FASB Announces Further Delays of Revenue Recognition and Leases Standards

Following last month’s proposal to defer the effective date of two standards for private companies and nonprofit organizations, the Financial Accounting Standards Board (FASB) voted to delay the effective dates of revenue recognition and leases standards on May 20. The standards extension comes as a response to complications caused by the coronavirus pandemic. A recent…

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New SBA Guidance Regarding Loan Increases for Partnerships, Seasonal Employers

On May 13, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), Business Loan Program Temporary Changes; Paycheck Protection Program – Loan Increases. This is a new interim final rule allowing for an increase in the amount of loan for which partnerships and seasonal employers are eligible. Let’s back up—why…

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New SBA Guidance Regarding Paycheck Protection Program

On May 13, the Small Business Administration (SBA) issued additional guidance regarding the Paycheck Protection Program (PPP). They added a highly anticipated new question to their lengthy FAQ: “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?” One of the requirements when submitting a PPP loan application is a…

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Guidance on Calculating Maximum PPP Loan Amounts

On Friday, April 24, the Small Business Administration (SBA) released additional guidance regarding how various types of businesses should calculate the maximum Paycheck Protection Program (PPP) loan amount for which they qualify. The new SBA guidance offers specific instructions for the following entities: Self-employed with no employees Self-employed with employees Self-employed and reports income on…

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HRC Principal Earns Advanced Single Audit Certification

HRC is pleased to announce that Jacqueline Matthew has earned the American Institute of Certified Public Accountants’ (AICPA’s) Advanced Single Audit Certification. Matthew has been with HRC since 2010 and currently serves as a principal in the firm’s Attest Department. She specializes in performing non-profit attest and compliance work, including Single Audits, FQHC, the New…

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