Our thought leaders are closely following the COVID-19 situation as it evolves, and are working to publish insights to keep you informed about potential business implications, including resources for:
- Economic Relief for Businesses
- Tax Updates
- Accounting & Assurance Industry Updates
- Governmental Entities
- Crisis Resources for Businesses
- Working Remotely
Continue to check back for updates and additional resources in the coming days. Sign up here to receive important information via our P&N Newsletter.
Please keep in mind that due to the quickly-changing nature of the COVID-19 pandemic, you should always discuss changes with your P&N advisor or legal counsel. If your organization needs assistance implementing or adjusting your business continuity plan, please contact us.
CARES Act: Paycheck Protection Program
The CARES Act focuses on providing economic relief with a newly-created tool: the Paycheck Protection Program. This program expands the existing Small Business Administration loan program and allows the SBA to provide additional loans and loan forgiveness to businesses and certain individuals as a result of the COVID-19 pandemic.
Debt Forgiveness Under the Paycheck Protection Program
The main benefit of a Paycheck Protection Program loan is the ability to have the principal balance of the loan forgiven if the loan proceeds have been spent on qualifying costs. In this article, we summarize of this important debt forgiveness component.
CARES Act: Economic Injury Disaster Loans
EIDLs are working capital loans available to small businesses and non-profit organizations to help them meet their ordinary and necessary financial obligations and assist them through the disaster recovery period. Under the recently-passed CARES Act, certain terms and conditions of the EIDL Program have been relaxed or expanded.
CARES Act: Business Tax Provisions
While the CARES Act contains a myriad of economic and healthcare response-related provisions, this summary focuses on one aspect of the economic provisions – those provisions for business taxpayers. Learn more about the employee retention credit, increasing cash flow via the use of net operating losses, and other important relief measures.
The FFCRA & Potential Economic Relief During the COVID-19 Pandemic
On March 18, 2020, President Trump signed into law H.R. 6201. This article lists key provisions to help stabilize the country and its economy during the COVID-19 pandemic.
Tax Payment and Filing Updates
As updates from the IRS and Congress are released, P&N will share important information about tax payment and filing deadlines here.
State and Local Tax Filing Updates
P&N is vigilantly monitoring the state and local impacts of the novel coronavirus COVID-19. This page will be continually updated when new developments arise.
CARES Act: Individual Income Tax Provisions
While the CARES Act contains a myriad of economic and healthcare response-related provisions, this summary focuses on one aspect of the economic provisions – those provisions relevant to individuals. Learn more about tax rebates, advance refunds, charitable contribution changes, and other important relief measures.
CARES Act: Retirement & Health Plan Relief
The CARES Act includes provisions that loosen retirement plan hardship and loan rules to free up funds for individuals impacted by the COVID-19 pandemic. This summary focuses on provisions relevant to retirement plans, retirement accounts, and certain health plans.
On March 22, 2020, The Financial Accounting Standards Board (FASB) issued a statement on prudential regulator guidance concerning troubled debt restructurings.
Short-Term Administrative Relief for Federal Grant Recipients
The Office of Management and Budget (OMB) issued memorandum M-20-17, authorizing federal awarding agencies to take certain actions to provide short-term relief to federal grant recipients affected by COVID-19.
Impairment Testing: Assessing COVID-19 Impacts on Financial Statements
Many companies within adversely-affected industries must assess how their financial statements will be impacted. As part of this process, companies will need to consider the recoverability of their property, plant and equipment, intangible assets, and goodwill.
COVID-19: Financial Impacts & Initial Actions for Governmental Entities
As our country and communities navigate the health and business implications of the COVID-19 virus, governmental entities must take appropriate measures to mitigate the financial impacts of this pandemic. This article outlines some of the first actions to consider.
Compensating Public Entity Employees - LA Attorney General Opinion
The Louisiana Constitution generally prohibits public entities from the donation of public funds or the use thereof without receiving public value in exchange. Attorney General Jeff Landry provided an opinion as to the constitutionality of compensating public employees due to the COVID-19 pandemic in response to the Louisiana Legislative Auditor’s request for clarification.
Cash Flow Management During a Crisis
During this time of crisis, business leaders should be thinking differently about managing their cash flow. The following is an overview of recommended steps to help shift your company’s perspective. We have also created a free Excel template to assist you in assessing and refocusing your cash flow management.
Emergency Preparedness: Cross-Department Collaboration During a Pandemic Event
Organizations face overwhelming challenges to adapt emergency preparedness plans in an unprecedented situation. Whether you have a robust COVID-19 response plan or are just getting a handle on things, there are key actions you and your organization can take now to get your workforce up to speed and protect both employees and the bottom line.
Working Securely When Working From Home
Working securely, as with anything in information security, starts with you. There are always bad actors who will take advantage of a situation, especially when individuals are rushed and stressed. A few simple steps and your ongoing vigilance can thwart many wide-reaching cyber attacks.
Securing Virtual Meetings
The US National Institute of Standards and Technology (NIST) has published guidelines for companies to follow when employing a remote workforce, specifically related to protecting privacy while leveraging online collaboration tools to host virtual meetings while responding to the current COVID-19 pandemic.
Collaboration Resources for a Suddenly-Remote Workforce
To aid organizations in response efforts and accommodate a surge in remote workers, many of our vendor partners are offering free or enhanced versions of software and services. This article lists a few of the useful services and software licenses available to companies and individuals during the COVID-19 outbreak.
Navigating Remote Work Policies During the COVID-19 Pandemic
Remote work policies are being crafted and implemented quickly as the spread of COVID-19 leads to a need for increased social distancing. Employers who have never considered a remote work arrangement or thought it was impossible for their organization are now evaluating how to implement a remote work policy. Before you change what you have or start something new, consider these critical factors.
COVID-19 Sparks a Shift Toward Remote Work
Allowing employees to work outside the office for an extended length of time requires more planning and technology support than an occasional work-from-home day. In this article, we outline several key infrastructure considerations. With the right technology and communication tools, you can limit your employees’ exposure to COVID-19 while minimizing the impact on productivity.