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On-Demand Webinar: COVID-19 Business Survival Series: “Managing Cash Flow and Accessing Capital”

Posted 9:00 PM by
It’s no secret that COVID-19 is impacting every business in complex ways. Even with many states planning to “reopen” their economies in the coming weeks, accessing capital and maintaining adequate cash flow continue to threaten many companies’ long-term viability.
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Congress Provides More Funding for Paycheck Protection Program and Economic Injury Disaster Loan Program

Posted 6:15 PM by
On April 23, the House passed the Paycheck Protection Program and Health Care Enhancement Act, which allocates additional funds for the Paycheck Protection Program (PPP) and Economic Injury and Disaster Loan (EIDL) program. President Trump signed the act into law on April 24.
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The Paycheck Protection Program and Loan Forgiveness

Posted 3:45 PM by
The CARES Act (the “Act”) hallmark provision is the potential for loan forgiveness under the Paycheck Protection Program (PPP). As PPP funds are received by businesses, now is the time to strategize for maximum loan forgiveness. The PPP has been advertised as a grant, and, in many respects, it can function like one. However, the onus is on businesses to earn 100% loan forgiveness. Many will find this a difficult endeavor. This article examines business loan forgiveness considerations. While generally applicable to a self-employed individual, there are some differences for the self-employed individual not outlined below.
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FASB Proposes Delay in Effective Dates for Leases and Revenue Recognition Standards for Certain Entities

Posted 7:11 PM by
The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (Exposure Draft) that includes an optional one-year delay in the effective date for certain entities in applying the new lease and revenue recognition standards. The FASB provided the Exposure Draft in response to challenges associated with the implementation of major accounting standards, which have been amplified by disruptions caused by the COVID-19 pandemic.
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SBA Issues Guidance on Paycheck Protection Program Loans for Self-Employed Individuals and Independent Contractors

Posted 11:28 PM by
On April 14, 2020, the U.S. Small Business Administration (SBA) issued guidance regarding the Paycheck Protection Program (PPP) application process for self-employed individuals. The application process was officially open to sole proprietors and independent contractors on April 10, 2020, but it was difficult to complete the application due to the lack of sufficient guidance. While the new guidance may not answer all outstanding questions, the following provides a brief summary of the clarifications and information necessary for application submission.
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State DOR Provides Additional Relief for Indiana Taxpayers

Posted 3:30 PM by
In recent weeks, the Indiana Department of Revenue (DOR) has responded to the COVID-19 crisis with multiple relief options for Hoosier taxpayers. Some of the more widely covered options include suspension of most tax filing bills and flexibility in determination of nexus. But there are others that should be noted and taken into account, especially by Indiana business owners.
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Coronavirus Stimulus Payments: Frequently Asked Questions

Posted 7:30 PM by
As a part of the recent passage of the CARES Act, individuals will receive individual rebate checks (sometimes called stimulus payments or rebate payments). KSM has compiled a list of frequently asked questions in order to help explain some of the nuances related to these payments.
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CARES Act Provides Additional Funding Options for Businesses

Posted 10:30 PM by
The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes funding options for businesses of all sizes and in a multitude of industries. The widely discussed Economic Injury Disaster Loan (EIDL) and highly coveted Paycheck Protection Program are two such options. But with key application dates for these programs now past, businesses are looking for additional funding sources to provide relief in the midst of the COVID-19 crisis.
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IRS Extends More Tax Deadlines Due to COVID-19

Posted 8:56 PM by
On April 9, the IRS announced via Notice 2020-23 that it is expanding tax relief to include additional types of returns, tax payments, and other actions. All taxpayers who are covered by this notice and have a filing or payment due on or after April 1 and before July 15 will automatically receive an extension to July 15. This broadened COVID-19 tax relief applies to individuals, most trusts, estates, corporations, and certain noncorporate tax filers, allowing an expanded group of taxpayers to wait until July 15 to file their 2019 federal income tax return and pay any tax due, without penalty. Notice 2020-23 builds upon the IRS’s previous COVID-19 relief, which extended only the filings and payments due on the April 15 date.
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On-Demand Webinar: COVID-19 Funding Resources and Strategies for the Manufacturing Industry

Posted 7:45 PM by
The manufacturing industry entered 2020 with full momentum, but the evolving COVID-19 crisis has left the future uncertain. What companies do now and in the coming weeks to mitigate risk and limit damages is crucial to navigating these unprecedented times. Professionals from Katz, Sapper & Miller joined the Indiana Manufacturers Association, Fifth Third Bank, and the SBA for a webinar discussion on resources available for the manufacturing industry, including how to access capital, tax planning strategies, and more.
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