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Not-for-Profit Organizations Receive Reporting Guidance and Relief Amidst COVID-19

Posted 6:45 PM by
In the wake of the COVID-19 crisis, the Office of Management and Budget (OMB), Small Business Administration (SBA), and Department of Housing and Urban Development (HUD) have all provided guidance or relief to address reporting challenges and questions. The following provides a summary of recent updates for not-for-profit organizations.
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PPP Application Deadline Extended to Aug. 8

Posted 7:45 PM by
With nearly $130 billion of funding remaining in the Paycheck Protection Program (PPP), last week Congress unanimously approved an extension of the application deadline. The extension was signed into law by President Trump over the weekend and gives borrowers until Aug. 8 to apply for the loan.
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On-Demand Webinar: The State of Philanthropy: An Analysis of Giving USA Data Trends From 2019 to Today

Posted 12:45 PM by
Philanthropic giving plays a crucial role in our communities, and it is the lifeblood for many not-for-profit organizations. Having an in-depth understanding of philanthropic trends and dynamics – especially in changing times – can help not-for-profits create effective fundraising strategies and thoughtfully prepare for the future.
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On-Demand Webinar: The State of Philanthropy: An Analysis of Giving USA Data Trends From 2019 to Today

Posted 12:45 PM by
Philanthropic giving plays a crucial role in our communities, and it is the lifeblood for many not-for-profit organizations. Having an in-depth understanding of philanthropic trends and dynamics – especially in changing times – can help not-for-profits create effective fundraising strategies and thoughtfully prepare for the future.
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Unprecedented Times, Unprecedented Opportunity: Why Now Is the Right Time to Plan for Your Family Business

Posted 5:00 PM by
This year, as the COVID-19 pandemic has upended our lives, our attention is focused on the wellbeing of our families and loved ones. Because their futures are our top priority, there may be no better time than now to begin estate planning.
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On-Demand Webinar: COVID-19 Recovery for Manufacturers: Improving Cash Flow and Managing Disruptions

Posted 8:09 PM by
As the effects of COVID-19 continue to wreak havoc on our nation’s economy, there may be no industry more disrupted than manufacturing. While some manufacturing companies are still in survival mode and evaluating whether or not to keep their doors open, others are cautiously transitioning into recovery, picking up the pieces from the pandemic and evaluating how best to move forward. Whatever the situation, all companies are looking for ways to mitigate the financial impact of the pandemic.
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Federal Reserve Begins Main Street Lending Program

Posted 7:15 PM by
The long-awaited Main Street Lending Program (MSLP) is now underway. The Federal Reserve opened lender registration on June 15 and encouraged lenders to begin making Main Street program loans as soon as possible upon registration, though the Federal Reserve is still expanding the infrastructure needed to fully operationalize the program to loan applicants.
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On-Demand Webinar: PPP Loan Forgiveness Updates for Manufacturers

Posted 12:45 PM by
The Paycheck Protection Program Flexibility Act of 2020 was recently signed into law, and it significantly changes the Paycheck Protection Program (PPP) loan forgiveness options. Borrowers now have more time to use funds, the time to satisfy safe harbors has been extended, and payroll requirements have been relaxed.
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Accounting Treatment for PPP Loans

Posted 3:00 PM by
The Paycheck Protection Program (PPP) authorized the Small Business Administration to guarantee loans that can be forgiven if certain conditions are satisfied. There has been plenty of uncertainty related to the intent, qualifications, and financial reporting related to PPP loans. The AICPA recently issued nonauthoritative guidance addressing how nongovernmental entities should account for PPP loans as there is no authoritative guidance for business entities related to this type of transaction in Accounting Principles Generally Accepted in the United States (GAAP):
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On-Demand Webinar: Paycheck Protection Program Flexibility Act: What You Need to Know

Posted 5:15 PM by
On June 5, the Paycheck Protection Program Flexibility Act of 2020 was signed into law. The new law significantly changes the Paycheck Protection Program (PPP) by giving borrowers more time to use funds, extending the time to satisfy safe harbors, relaxing payroll requirements, and more.
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