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The U.S. has seen historic levels of federal funding in response to the COVID-19 pandemic. Various laws, including the CARES Act and the American Rescue Plan Act of 2021, have provided billions of dollars to American businesses, state and local governments, and not-for-profits. While this funding has provided relief, especially for nonprofits, it may cause complications for many recipients.
View MoreThe U.S. Department of Labor Employee Benefit Security Administration Office of the Chief Accountant recently announced it is planning to conduct a study of employee benefit plan audit quality based on 2020 filings of Form 5500, including calendar year 2020 filings filed on extension by Oct. 15, 2021.
View MoreThe U.S. Small Business Administration recently announced modifications to the COVID-19 Economic Injury Disaster Loans program to make it easier for small businesses affected by the pandemic to access the more than $150 billion in funding available for loans.
View MoreThe U.S. Small Business Administration recently announced it will begin sending invitations for supplemental Shuttered Venue Operator Grant program awards.
View MoreThe Office of Management and Budget recently released the 2021 Compliance Supplement providing updated guidance for single audits of fiscal years beginning after June 30, 2020.
View MoreThe IRS recently issued Rev. Proc. 2021-34, which updates the list of accounting method changes to which automatic change procedures apply.
View MoreIn response to the devastating effect of the global pandemic on the U.S. economy, Congress passed several laws (the CARES Act, CAA and ARPA) that contained trillions of dollars to stimulate the economy. The funding was received by many state and local governments as well as nonprofit entities. Many of these entities have not previously received this level of funding.
View MoreThe U.S. Small Business Administration recently published guidance to help simplify the forgiveness process for businesses and not-for-profits with Paycheck Protection Program loans of $150,000 or less.
View MoreThe U.S. Small Business Administration recently announced it has awarded more than $7.5 billion in Shuttered Venue Operator Grants to about 10,000 eligible entities.
View MoreThe U.S. Department of Health and Human Services recently clarified rules for single audits of nonfederal entities that received pandemic-related assistance from the Provider Relief Fund.
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