As stated in our business interruption piece on March 24, 2020, the global impacts of the COVID-19 pandemic have caused economic losses to businesses and individuals throughout the world, resulting in litigation and regulatory activity within state governments and the federal government.
On Friday, May 22, 2020, the Small Business Administration (SBA) released two Interim Final Rules related to the Paycheck Protection Program Loan (PPP Loans) forgiveness. One focused on Borrowers and the other focused on lenders. This article will provide an overview of each rule.
It should be no surprise that many businesses are being negatively impacted by COVID-19, which can naturally lead to cash flow issues as income stalls.
The FASB is proposing the postponement of effective dates of ASU 2016-02, Leases (Topic 842) and ASU 2014-09, Revenues from Contracts with Customers (Topic 606) for certain entities in an effort to provide much needed relief as a result of the COVID-19 global pandemic.