IRS Updates Automatic Accounting Method Change Procedures
The IRS recently issued Rev. Proc. 2021-34, which updates the list of accounting method changes to which automatic change procedures apply.
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Economic Stimulus Spurring New Strains of Single Audits
In 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 MoreSBA Streamlines Forgiveness Process for Most PPP Loans
The 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 MoreSBA Awards More Than $7.5 Billion in Shuttered Venue Operator Grants, Will Offer Appeal Period
The 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 MoreSingle Audit Rules Clarified for Provider Relief Fund Recipients
The 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.
View MoreSBA Officially Drops PPP Loan Necessity Questionnaire Requirement
The U.S. Small Business Administration recently informed lenders that it is eliminating the loan necessity review for Paycheck Protection Program loans of $2 million or greater.
View MoreSBA Announces Closure of Restaurant Revitalization Fund Program
The U.S. Small Business Administration recently announced the closure of its Restaurant Revitalization Fund program, signed into law by President Joe Biden as part of the American Rescue Plan.
View MoreFASB Stakeholders Invited to Share Their Views on Future Agenda Priorities
The FASB recently published an Invitation to Comment that gives stakeholders the opportunity to provide feedback on its future standard-setting agenda.
View MoreSmall Business Administration Announces Restaurant Revitalization Fund Application Deadline of May 24
The U.S. Small Business Administration recently announced that restaurants, bars and other eligible businesses impacted during the COVID-19 pandemic have until Monday, May 24 at 8 p.m. ET to submit applications to the Restaurant Revitalization Fund.
View MoreSmall Business Administration Reports Initial Restaurant Revitalization Fund Results
The U.S. Small Business Administration reported it has received more than 186,000 applications in the first two days after its $28.6 billion Restaurant Revitalization Fund (RRF) application window opened on May 3.
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