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.
On Wednesday May 13, 2020 the Small Business Administration (SBA) released two updates to their Paycheck Protection Program (PPP Loan) Frequently Asked Questions (FAQ).
When the Small Business Administration’s (the SBA) Paycheck Protection Program (PPP) launched as part of the CARES Act, many organizations rushed to submit their applications to qualify for these loans and hopefully future loan forgiveness.