General News

New SBA Guidance

New PPP Update: SBA Releases Guidance on Loan Forgiveness Application Interpretations
New PPP Update: SBA Releases Guidance on Loan Forgiveness Application Interpretations 400 400 SAX LLP - Advisory, Audit and Accounting

The Small Business Administration (SBA) issued two Interim Final Rules on Friday, May 22nd.  The first of these two Interim Final Rules provides interpretations and clarifications on the requirements governing…

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Revenue Recognition and Leases Standards Expected to be Delayed by FASB
Revenue Recognition and Leases Standards Expected to be Delayed by FASB 150 150 SAX LLP - Advisory, Audit and Accounting

The Financial Accounting Standards Board (FASB) voted on Wednesday, May 20th, to delay the effective date of the revenue recognition and leases standards for certain entities.  An Accounting Standards Update…

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Tax Alerts

Tax Alert: Business Aid and Tax Provisions in Pending HEROES Act
Tax Alert: Business Aid and Tax Provisions in Pending HEROES Act 400 400 SAX LLP - Advisory, Audit and Accounting

On May 15, the House passed H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act providing over $3 trillion to federal agencies, state and local governments, small…

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New SBA Guidance

New SBA PPP Guidance: Employee Headcount Rules Relaxed for Certain Loan Applicants
New SBA PPP Guidance: Employee Headcount Rules Relaxed for Certain Loan Applicants 400 400 SAX LLP - Advisory, Audit and Accounting

On May 18, 2020, the Small Business Administration (SBA) issued an additional Interim Final Rule surrounding certain circumstances in which aggregated affiliated borrower employee headcount exceeds 500. Provided the PPP…

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New SBA Guidance

PPP Loan Forgiveness Update: SBA Releases Loan Forgiveness Application Form
PPP Loan Forgiveness Update: SBA Releases Loan Forgiveness Application Form 400 400 SAX LLP - Advisory, Audit and Accounting

On May 15, 2020, the Small Business Administration (SBA), in consultation with the Treasury Department, released the Paycheck Protection Program (PPP) Loan Forgiveness Application Form.  A complete copy of the…

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New SBA Guidance

New SBA PPP Guidance: Partnerships May Be Eligible to Increase Existing PPP Loans
New SBA PPP Guidance: Partnerships May Be Eligible to Increase Existing PPP Loans 400 400 SAX LLP - Advisory, Audit and Accounting

The SBA issued an additional Interim Final Rule on May 14, 2020.  This latest Interim Final Rule includes a provision that allows qualifying partnerships to increase the amount of their…

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PPP

PPP Certification Requirements Update: Deadline to Return Funds Extended to May 18, 2020
PPP Certification Requirements Update: Deadline to Return Funds Extended to May 18, 2020 600 600 SAX LLP - Advisory, Audit and Accounting

The Paycheck Protection Program (PPP) certification requirements have been front and center in the minds of potential borrowers.  To recap, SBA FAQ #31 augments the existing borrower good faith certification…

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Heroes Act

House of Representatives Unveils The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act
House of Representatives Unveils The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act 400 400 SAX LLP - Advisory, Audit and Accounting

On May 12, 2020, the House of Representatives released a $3 trillion, phase four economic relief package.  Dubbed “The HEROES Act”, The Health and Economic Recovery Omnibus Emergency Solutions Act…

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PPP

PPP Certification Requirements Update: Deadline to Return Funds Extended to May 14, 2020
PPP Certification Requirements Update: Deadline to Return Funds Extended to May 14, 2020 600 600 SAX LLP - Advisory, Audit and Accounting

The Paycheck Protection Program (PPP) certification requirements have been front and center in the minds of potential borrowers.  To recap, the SBA’s recently released FAQ #31 augments the existing borrower…

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Federal Reserve

Main Street Lending Program: Federal Reserve Updates Terms, Increasing Funding Availability and Borrower Eligibility
Main Street Lending Program: Federal Reserve Updates Terms, Increasing Funding Availability and Borrower Eligibility 400 400 SAX LLP - Advisory, Audit and Accounting

On April 9, 2020, the Federal Reserve released terms surrounding the Main Street Lending Program, part of a historic $2.3 trillion loan and liquidity package designed to aid households and…

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