Tag: CFO for Hire

Recently the SBA has updated its web page to reorganize their PPP Forgiveness FAQ’s section so that it is broken down into sections listed below

On August 29, the U.S. Department of the Treasury released Notice 2020-65 in response to President Trump’s executive order allowing employers to defer the employee share of Social Security tax (6.2%) withheld from September 1 through December 31, 2010. 

On Friday, May 15, the SBA released its PPP Loan Forgiveness Application. The SBA has created definitive rules for certain items that had some uncertainty during the early stages of this program.

In our previous article “SBA Parameters for the Paychecks Protection Program (PPP)” we outlined the general details of the program. Listed below are answers to questions for those individuals that want to participate in the program and are self-employed or are sole proprietors of a business.

In our previous article "CARES Stimulus 7(a) Loans- A Portion of These Loans Will Be Forgiven", we outlined some of the specific criteria that were in the "CARES" Act. Listed below are the specific parameters that have now been set by the SBA.

Employers ordinarily have to pay certain employment taxes—known as Federal Insurance Contributions Act (FICA) taxes. FICA taxes help fund both Social Security and Medicare.

An Economic Injury Disaster Loan (EIDL) is a working capital loan intended to assist small businesses through disaster recovery. Monies are to be used to meet ordinary and necessary financial obligations that could not be met as a direct result of the disaster, including fixed debt, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

Congress passed a $2.2 trillion bill which earmarked $350 billion in funds for Small Business Administration (SBA) loans through the Paycheck Protection Program. The emergency loans are intended to cover payroll, benefits, commissions and similar types of compensation; payments of interest on mortgage obligations or rent; and utilities for qualifying small businesses.

While we currently find ourselves in the grips of a crisis, now is the time to prepare your business for better days ahead. There are a number of key items that a business owner or CEO will need to evaluate as we look ahead to the recovery period.

Beth van Bladel, director of BST's CFO for Hire division, discusses her experience as a member of the Financial Accounting Standards Board's (FASB) Private Company Council and how the two bodies have collaborated over the years to strengthen the standard-setting process, streamline measures and develop new standards.