New Coronavirus Relief was sent to the President’s desk in December 2020. Read our briefing on the key information you need to know.
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Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.
Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.
Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.
Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.
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We are combining links from various sources to help you get the latest and most complete information. If you have any questions, please feel free to contact us.
The most recent information is at the top of each section. You will also see our articles in the order of date published.
Page Last Updated: December 23, 2020 7:44 am MTN
New Coronavirus Relief was sent to the President’s desk in December 2020. Read our briefing on the key information you need to know.
The SBA defines Owner-Employees as those holding a 5% or more interest & clarifies certain lease nonpayroll cost issues in their new Interim Final Rule. See the full transcript here
Additional FAQ’s released on 8/11/20 regarding the PPP. See them here.
Additional FAQ’s released on 8/4/20 regarding the PPP. See them here.
President signed bill into law that extends the eligibility to apply for a PPP loan through August 8th, there is still roughly $130 Billion available.
SBA released names of PPP recipients who received loans over $150,000. This is all over the news now with a lot of focus on name-brand companies receiving the funds. See our dashboard of the loan data.
The PPP Flexibility Act of 2020 may alter loan terms – see the details here.
HR 7010 passed Senate last night, heading to President’s desk for signing today (6/4/2020). This article outlines changes in HR 7010 and provides additional information to all the challenges we’ve seen with PPP in general.
This article from WSJ touches upon some items that are in the works.
The house passed a bill last week extending the 8 weeks to spend the funds to 24 weeks. That bill is in the Senate now and being negotiated with the bill that Rubio put up to extend the period to 16 weeks. Some items included in the bill(s) are –
Don’t miss the language below from the forgiveness guidelines, this may mean not everyone below $2 million loan will get a pass without a review.
“When will SBA undertake a loan review? For a PPP loan of any size, SBA may undertake a review at any time in SBA’s discretion. For example, SBA may review a loan if the loan documentation submitted to SBA by the lender or any other information indicates that the borrower may be ineligible for a PPP loan, or may be ineligible to receive the loan amount or loan forgiveness amount claimed by the borrower.”
Additional guidance on PPP forgiveness released: read it here.
The IRS has concluded no deductions will be allowed for expenses paid with PPP Funds. Members of Congress may overrule this.
Richey May partnered with the Mortgage Bankers Association to provide a live webinar on Friday, April 3, 2020 covering the SBA PPP Program details. The live event was open to member, but you can access the recording here.
The Paycheck Protection Program is designed to help businesses cover payroll and other expenses during the crisis. The final guidelines have not been released yet.
You can find a sample application form here.
You can see the SBA’s brief overview of the program here.
You can see the Interim Final Rule here.
The SBA released Docket SBA-2020-0015 with the Interim Final Rule to implement sections 1102 and 1106 of the CARES Act, aka the Paycheck Protection Program (PPP). You can read the full text here.
For more information on COVID-19, CARES ACT and PPP program, request more info or call (303) 721-6131.
The Coronavirus Aid, Relief, and Economic Security Act has sweeping effects on individuals and businesses. Our team has been tracking the updates as they are released.
You can see the full text of the bill here.
You can see three-page a summary of the income tax relief provided here.
The IRS has extended filing deadlines, including moving the April 15th federal tax day to July 15 and requiring paid sick leave.
Agencies have pushed back annual financial reporting deadlines. HUD, FNMA, FHLMC, GNMA and NMLS have pushed deadlines from March 30 to April 30.
Security and breaches remain a top concern. See our interview with a cybersecurity pro and 4 areas to focus on for security during the pandemic.
Qualified Opportunity Zone deadlines were extended for Alternative Investment companies.
The FASB may delay the deadline to comply with ASC 842 for private companies.
COVID-19 has caused a myriad of other issues for lenders.
Our cybersecurity team has noticed a spike in phishing, impersonation and ransomware threats. We have created an article to help leaders understand remote workforce security and a live updated IOC Tracker for IT teams to block known threats.
We have prepared a summary of Section 139 (Disaster Relief Payments) as they apply to certain expenses.
Certain disaster losses can be claimed on taxes. As a result of making this election, a reduction of 2019 taxable income and related federal and state tax liabilities is expected.
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