(a) of the Stafford Act for all 50 states. Jurisdiction for the state of emergency, which took effect January 20, 2020, provides relief and assistance to businesses – including tax […]

Financial Statement Reporting for Proceeds from PPP Loans

History of the Paycheck Protection Program The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided an estimated $2.2 trillion to fight the COVID-19 pandemic and stimulate the US economy, including $349 billion that was earmarked for the Paycheck Protection Program (PPP) to be administered by the U.S. Small Business Administration (SBA). An additional $310 […]

PPP Loan Forgiveness Application

Treasury, SBA Release Loan Forgiveness Application The US Treasury and the Small Business Administration (SBA) have coordinated to release the Paycheck Protection Program (PPP) Loan Forgiveness Application. The PPP was enacted under the CARES Act to provide eligible small businesses with loans during the COVID-19 pandemic. The application and corresponding instructions advise borrowers on how […]

Designing Nonperforming Notes

Designing Nonperforming Notes was originally published in AAPL’s Spring Edition 2020 of Private Lender Magazine. A nonperforming loan (NPL) is a type of note that is in default, distressed, delinquent or otherwise dilapidated. NPLs are interchangeably used with nonperforming notes, distressed debts or distressed loans. Generally, an NPL holder no longer anticipates repayment from a […]

Auditing Standards Board Agrees to Defer SASs 134-140 For One Year

The Auditing Standards Board just issued Statements on Auditing Standards 141, which delays required implementation changes to auditor’s reports for audits and employee benefits plans from reporting periods ending from December 15, 2020 to December 15, 2021, with early adoption permitted. These new reporting standards will change auditor’s reports and management’s responsibilities as follows: Statement […]