Changes Proposed to Healthcare Privacy Rules

AAFCPAs would like to make healthcare clients aware that the Department of Health & Human Services’ Office for Civil Rights (DHHS OCR) proposed new regulations to modify the Standards for the Privacy of Individually Identifiable Health Information (Privacy Rule) under the Health Insurance Portability and Accountability Act of 1996 (HIPAA) and the Health Information Technology […]

Non-Profits Eligible for ERTC, up to $19,000 per Employee

The Consolidated Appropriations Act, 2021, signed on December 27th, 2020, is expanding eligibility for the Employee Retention Tax Credit (ERTC) by allowing those who received Paycheck Protection Program (PPP) loans to qualify. Prior to December 27, 2020, PPP loan recipients could not also file for eligible tax credits. For nonprofits, the ERTC is taken against […]

Deadline to Apply for PPP Loan is June 30, 2020

AAFCPAs would like to make clients aware that the deadline to apply for a Paycheck Protection Program (PPP) loan is June 30, 2020. As of June 10, 2020, there was still approximately $130.7 billion in funds available. AAFCPAs encourages clients who did not receive a PPP loan yet to re-consider applying in light of recent […]

Webinar OnDemand: AAFCPAs’ Guidance on SBA Loan Forgiveness Application

Webinar OnDemand: AAFCPAs’ Guidance on SBA Loan Forgiveness Application

On Friday, May 15, 2020, the Small Business Administration (SBA) released its long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application & Instructions. When the PPP loan program was announced back in March, it left business owners and their advisors with more questions than answers. The application and instructions are not without issues, but they do […]

AAFCPAs Guidance on SBA Loan Forgiveness Application

UPDATE: On June 5th, the president signed into law the PPP flexibility act. You may read about those changes here: PPP Flexibility Act Extends Covered Period of Loan. As of June 16th, the SBA has yet to update their forgiveness application and therefore this blog will be updated once a new version of the application […]

New SBA Guidance Requires PPP Funding Recipients to Consider Returning the Funds by May 18

Update May 14th, 2020 The initial allocation of $349 billion in Paycheck Protection Program (PPP) funds, made available on April 3rd, 2020, were disbursed to 1.6 million applicants in just 14 days. As part of the loan process, borrowers were required to make a good faith certification “that the uncertainty of the current economic conditions […]

Paycheck Protection Program Loans: Tracking Costs

AAFCPAs has provided the following guidance and a tracking template to ensure clients who secured a Paycheck Protection Program (PPP) loan or are currently pursuing the loan are maximizing their opportunity for debt forgiveness. Maximum Loan Value Calculation Clients are advised to assess and familiarize yourself with the calculation of the maximum loan value used […]

Congress Announces Additional Appropriations for Disaster Loans

Congress Announces Additional Appropriations for Disaster Loans

AAFCPAs would like to make clients aware that Congress announced today an additional $310 billion in funding for the very popular Paycheck Protection Program (PPP). The PPP was initially introduced by the CARES Act on March 27th, 2020. $60 billion of the additional $310 billion will be allocated to small lenders and community banks. Other […]

Webinar: Accounting & Audit Impact of COVID-19

Webinar: Accounting & Audit Impact of COVID-19

OnDemand Webinar Recorded May 4th, 2020 The Coronavirus pandemic has required businesses to quickly make changes to how employees work, and in many cases, has had a significant impact on Revenue & Expenses. These changes to processes, procedures, and finances may have exposed your organization to new risks and have had an impact on your […]

SBA Disaster Loan Funds Exhausted

UPDATED: On April 21st a new round of funding became available for the PPP loan program. The EIDL program is also still accepting applications. The deadline to apply for the PPP remains June 30th. As you may now be aware, the US Small Business Administration (SBA) announced today, April 16th, that Paycheck Protection Program (PPP) […]