2 min read
Get ready for the new lease standard
A new accounting rule for reporting leases goes into effect in 2019 for public companies. Although private companies have been granted a one-year...
1 min read
UPDATES: PPP Loan Forgiveness Guidance and Additional Assistance for Livestock Producers
Marketing 5/27/20 12:00 AM
On Friday, May 22, 2020 the U.S. Department of Treasury along with the Small Business Administration (SBA) released two additional interim final rules related to the Paycheck Protection Program (PPP) loan forgiveness.
You can find the rules here:
- Requirements for Loan Forgiveness
- SBA Loan Review Procedures and Related Borrower and Lender Responsibilities
ATTENTION: Livestock Producers In addition to the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan Program (EIDL), there is additional assistance available for Farmers from CFAP (Livestock and Coronavirus Food Assistance Program.) Beginning May 26th, USDA Farm Service Agency has started accepting applications from farmers with livestock and crop losses. Hogs, Cattle and Sheep are included in livestock that are eligible to receive a per head payment based on either sales between January 15 th and April 15 th or for livestock in inventory between April 16 th and May 14 th . Here are two websites for additional guidance on all programs available to farmers including PPP and EIDL SBA forgivable loan programs:
2 min read
Close-up on cutoffs for reporting revenues and expenses
Marketing : 8/11/17 12:00 AM
Under U.S. Generally Accepted Accounting Principles (GAAP), there are strict rules on when to recognize revenues and expenses. Here’s important...
2 min read
Tax document retention guidelines for small businesses
Marketing : 4/23/18 12:00 AM
You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams...