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All COVID-19 News


07/30/2020

COVID-19: Missouri Non-Profit Relief and Recovery Grant Program


This week, Missouri Governor Mike Parson announced the Non-Profit Relief and Recovery Grant program.

07/23/2020

COVID-19: AICPA Issues Frequently Asked Questions Document For State and Local Governments


The American Institute of Certified Public Accountants (AICPA) recently issued a nonauthoritative document, FAQs – State and Local Government Financial Statement Accounting and Auditing Matters and Auditor Reporting Issues Related to COVID-19, for the use of auditors and preparers of financial statements in accordance with Governmental Accounting Standards issued by the Governmental Accounting Standards Board (GASB).

07/21/2020

COVID-19: Dentists Now Eligible for CARES ACT Provider Relief Fund


On July 10, 2020 the US Department of Health and Human Services (HHS) announced that dentists may now apply for the financial assistance through the Enhanced Provider Relief Fund Payment Portal. 

07/15/2020

COVID-19: Extension of Certain Department of Education Due Dates


Due to the impact of the coronavirus (COVID-19) pandemic, the Department of Education extended due dates for certain reports to be submitted or disclosures made available to the public required by institutions of higher education via their Electronic Announcement 2020-07-10.

06/23/2020

COVID-19: Important Reminders Regarding Paycheck Protection Program (PPP) Loans


As the June 30, 2020 deadline for acquiring a Paycheck Protection Program Loan (PPP Loan) approaches, borrowers remain faced with a number of details that may impact PPP Loan forgiveness.

06/19/2020

COVID-19: Medicaid and Children’s Health Insurance Providers - $15 Billion in CARES Funding


On June 9th, 2020, the US Department of Health and Human Services (HHS) announced an expansion of its Provider Relief Fund.

06/08/2020

COVID-19: Paycheck Protection Program Flexibility Act of 2020


On Wednesday June 3, 2020 the Senate passed H.R. 7010 which modifies “certain provisions related to the forgiveness of loans under the paycheck protection program” (PPP Loans).

06/04/2020

COVID-19: FASB Issues Delay For Leases And Revenue Recognition Standards For Private Companies And Not-For-Profit Organizations


The FASB has issued ASU 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities, which allows for the postponement of effective dates of ASU 2014-09, Revenues from Contracts with Customers (Topic 606) and ASU 2016-02, Leases (Topic 842) for certain entities in an effort to provide much needed relief as a result of the COVID-19 global pandemic.

05/29/2020

Focus on Business Interruption: COVID-19 Lawsuits and Legislative Developments


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.

05/29/2020

COVID-19: PPP Loan Forgiveness Interim Final Rules


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.

05/26/2020

COVID-19: Scenario Planning


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.

05/21/2020

COVID-19: FASB Proposes Delay For Leases And Revenue Recognition Standards For Private Companies And Not-For-Profit Organizations


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.

05/14/2020

COVID-19: Updates to the PPP Loan Frequently Asked Questions


On Wednesday May 13, 2020 the Small Business Administration (SBA) released two updates to their Paycheck Protection Program (PPP Loan) Frequently Asked Questions (FAQ).

05/12/2020

COVID-19: PPP Loans and the Factor of Economic Uncertainty


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.

05/08/2020

COVID-19: Not-for-Profit Organizations: Should We Keep or Return our Payroll Protection Program Loan?


When the Small Business Administration (SBA)’s Payroll Protection Program (PPP) launched as part of the CARES Act, many not-for-profit organizations, along with other entities, rushed to submit their applications to qualify for these loans and hopefully future loan forgiveness. The sense of scarcity and urgency was high as entities were applying at the same time the SBA was working to finalize the program specifics.

05/07/2020

COVID-19: Cloud Security Health Check


The COVID-19 pandemic has forced many organizations to rapidly adopt cloud solutions for email, office applications, collaboration and conferencing.

05/06/2020

COVID-19: PPP Loan Funding is Not Federal Assistance


There are certainly more questions than answers related to the CARES Act funding being issued as of late.

05/06/2020

COVID-19: Gaming and Hospitality Industry - Reopening from the Great Cessation


With the gradual reopening of gaming and hospitality facilities, RubinBrown’s business and consulting experts have outlined some of the reopening themes and suggested procedures being discussed and shared among clients and throughout industry.

05/05/2020

COVID-19: Healthcare Provider Relief Fund: Distribution of Additional $70 Billion COVID-19 Funding


In response to the COVID-19 pandemic, the US Department of Health and Human Services (HHS) allocated $100 billion dollars to healthcare providers as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES).

05/04/2020

COVID-19: Employee Retention Credit FAQ


The IRS recently published additional FAQs on the refundable Employee Retention Credit (ERC), as well as draft Form 941 for 2020.

04/27/2020

COVID-19: Identifying Black Swan Events


Black swan events rarely occur, defy predictability, and usually trigger extreme consequences.

04/24/2020

COVID-19: Small Casinos and Gaming Operations Can Now Apply for PPP Loans


The Trump administration eliminated a rule that had previously denied small casinos from accessing funds allocated for small businesses as part of the Paycheck Protection Program (PPP).

04/24/2020

COVID-19: Additional Funds for Paycheck Protection Program


The Paycheck Protection Program and Health Care Enhancement Act (the Act), recently passed and signed into law, a second round of Paycheck Protection Program (PPP Loan) funding of $310 billion.

04/24/2020

COVID-19: What are These Main Street Lending Loans?


Much emphasis has been placed on the Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) Loan programs available under the CARES Act to date.

04/23/2020

COVID-19: FASB Proposes Delay for Leases And Revenue Recognition Standards For Certain Companies


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.

04/20/2020

COVID-19: Rev Proc. 2020-25 Provides Guidance On Claiming Retroactive QIP Depreciation


On Friday, April 17, 2020, the IRS released Revenue Procedure 2020-25. This guidance explains how taxpayers may now claim accelerated depreciation or bonus depreciation on Qualified Improvement Property (QIP) for tax years 2018-2020.

04/17/2020

COVID-19: New Report Breaks Down Details on Paycheck Protection Program


The Small Business Administration (SBA) released a report today, April 17, 2020 related to the Paycheck Protection Program (PPP) loans.

04/17/2020

COVID-19: CARES Act Payments to Tribal Governments


As part of the $150 billion Coronavirus Relief Fund, the CARES Act will provide payments to state, local, and tribal governments navigating the impact of the COVID-19 outbreak.

04/16/2020

COVID-19: SBA Revises Guidelines on Forgivable Loans, But The American Gaming Association Says, This Isn’t Enough


On April 14, 2020, the Small Business Administration (SBA) revised recent guidance that offered a little relief to a small segment of the gaming industry.

04/15/2020

COVID-19: PPP Loan Application – Done! PPP Loan Approved – Whew! Now What?


The Paycheck Protection Program (PPP loan) was created to provide loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.

04/15/2020

COVID-19 Legislation: What It Means for Not-For-Profit Organizations


Not-for-profit organizations are navigating financial hardship and uncertainty caused by the COVID-19 pandemic. Fortunately, there are now numerous options available to ease these unprecedented situations.

04/14/2020

COVID-19: Colorado State Work-Share Program vs. the Paycheck Protection Program (PPP). Can I Use Both?


In Colorado, a question amongst businesses has recently come up related to the Colorado State Work-Share program and whether that program would nullify the federal Paycheck Protection Program (PPP). A lot of businesses are asking, could a company use both of these programs?

04/13/2020

COVID-19: Revenue Procedure 2020-22, Reversing a Prior Election out of the Interest Limitation Rules


On Thursday, April 9, the IRS published Revenue Procedure 2020-22, allowing taxpayers who made an irrevocable election out of the interest expense limitation of Section 163(j) as a “real property trade or business” on a 2018 or 2019 tax return to undo the election.

04/13/2020

COVID-19: IRS Payroll Deferral FAQ


On April 10, 2020, the IRS released guidance on the employment tax deposit deferral that came as part of the CARES Act.

04/13/2020

COVID-19: Additional R&D Tax Credit Opportunities for Manufacturers During the COVID-19 Pandemic


Intensive research is underway for the development of a vaccine, rapid testing methods, and other new technologies during the COVID-19 global pandemic.

04/13/2020

COVID-19: CARES Act will Release Billions of Federal Funding into the Economy


The CARES Act will release billions of dollars in federal funding into the system to be administered by states and federal agencies.

04/13/2020

COVID-19: Themed Cyber Attacks


Law enforcement around the world are sending out alerts warning of increased attacks and fraud attempts as the world deals with the COVID-19 pandemic.

04/10/2020

COVID-19: Notice 2020-23


On April 9, 2020, the IRS released Notice 2020-23, which automatically postpones due dates for payments, returns, and form filings specified in the notice to July 15th, 2020.

04/10/2020

COVID-19: $30 Billion of Stimulus Payments for Healthcare Providers Being Sent Starting Today, April 10, 2020


Today, April 10, 2020, the Department of Health and Human Services (HHS) began the delivery of $30 billion in relief funding to support healthcare-related expenses or lost revenue attributable to the COVID-19 pandemic.

04/10/2020

COVID-19: Regulatory Summary for Individuals & Families


Recently governments and business have launched various programs and changes to help those affected financially by the COVID-19 pandemic.

04/10/2020

COVID-19: Families First Coronavirus Response Act Paid Sick Leave and Family Medical Leave Expansion


During the first two weeks of unpaid expanded family and medical leave, you may not simultaneously take paid sick leave under the EPSLA and preexisting paid leave, unless your employer agrees to allow you to supplement the amount you receive from paid sick leave with your preexisting paid leave, up to your normal earnings. 

04/09/2020

COVID-19: Revenue Procedure 2020-23


On April 8th, 2020, the Internal Revenue Service released Rev. Proc. 2020-23.

04/09/2020

COVID-19: Economic Injury Disaster Loan, Paycheck Protection Plan Loan or Both? 


Businesses and organizations have various loan options available to help offset financial hardship and uncertainty caused by the COVID-19 pandemic.

04/08/2020

COVID-19: Paycheck Protection Program (PPP Loan)


The PPP Loan was signed into law on March 27, 2020, as part the CARES Act. Although guidance on the PPP Loans are evolving, here is a summary of what you need to know.

04/07/2020

COVID-19: The Public Sector Waits Patiently as the GASB Considers Postponements


The Government Accounting Standards Board (GASB) is working on several projects right now that could provide highly anticipated relief to the public sector.

04/07/2020

COVID-19: CARES Act Impact on Student Financial Aid


On March 27, 2020, the President signed the CARES Act into law. The CARES Act includes a number of provisions to assist in providing financial stability for individuals and higher education institutions through assistance payments expected to be made; however, the CARES Act also provides for some changes to compliance requirements for higher education institutions and students.

04/07/2020

COVID-19: The Impact on Hospitals and Elective Medical Procedures


Though many sectors of the economy have been brought to a halt by COVID-19, global hospitals are under enormous pressure to meet the current high demand of incoming patients suffering from this respiratory illness.

04/06/2020

COVID-19: The Business Impact of the COVID-19 Pandemic


COVID-19 continues to impact us all across the country, and recent legislation provides support to those struggling to navigate these uncertain times.

04/06/2020

COVID-19: Business Owners- Are You Thinking About Selling Within the Next 3 Years? Do this Now!


The spread of the Coronavirus Disease (COVID-19) is currently causing significant economic hardship to the United States and the world.

04/02/2020

COVID-19: Potential Tax Deferral and Credit Impacts


COVID-19 has obviously sent shock waves through the global economy and disrupted, on a massive scale, normal consumer behavior patterns, stalling a bullish economy into a decline. With the passage of the CARES Act, many businesses, including those controlled by private equity, were hopeful for relief.

04/01/2020

COVID-19: Expansion of the Medicare Accelerated and Advanced Payment Program


On Saturday, March 28, 2020, the US Centers for Medicare & Medicaid Services (CMS) announced an expansion of its Accelerated and Advance Payment Program (APP) for Medicare providers as part of the CARES act passed by the federal government.

03/30/2020

COVID-19: Colleges & Universities and the CARES Act


With institutions of higher education being some of the earliest organizations impacted by the pandemic, the CARES Act provides some relief to institutions as well as students.

03/28/2020

COVID-19: Notice 2020-20 Extends Filing and Payment Date for Gift Tax Returns


On March 27, 2020, the IRS published Notice 2020-20, which expands relief provided previously in Notice 2020-18. The notice extends the due date for Form 709, (Gift and Generation Transfer Skipping Tax Return), as well as the date for making payments of Federal gift and generation-skipping transfer tax from April 15, 2020 until July 15, 2020.

03/27/2020

COVID-19: The Impact on the Use of Telehealth


COVID-19 has obviously caused a shock to the global economy and disrupted, on a massive scale, normal consumer behavior patterns, stalling a bullish economy into a decline.

03/25/2020

COVID-19: Phishing and Fraud on the Rise


The COVID-19 pandemic is forcing changes on us and our workforce. Working from home, expanding use of collaboration solutions, and leveraging the cloud to stay productive are all positives we can carry forward as the pandemic winds down. Along with these, we are also seeing significant increases in phishing attacks and online fraud.

03/25/2020

COVID-19: How Coronavirus is Impacting the Transportation Industry


What is essential business? Are my customers and essential business? Who is an essential employee? Am I an essential employee? These are questions that we did not find ourselves asking a couple of months ago but are now forced to examine.

03/25/2020

COVID-19: Will Reporting Deadlines be Postponed for Governments? 


The effect of COVID-19 on the public sector is constantly evolving, and as a result, state and local governments continue to adapt and react every day. One thing is certain: there will be several tangible and intangible effects on local governments as a result of COVID19.

03/24/2020

COVID-19: IRS Provides Additional Guidance of Blanket Extension of April 15 Tax Deadline to July 15


Last Friday, the IRS superseded and expanded guidance issued earlier in the week by giving certain taxpayers an extra three months to file and pay their taxes.

03/24/2020

COVID-19: Business Interruption and the Impact to Your Business


Business owners may have options to help them weather the storm during these unprecedented times.

03/23/2020

COVID-19: How Coronavirus is Impacting Not-for-Profit Organizations


On March 18, 2020, President Trump signed into law the Families First Coronavirus Relief Act (Act). The Act has many provisions impacting individuals, families, employees and employers.

03/23/2020

COVID-19: Federal Emergency Declaration Opens Door for Employers to Make Certain Tax-Free Payments to Employees


With President Trump having issued an “emergency declaration” related to the COVID-19 pandemic, the IRS delayed tax season until July 15th by relying on Section 7508A(a) of the Internal Revenue Code, which can only be done when there is a “federally declared disaster” pursuant to Code Section 165.

03/21/2020

COVID-19: How Coronavirus is Impacting the Construction Industry


COVID-19 (officially SARS-CoV-2 or also referred to as novel Coronavirus) is everyday business and life as we know it. The United States Treasury Department announced that it would be pushing back the April 15 deadline to file tax returns and pay taxes owed on that date by 90 days, giving Americans three extra months to pay their 2019 income tax bills. This gives millions of individuals and C-Corporation businesses extra time needed to pay these out-of-pocket costs in light of COVID-19.

03/19/2020

COVID-19: President Signs into Law Coronavirus Relief Act


On March 18, 2020, President Trump signed into law the Families First Coronavirus Relief Act. In addition to providing free COVID-19 testing, access to meals for children required to stay home from school and extended unemployment insurance, the bill includes benefits for employees and employers impacted by the pandemic. 

03/19/2020

COVID-19: Questions Related to Notice 2020-17


As the April 15 tax deadline fast approaches, the nation continues to struggle with the Coronavirus pandemic. Earlier this week, Treasury Secretary Steven Mnuchin promised relief for taxpayers, and on March 18th, the IRS formalized that relief by publishing Notice 2020-17

03/18/2020

COVID-19: COVID-19 and Your Business


The global impact of COVID-19 is forcing many business owners to make key decisions everyday on how they will be able to sustain this pandemic and maintain their operations throughout the coming weeks and months.

03/17/2020

COVID-19: Treasury Department Delays April 15 Tax Payment Deadline


The United States Treasury Department announced today, March 17, that it would be pushing back the April 15 deadline to pay taxes owed by 90 days, giving Americans three extra months to pay their 2019 income tax bills.

03/13/2020

COVID-19: Market Update


Capital markets have reacted sharply to the escalation of Coronavirus since mid-February. Both equity prices and bond yields have experienced historic volatility and fallen sharply in a short period.

03/13/2020

COVID-19: Department of Education COVID-19 Updates


The Department of Education has created a Coronavirus webpage, which will be updated frequently and can be found here.