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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created a new lending program, the Paycheck Protection Program (PPP), under Section 7 (a) of the Small Business Act (15 USC 636) to provide low-interest loans to certain small businesses. PPP loans are eligible for forgiveness if the requirements specified in the CARES Act regarding use of funds, employee retention and maintenance of salaries are met. The question becomes, during these unprecedented times: How is PPP loan forgiveness reported on financial statements?
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SBA re-opening Paycheck Protection Program to small lenders on Friday, January 15 and all lenders on Tuesday, January 19!
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Automation is discussed so often in the context of accounting and audit services that it’s become something of a cliché. But dismissing the trend as just another buzzword misses the bigger picture.
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It’s a new world out there; a COVID-19 world. While the masses are fighting the virus, accounting professionals are embracing a virtual work environment — and that includes conducting remote audits.
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“I have learned so much about leadership, presentation skills, and professionalism during my volunteer time; it has served me well and will continue to serve me in the future.”
—Elizabeth Rankin, CPA, owner of ANEW 401K TPA, LLC | Member since 1998
